Finnish media raises concerns about gambling debts
A new report is provoking debate as Finland advances with plans to liberalise its online gambling market.
Finland.- Just a couple of weeks after the Finnish Gambling Act entered parliament, concerns are being raised about the levels of debt from gambling. The law firm Takaisinperintä has told the Helsinki Times that gambling is the third biggest cause of over-indebtedness in the country.
The law firm, which specialises in assisting financially vulnerable clients, said it had surveyed 765 people with heavy debts and found that 28 per cent had taken out payday loans for betting and gaming.
The findings are likely to add to the debate as the government moves ahead with plans to end the monopoly of state-controlled Veikkaus and open a regulated online gambling market. They could be used as an argument on both sides. On the one hand, opponents to the liberalisation of gambling may argue that it shows that gambling is a problem and that opening the market to commercial operators could lead to a proliferation with more Finns gambling.
However, those in favour of liberalisation will point to the low channelisation rate in Finland. Many players are currently spending with unlicensed operators that have no obligation to impose responsible gambling or player protection measures. The introduction of a competitive regulated market could offer more control and a safer gambling experience that prevents overspending.
The government hopes to open the window for Finland gambling licence applications on January 1 2026. The market would open 12 months later on January 1 2027, although some suggest that the launch could come earlier. That would depend on how long it takes for the bill to pass through parliament. It’s believed that there is broad support for market liberalisation, but there may be debate on some of the details.
The proposal includes plans for a new self-exclusion system, which would allow consumers to self-exclude from all operators. Operators would also be required to monitor play for signs of concerning behaviour. A new licensing and supervision authority would be created to oversee the market, and marketing would be permitted as long as it does not target minors.
The plan is to split Veikkaus in two, with one company retaining a monopoly over Finland’s national lottery and retail gambling while the other company will compete with private operators in the online sector.
