Veikkaus Approves Report Calling for Finnish Gambling Market Reform

The Finnish government-owned gaming enterprise Veikkaus has expressed approval of the recent examination conducted by the Finnish government into the nation’s gambling monopoly framework.

The report, published yesterday, explores the present condition of the Finnish gambling marketplace and the effectiveness of Veikkaus in guiding consumers towards its offerings. The research concludes that preserving the existing situation is “not an optimal choice” and emphasizes that roughly half of all gambling activity currently occurs on unauthorized websites.

“Approximately half of all online gambling activity flows to unregulated platforms. Gambling on unregulated platforms also results in severe gambling-related harms, which are extremely difficult to effectively prevent within the existing system structure,” the study asserts.

Veikkaus leaders have embraced the report and its findings. Chief Executive Officer Olli Sarekoski underlined the size of the offshore sector and conveyed his readiness to implement a licensing system to enhance Finland’s channeling rate.

“This report is thorough and balanced in its perspectives,” Sarekoski stated. “Significantly, it confirms that the amount of gambling profits outside the exclusive rights system is between 500 and 550 million euros, which aligns with the category we have presented based on data from H2 Gambling Capital.”

From Veikkaus’s viewpoint, if the system transitions to a licensing model, the sooner the better, he stated.

The report proposes two potential avenues for reforming the nation’s gambling market. The initial option, modeled after the Norwegian system, would curtail the accessibility of unauthorized products to Finnish consumers. This would be accomplished by granting regulatory bodies and law enforcement enhanced authority, making it more challenging to successfully broadcast such games to users.

The second option involves introducing a licensing model, the approach adopted by most of Finland’s neighboring countries.

“With a licensing system, the direction of online gambling could be greater than it is presently,” the study observes.

The report was endorsed by Harri Sailas, Tuija Brax, Riitta Matilainen, and Mikko Alkio, and was delivered to State Secretary Akseli Koskela.

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