Finland’s gambling scene has been ruled by the state-owned monopoly Veikkaus Oy for a long time. Established to regulate and control all types of gambling in the country, Veikkaus has been the only legal provider of gambling services in mainland Finland. But now online platforms like Lataamo Casino are challenging this long-standing monopoly and raising questions about the future of gambling regulation in Finland.
Lataamo Casino
Lataamo Casino popped up in the summer 2022 and calls itself the “world’s fastest casino without registration”. With a bright blue-yellow colour scheme and electric elements Lataamo’s website gets your attention. The casino is operated by Vana Lauri OÜ, a new operator in the casino world. Although new, Lataamo has gained popularity among Finnish players fast.
One of Lataamo’s unique features is the “Bonuswheel” concept, where you can win prizes from €5 to €2000 on your first deposit. This innovative approach has attracted new players and keeps the gaming experience fresh for regular players.
Finland’s gambling regulations: a monopoly under pressure
Finland’s gambling industry has been strictly regulated, Veikkaus Oy has had the exclusive rights to provide gambling services, both land-based and online, in mainland Finland. This monopoly was introduced to prevent and reduce gambling-related harm and to direct gambling revenue to social causes.
But the monopoly has been under scrutiny lately. Online casinos like Lataamo, operating under foreign licenses, have exposed the weakness of the system. Finnish players can easily access these platforms and bypass Veikkaus’s services and challenge the state’s control over gambling activities.
The push for change
Recognizing the problem of unregulated online gambling the Finnish government started a legislative project to reform the gambling system. The goal is to introduce a licensing system for gambling, covering online casino games and online betting. This will prevent and reduce gambling-related harm and improve the channelling rate of the gambling system so that gambling takes place using services regulated by national legislation and supervised by national authorities.The first draft of the new Finnish Gambling Act was published in July 2024 and it’s a step towards market liberalization. According to the proposed draft private operators can enter the Finnish market as early as 2027 and end the state’s monopoly on online gambling.
Lessons from the neighbours
Finland doesn’t have to look far for examples of successful gambling liberalization. Both Sweden and Denmark have moved from state monopolies to licensing systems and private operators can enter the market under strict regulations. They have seen increased competition, better consumer protection and maintained or even increased gambling revenue directed to social causes.
The way forward
The emergence of Lataamo Casino has highlighted the need for Finland to modernize its gambling regulations. Although the state’s monopoly has served its purpose the reality of easily accessible online casinos operating under foreign licenses can’t be ignored. The proposed shift towards a licensing system is a big change for Finland’s gambling regulation.
As the country moves towards this new framework it’s important to balance the benefits of a competitive market with the need to protect consumers from gambling-related harm. Drawing lessons from the neighbours and having robust regulations will be key to success.
For now Finnish players will continue to try out platforms like Lataamo Casino and enjoy the variety and innovation they offer. Will this trend continue or will it change as new regulations come into play? Only time will tell.
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