【code stake】The Latest Licensing Update That Could Shake up the Finnish iGaming Industry

The code stakepublic seems to be divided yet excited in terms of the newly proposed Finnish iGaming laws.

When it comes to regional restrictions and regulations, there’s always something interestinghappening somewhere in the world.

Finland is one of the regions subject to strict regulations and has very limited gaming options due to its gaming monopoly.

With the upcoming changes, a new licensing system could open the marketto private Finnish casino operators. Should the licensing procedure be implemented, it could provide players with a wider variety of games in Finnish casinos.

New legislation and public feedback

With the new gambling regulations proposed, the public has been given the opportunity to provide their personal feedback until 18 August 2024.

The consultation period has now closed, and the collected feedback will be used to refine and finalise the law.

Finnish public has its say

The public has actively engaged in providing detailed feedback on the new suggested legislation. The primary themes of commentary and concerns were regarding problem gambling, tax and revenue, and the role Veikkauswould be playing.

In terms of problem gambling, there seems to be a lot of concern regarding how the changes in the law could lead to an increase. Most respondents stated that it is vital to implement robust player protection measures.

Mixed feelings on fees and oversight

According to the responses, the residents are happy about the idea of a new regulatory body, but they also asked for clear guidelines and transparency regarding its operations.

There were mixed feelings regarding Veikkausand its continuance within the industry. While some support its monopolybeing retained over certain gaming sectors, others have called for complete liberation.

There were also opinions about the proposed 22% gross gaming revenue tax. Again, there were mixed feelings; some believed it was too high, and others thought it was appropriate.

The majority had warm, welcoming opinions about the open licensing system. They stated that it would improve the qualityof gaming services by leading to competition among operators and software providers, which in turn would benefit the players.

Community groups air concerns

As with many regulatory changes, not everyone in the country supports the liberalisationof the Finnish gambling market.

Several organisations and groups are advocating against the government’s plans, as they see them as harmful to the Finnish people. These include social welfare organisations, religious groups, and community-focused groups.

Of course, the state-owned gambling operator Veikkaus is also against it. They are primarily concerned about the potential loss in revenue, which is currently funding important social causes and public services.

Licensing is a work in progress

While much public feedback has been received, a final decisionregarding the proposed legislation is yet to be made. The feedback is currently being reviewed and applied to refine and finalise the gaming regulations in Finland.

Throughout this process, all stakeholders provide input to ensure that the final law balances liberalising the online gaming industry while making the protection of players and social welfare the main priorities.

Once the new gaming laws are implemented, a licensing system for both online casinos and sportsbooksis planned to be implemented by 1 January 2026. This will give private companies the chance to enter a promising market that has been under the regulation of the state-operated Veikkaus until now.

It will be interesting to see how the new liberalisation impact the gaming industry and the Finnish iGaming marketas a whole.

Published: August 23, 2024

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