The Finnish government has taken a major step toward liberalizing its gambling market by submitting the Finnish Gambling Act to parliament. If passed, the legislation will bring an end to the current monopoly held by Veikkaus, the state-owned operator, by 2026.

From Monopoly to a Multi-License Model

Under the existing framework, Veikkaus holds exclusive rights to operate betting, gaming, and lottery services across mainland Finland. The only exception is the autonomous Åland Islands, where gambling is provided by the local company Paf.

Despite its monopoly status, Veikkaus has shown broad support for reform. The operator has acknowledged that the lack of competition has negatively impacted Finland’s channelisation rate—a key indicator of how effectively gamblers are directed toward regulated offerings. As a result, many Finnish players turn to offshore, unlicensed operators.

Prime Minister Petteri Orpo, leader of the centre-right National Coalition Party (NCP), emphasized the need for change. According to Orpo, the new legislation aims to enhance consumer protection and ensure more effective taxation of gambling revenues.

The bill proposes the creation of a multi-licence system, allowing private operators to enter the market. While Veikkaus may have part of its ownership divested, the government intends to retain strategic control over the company.

Broad Political Consensus

Political momentum behind the reform has been building for several years. Back in 2023, Antti Koivula, Partner at Legal Gaming Attorneys at Law, summed up the consensus in an interview with SBC:“There is broad agreement among parliamentary parties that a partial licensing model is the right direction for Finland. The real questions are when it will be implemented and what form it will take.”

Horse Racing Negotiations Collapse

In a separate development, Veikkaus announced this week that its negotiations with Swedish horse racing betting group ATG have broken down. According to Veikkaus, the talks were ended unilaterally by ATG, a move that came as a “surprise.”

The negotiations had focused on a potential collaboration to boost engagement and pool size at Finnish trotting tracks. Veikkaus envisioned integrating these races more prominently into its Toto games, which it sees as the future hub for domestic horse racing fans.

Despite the setback, Veikkaus remains committed to the horse racing sector. The company noted that once the new licensing model is implemented, it expects greater competition and investment in Finnish racing.

Strategic Investments in Finnish Racing

Jarkko Nordlund, Director of Online Casino and Betting at Veikkaus, underscored the company's renewed focus:“Given the changing landscape, we must begin investing in local horse racing venues and take further steps to enhance their appeal.”

He added that Veikkaus has already committed to major broadcast projects for TotoTV, alongside a long-term partnership with Suomen Hippos to boost the visibility and profile of Finnish trotting sports.