Date: 18.10.2024

by Sebastian Warowny

Finland Reconsiders Early Opening of Regulated Online Gambling Market

Finland is contemplating advancing the launch of its competitive regulated online gambling market, potentially moving the date forward from the postponed 2027 timeline. A cross-party steering committee is currently reviewing legislation with plans to submit it to the European Commission (EC) ahead of schedule.

Legislation Submission Ahead of Schedule

The Finnish government may submit its proposed online gambling legislation to the EC three months earlier than initially planned. If this proceeds, the legislation could receive EC approval by mid-next year, paving the way for an earlier market launch.

Following the draft legislation’s publication in July for public consultation, industry stakeholders expressed concerns. They argue that overly restrictive regulations might hinder healthy competition and fail to effectively channel players to licensed offerings.

A significant point of contention is the proposed ban on affiliate and social media marketing. The European Gaming and Betting Association cautioned that such a ban “might backfire,” potentially making licensed operators less competitive against unlicensed ones.

Decisions are pending on whether private operators will be allowed to offer betting on horse racing or if it will remain a monopoly. The horse racing industry advocates for opening this segment to licensed operators, anticipating financial benefits.

Veikkaus Faces Operational Challenges

In the meantime, state-owned gambling operator Veikkaus is negotiating with up to 620 employees, a move that could lead to redundancies. This comes after a 21% drop in gross gaming revenue during the first half of the year, as the country prepares for increased market competition.

Finland’s deliberations occur alongside similar discussions in Norway, another European nation with a state gambling monopoly. The Norwegian Conservative Party, Høyre, has pledged in its manifesto to open Norway’s gambling market to competition.