The Finnish government has proposed a new gambling act that aims to end the country’s longstanding gambling monopoly, effectively opening up the market to more competition and potentially providing a boon to the industry.
Currently, the state-owned monopoly Veikkaus controls all gambling operations in Finland, from lotteries to sports betting and casino games. But under the new proposed legislation, private companies would be able to apply for licenses to operate in the Finnish gambling market.
The move comes after years of criticism of Veikkaus for its monopolistic hold on the industry and concerns over the lack of competition and innovation in the market. The government has been under pressure to reform the gambling laws and bring them in line with European Union regulations, which require member states to allow for more competition in the industry.
If the new act is passed, it would mark a significant shift in Finland’s gambling landscape, potentially opening up opportunities for foreign companies to enter the market and provide a wider range of gambling options for Finnish consumers.
The proposed legislation also includes measures to crack down on problem gambling, including stricter regulations on advertising and a centralized system for self-exclusion. The government has emphasized the need to balance the economic benefits of liberalizing the market with the social responsibility of preventing gambling addiction.
The new act is still in the draft stage and will need to be approved by the Finnish parliament before it can come into effect. It is expected to face strong opposition from Veikkaus and other stakeholders who benefit from the current monopoly system.
Overall, the proposed gambling act represents a bold move by the Finnish government to modernize its gambling laws and bring them in line with international standards. If successful, it could lead to a more competitive and innovative gambling market in Finland, benefiting both consumers and the industry as a whole.
