Finnish Government to End Veikkaus Gaming Monopoly by 2026
LISTEN TO THIS ARTICLE:The government in Finland has announced plans to restructure Veikkaus, the state-owned gaming operator, in a move that will signal an end to the gambling monopoly enjoyed by Veikkaus.
The Finnish government has stated that it intends to open up the gambling market in Finland to grant licenses to gaming operators by January 2026. This new change will include sports betting and live casino gaming. The government has decided on this change in direction after investigating the state of the betting industry in the country.
The investigation highlighted that around 50 percent of online players in Finland are using offshore gaming operators that are unlicensed in Finland.
This causes some issues one of which is that unlicensed offshore gaming operators pay no taxes to the Finnish government and the community, costing the economy millions.
Also, illegal operators are not required to adhere to regulations and standards that offer customers a certain level of protection.
Details of the proposed changes are that the Finnish government will offer online casino and sportsbook licenses. It is envisaged that Veikkaus will be split up into different parts along the same lines.
To promote gambling in a socially responsible way the granting of new licenses will require gaming operators to include a self-exclusion program and other player protection schemes in their operations.
While the government in Finland has stressed that it intends to increase the support for gamblers who find themselves in gambling-related harm, some groups within Finland believe that these changes will lead to an increase in gambling and therefore a rise in the cases of problem gambling.
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