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Finland has released an updated draft of its monopoly-ending gambling law, revealing an intent to open the market six months earlier than planned.
The Finnish government announced on Friday (November 1) that it had completed the second, and possibly final, draft of its new gambling law.
Included among the many changes in this new version is a provision that would allow licensed gambling to begin in Finland from July 1, 2026. The government had originally earmarked 2026 for licensing only, with operators able to begin trading in 2027.
In another major change from the initial version of the legislation, pari-mutuel betting on horse-racing will also be moved to the open market. The government had initially planned to keep bets on racing under the control of state-owned operator Veikkaus.
Under Finland's planned new gambling model, Veikkaus will lose most of its exclusive gambling licences, including for online betting and casino.
The racing industry will receive direct support in future Finnish budget laws, rather than taking proceeds from Veikkuas’ profits, the government said.
The industry has also won a victory on bonuses, which would have been practically outlawed by the initial draft, with retention bonuses now allowed under certain conditions.
“Overall, the updated draft law is significantly more business-friendly compared to the initial draft released in July,” said Antti Koivula, a legal advisor with Finnish law firm Legal Gaming.
“While I’m certain some commentators remain disappointed, it’s important to consider that the initial draft serves as the real benchmark for comparison. As a lawyer, I have yet to encounter a law that satisfies all interest groups,” he said.
Among the industry-friendly improvements in the latest version is an easing of planned marketing restrictions, particularly to brand marketing conducted offline, said Koivula.
An expected tax rate of 22 percent of gross gambling revenue (GGR) has remained unchanged from the initial draft.
“However, the GGR-based annual supervision fee has been notably increased, effectively creating an additional tax burden that can exceed 2 percent at certain GGR levels,” Koivula noted.
The draft law was submitted to the European Commission for its standstill process on Friday, the government said.
The bill still needs to be approved by parliament, with the government saying it intends to introduce the draft during the 2025 spring session.
Finnish sources have previously told Vixio that they do not expect significant changes to the bill in parliament, meaning that this version is likely to be very close to the final text of the law.
However, as Koivula pointed out, there are significant areas of regulation set to be addressed through secondary legislation.
“Many aspects have been deferred to secondary legislation, leaving numerous questions unanswered for the time being,” he said.
