Finland

Online sports betting in Finland - A monopoly but not really

With significant changes occurring over the years, Finland's sports gambling industry has come a long way. Today, both land-based and online sports betting are legal, with just a few, although major, restrictions on the online part. In 1940, Finland accepted the establishment of Veikkaus Oy to handle all land-based sports gambling operations.

Veikkaus Oy, formerly Oy Tippaustoimisto AB, is a state-owned agency with a monopoly status, allowing it to offer sports wagering and other gambling services to the Finns within the country. This monopoly means no other operator can provide in-person gambling services or advertise their overseas platforms in Finland. As such, the government does not issue sports betting or gambling licenses to private operators wishing to join the scene. At least not yet.

But even with Veikkaus OY's monopoly status, Finnish bettors still have other ways to wager on sports. The Lottery Act of 2001 does not prohibit individuals from online sports betting or casino gambling using offshore operators. Therefore, popular sports gambling operators such as Betfair, Unibet, and LeoVegas can legally allow Finns to bet and gamble on their platforms without any problems.

As there are hundreds of these offshore gambling sites, licensed by, for example, Malta Gaming Authority and Curacao eGaming, happily accepting bets from Finnish individuals, the sports fans and betting enthusiasts in the county truly have endless possibilities regarding choosing their online sportsbook. Besides, Finnish bettors do not have to pay taxes on the sports betting winnings they accrue as long as they wager at ETA-based gambling sites.

However, significant changes in the Finnish gambling industry are looming, as the government plans to end the country's gambling monopoly and change to a licensing system by 2026.

Sports betting legislation in Finland

Before 1940, the Finnish sports bettors could only wager on harness racing or "trotting," a form of horse racing more commonly known in Europe and especially Scandinavia. However, after the establishment of Veikkaus Oy and the simultaneous legal amendments related to sports gambling, the Finns had the first forms of legal sports betting at their reach. Over the years, Veikkaus Oy brought out multiple new sports betting products to entertain FI bettors, many of which, such as "multibets" (Moniveto), are still widely popular today.

In 2001, the state enacted yet another Lottery Act that reorganized the state's monopoly on betting activities. This modernized gambling legislation allows online wagering as it truly is the newest and most popular form of gambling. Since the government did not adopt a licensing system, it could not enable private operators to set up retail betting shops within the country.

The country did not address offshore betting until 2010 when the state amended the Lottery Act of 2001 to ban offshore sportsbooks from advertising their services in Finland. Therefore, as the legislation only restricts the advertising of offshore gambling products and services, these foreign operators can freely accept Finnish customers to their platforms and offer them pretty much all sorts of sports betting products.

Recent updates from the Finnish sports betting scene

• April 2, 2024: A Finnish court has temporarily halted an order that blocked payments to Betsson's subsidiary, BML Group, until the appeal process is completed. This suspension comes after Finland initially blacklisted the Malta Gaming Authority-licensed company, affecting banks, payment providers, and cryptocurrency entities.

• February 29, 2024: Finland's National Police Board (NPB) blacklists Betsson's BML Group, preventing all money transfers to its gambling or sports betting brands from Finnish players, marking the first instance of such action towards an MGA-licensed operator. The decision follows Betsson's earlier loss in a recent court case against the NPB.

• November 17, 2023: Veikkaus forms a partnership with OpenBet, leading to an upgrade of Veikkaus' fixed odds betting system to align with OpenBet's solutions. This collaboration was established significantly before the end of Veikkaus' monopoly in Finland in 2026.

• June 16, 2023: To minimize harm, the Finnish government plans to replace the gambling monopoly with a licensing system by 2026. The new system would cover online casino games and sports betting, with Veikkaus divided into multiple companies.

• May 16, 2023: Betsson's subsidiary BML Group is fined $2.6 million and faces a marketing ban on its gambling services in Finland. The company violated the country's Lotteries Act by illegally targeting Finnish players through various marketing channels for an extended period.

• March 20, 2023: Veikkaus, the Finnish lottery monopoly, partners with North America's National Hockey League (NHL). According to the deal, Veikkaus will provide NHL content and live game coverage to Finnish fans as the official betting partner of the NHL in Finland.

All legal gambling options in Finland - Almost total freedom

As gambling is part of the whole country's culture, Finnish people have enjoyed basically all forms of gambling for decades now. The national lottery (Lotto), run by Veikkaus Oy, has played a big part in Finnish culture since January 1971. In addition to the lottery, Veikkaus also operates its own online casino and poker platform, as well as Casino Helsinki, the sole retail casino in Finland, which opened its doors back in 1991.

However, as Finns are not restricted from visiting and placing wagers on online casinos and other gambling sites, and as the government has not placed any restrictions regarding individual gambling, the wagering options are pretty much endless in the country.

Other gambling-related news & stories from Finland

• February 22, 2024: Playtech announces a strategic partnership with Finland's state-owned gambling operator, Veikkaus. The collaboration aims to enhance Veikkaus' offerings by providing a wide range of tailored live casino games.

• January 2, 2024: Veikkaus, Finland's government-owned gambling monopoly, has implemented new identity verification measures for all its games, including scratch cards, in line with its recent announcement.

• November 13, 2023: Veikkaus plans to reduce its workforce by 25% and restructure its operations into three units as Finland's gambling monopoly ends. Additionally, the operator will shut down Casino Tampere, which opened less than two years ago.

• October 27, 2023: EGBA supports Finland's decision to transition from its online gambling monopoly to a licensing system, considering it a significant step toward player protection and market modernization.

• October 25, 2023: Veikkaus, Finland's state-owned gambling operator, expresses complete support for gambling reform proposed by the government. Despite the end of its monopoly, Veikkaus is optimistic about the regulatory plans, with Deputy CEO Velipekka Nummikoski affirming the company's backing for government initiatives.