Finnish Parliament holds debate ahead of new Gambling Act
The Gambling Act would see a new licensing model introduced as part of the initiative to dissolve Veikkaus’ monopoly on gambling in Finland.
Key points:
- The debate will introduce the new Gambling Act proposal in Finland
- The government aims to end Veikkaus’ monopoly by welcoming a new licensing model
- Amendments have already been made to where Veikkaus’ proceeds go
The Finnish Parliament is to hold a debate today (12 February 2025) regarding upcoming proposals and policies, including the highly anticipated new Gambling Act.
This will include a presentation by the current Prime Minister Petteri Orpo, who assumed office on 20 June 2023.
For the opening debate today, a total of three hours have been reserved to introduce the upcoming policies and proposals.
The new Gambling Act proposal will end Veikkaus’ gambling monopoly in the country and introduce a licensing model to open up competition to other operators.
Ever since Finland’s three biggest gaming companies, the Slot Machine Association (RAY), Veikkaus and Fintoto, all merged on 1 January 2017 and began operations under the Veikkaus banner, there have been calls for new regulations regarding the monopolistic nature of Veikkaus.
According to the Ministry of Social Affairs and Health, “the aim of the reform is to prevent and reduce the harm resulting from gambling and to improve the channelling rate of the gambling system.”
Good to know: The new licensing system is expected to be introduced as early as 2026 and would apply to both online casinos and sports betting platforms
One of the largest changes introduced so far under Orpo’s government relates to where the proceeds of Veikkaus Oy are channelled.
Traditionally, the proceeds would go towards non-profit purposes as explained in the Lotteries Act. But, due to previous amendments in early 2024, these are now channelled into universal government income and allocated for paying any items of expenditure in the government’s budget.
Once again, according to the Ministry of Social Affairs and Health, “the aim of the amendments is to eliminate the dependency which the activities financed with proceeds from gambling have on the Veikkaus profits, both in terms of finances and the level of appropriations, and to step up the prevention and reduction of harm resulting from gambling.”
Also, just before Christmas, Finnish lawmakers outlined a new regulatory framework for the horseracing industry, including changes to funding and breeding intiatives.
https://www.gamblinginsider.com/news/28332/finnish-parliament-holds-debate-ahead-of-new-gambling-act