The Finnish state is on its way to ditching its 80-year monopoly over gambling as the country’s three biggest parties have decided to make a last effort before elections in April to reform a sector that faces increasing challenges from foreign, unregulated, and digitally savvy competition.

While being one of the last European countries to maintain its monopoly over the gambling market, the state-owned company Veikkaus faces pressure from foreign online companies that are not registered and do not pay taxes in Finland, but still operate freely while Veikkaus remains bound to regulations.

Politicians, particularly from the National Coalition Party, the Finns Party and the Social Democrats have now come to realise the need for change.

They have promised to review gambling laws ahead of the parliamentary elections in April, giving the keys to the next parliament and government to finalise reform.

Finland could implement a licensing system which has been adopted in many European countries like Sweden which since 2019 imposes an 18% on online gambling companies.

Veikkaus’ overall share in the digital gambling market dropped to 50% in the first half of 2022, Velipekka Nummikoski, the company’s executive vice-president admitted in what appears to be a cry for reform in an interview with YLE.

(Pekka Vänttinen | EURACTIV.com)

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