The Finnish government is in the process of ending Veikkaus’ longstanding monopoly over gambling by 2027, aiming to establish a new, regulated market. A bill drafted by the Ministry of the Interior is set to be presented to the Finnish parliament in early 2025, with the goal of reducing gambling-related harms and improving oversight of the industry.

If approved, operators can apply for licenses from early 2026, followed by software providers in early 2027. An annual fee will be required for both licenses, although specific tax rates remain undetermined.

The timeline for implementation spans three years: consultations close in August 2024, the draft bill is expected in early 2025, operator licenses open in early 2026, and by late 2026, Veikkaus will lose its monopoly on sports betting and online casinos. In early 2027, software providers can apply for licenses, paving the way for licensed gambling activities to commence. By 2028, only locally licensed software will be permissible.

To oversee this liberalization, a new regulatory authority will replace the current oversight by the National Police Board. This authority will have extensive powers to regulate the market, including measures to block unlicensed operators and restrict gambling-related marketing.

A centralized self-exclusion register will allow players to exclude themselves from all licensed offerings, while overseas advertising of high-risk gambling will be banned.

The restructuring of Veikkaus involves splitting the company into two entities: one to maintain a lottery and land-based gaming monopoly, and another to compete in the newly opened online market. There is also speculation that parts of Veikkaus might be sold off in the future, giving the state more flexibility in its ownership decisions to potentially enhance shareholder value.

Throughout this process, the government has engaged with stakeholders through a working group and industry consultations, seeking input on taxation, licensing procedures, marketing regulations, and the future role of Veikkaus. This feedback window closes in August 2024, indicating a collaborative effort to shape the future landscape of gambling regulation in Finland.