A seismic shift is underway in Finland’s gambling landscape. After years of debate, a new Gambling Act has been approved, poised to dismantle a long-held state monopoly and usher in an era of controlled competition.
For decades, Veikkaus, entirely owned by the Finnish government, held exclusive rights to nearly all forms of gambling within the country. That era is drawing to a close, though not completely. Beginning in the summer of 2027, private companies will be able to compete with Veikkaus in the realm of betting, online slots, and casino games.
However, the change isn’t absolute. Veikkaus will retain its exclusive grip on lottery games, scratch cards, and the operation of physical slot machines and casinos. This carefully calibrated approach reflects a desire to balance market liberalization with continued state control and revenue generation.
The application process for licenses opens on March 1st, 2026, setting the stage for a new, regulated market to emerge on July 1st, 2027. Veikkaus itself will be compelled to apply for licenses to continue operating its previously exclusive services, and may even seek licenses to expand its offerings.
The impetus for this dramatic change stems from a growing recognition that Veikkaus’s monopoly was, in practice, already eroded. Estimates suggest that between 600 and 900 million euros annually flowed to unregulated, offshore gambling sites, bypassing Finnish oversight and potentially harming consumers.
The core objective of the reform is to “channel” gambling activity towards legal, regulated operators. By leveling the playing field and subjecting all providers – including foreign competitors – to the same rules, Finland hopes to better protect its citizens from gambling-related harm.
A key concern voiced by Veikkaus’s Deputy CEO, Velipekka Nummikoski, is the need to make the licensed market attractive enough to entice companies to participate. Equally crucial is the effective suppression of unlicensed operators, as their continued presence could undermine the entire effort to increase regulation and consumer protection.
To ensure robust oversight, responsibility for supervising gambling activities is being transferred from the National Police Board to a newly established Licensing and Supervisory Authority. This dedicated body will be tasked with enforcing the new regulations and ensuring a fair and secure gambling environment for all.
This isn’t simply about opening the market; it’s about reshaping the relationship between the Finnish state and its citizens when it comes to gambling. The coming years will reveal whether this carefully constructed compromise can achieve its ambitious goals of harm reduction and responsible gaming.
