Finland’s online gaming monopoly continues to fail, and the government may finally react
Finland’s online gambling market is on the verge of a major overhaul. The government has proposed a new Gambling Act that would dismantle the current monopoly held by Veikkaus Oy and usher in an open licensing system. This significant shift aims to address challenges associated with the current system.
Currently, Veikkaus Oy, a state-owned company, has exclusive rights to offer online betting, slots, and casino games. However, a large portion of online gambling activity bypasses this monopoly, with players resorting to unregulated offshore operators. This raises concerns about consumer protection, responsible gambling practices, and lost tax revenue for the government.
The proposed Gambling Act seeks to address these issues by introducing a licensing system. Under this model, private companies could apply for licenses to operate online casino games within Finland. This would introduce competition into the market, potentially leading to a wider variety of games, improved user experiences, and potentially more competitive pricing for players.
The Finnish government emphasizes two key objectives for this reform: reducing gambling-related harm and increasing the channeling of activity to a regulated system. A significant concern with the unregulated online gambling market is the lack of safeguards for players. The licensing system will allow for stricter regulations and oversight, ensuring operators adhere to responsible gambling practices. This could include measures like age verification, deposit limits, and self-exclusion programs.
By offering a legal and attractive alternative to unregulated offshore operators, the government hopes to channel more online gambling activity into a system with proper controls and taxation. This would not only enhance player protection but also generate new revenue streams for the Finnish government.
The proposed Gambling Act is currently in a consultation phase, with feedback being accepted from stakeholders until mid-August 2024. Following this period, the Act will undergo further refinement before potentially being enacted into law.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
