Finnish Gambling Market 2024

Many people have said in an outright way that Finland is a great country for gaming. Back in 2017, it was one of the countries highlighted for notable developments in eSports. Of course, a lot has happened since that time. This includes the COVID-19 pandemic in 2020 that brought many businesses to a halt. It also forced many people to stay at home, and this led to changes in the gambling sphere. The Finnish gambling market has always had its own unique qualities, though.

Today, in 2022, the gaming market is burgeoning. New games and genres are coming to light on a frequent basis. The growth in this sector is being driven by various factors. They include the increase in popularity of mobile gaming and the rise of eSports. Yet Finland is moving to adopt a licensing model that is all it's own. At least, that's what experts believe. The country has the potential for a full and regulated gambling market. That could arrive as soon as 2026, too.

How Do Things Stand in Finland Today?

Gambling in Finland is currently provided by Veikkaus Oy. This is a state-owned company with a state monopoly on gambling. That has been the case for the past 70 years. A monopoly is believed to be the best way to reduce the negative effects of gambling. The government uses any profit from gambling to support public interest activities. This includes the funding and promotion of sports, science, art, health and more. The annual revenue from this in Finland stands at around €1.1 billion.

A legal online casino in Finland is one that the state owns. According to law, anything based outside the country's borders is an illegal operation. However, this does not stop offshore platforms from providing their services to Finnish players. A multitude of platforms is accessible to Finland's gamblers. So, casino gamers, sports bettors, poker players and more can enjoy this via various sites.

In September 2022, a report surfaced about Finland's gambling operator. It said that Veikkaus Oy was ready to throw in the towel, so to speak. The state-owned operator has stated that it is ready to throw away its monopoly. Instead, it wants private-owned betting companies to receive full licences to operate within. That came about as part of the body's interim report. A spokesperson said that it remains important for the market to be competitive. Yet it is also key for all operators to be on equal footing. The only way to achieve this is by opening Finland's market up to foreign brands.

For the moment, Finland remains the only EU member state to hold a monopoly on gambling. An international licensing model would negate any need for Veikkaus Oy. Yet with an increasing number of offshore operators capturing their share of the market, it could be due.

Sweden was in the same position a few years ago. Pressure from the European Union (EU) saw it introduce a licensing model of its own, though. The Netherlands has also recently begun offering online licences to foreign gambling companies. This has led to some of the best online casinos in the Netherlands opening up. Whether Finland ends up following in the footsteps of these countries remains unanswered.

Where Does Finland Go From Here?

At the moment, most forms of gambling are legal in Finland. It's just that everything comes under the state monopoly. A new Finnish Lottery Act came into force on January 1, 2022. This had the aim of protecting the monopoly that Veikkaus Oy has. At the same time, financial institutions were set to start blocking transactions with offshore sites. The advertisement of most forms of gambling was also banned through this. Even those licensed operators are not allowed to market their services to Finns.

Yet it may be the case that Finland will end up conceding to EU law. This states that other EU gambling companies should have access to its market. If this did end up being the case, then Finland has placed a lot of hype on Sweden's model. This means that there could be safe casinos available from offshore in due course. Foreign gambling companies would likely jump at the idea of being able to operate in Finland. There is already a significant level of gaming within the country from players. With extra sites on offer, this could bring in more funding for good causes there.

One final point to mention is that there is political support for removing the monopoly. Only one of the seven parties questioned on the matter wanted the monopoly to stay. The others were open to considering a licensing model. Time will tell if this support for such grows in 2023 and beyond.