Licensed providers should be allowed to offer bets in the future
Like the Finnish Ministry of the Interior in one recently published statement [Link in Finnish] announced that the market for horse betting in the Scandinavian country will be competitive in the future. Accordingly, the government's economic policy ministerial meeting decided on November 1, 2024 that horse betting as part of the new gambling system should in future be transferred to the competitive license market, similar to other betting games. Until now, the state betting agency had Veikkaus [Link in Finnish] holds the sole rights for horse betting.
In the future, funding for horse breeding and sport will also be financed through the state budget. The focus would therefore be on support for horse stud farms as well as industry-specific advice. In addition, should Suomen Hippos ry [Link in Finnish], Finland's national central organization for harness racing and horse breeding, will continue to be responsible for anti-doping controls and general development in the industry.
Reformation of the Finnish gambling market
The gambling system in Finland is to be reformed through a licensing model and opened up to independent providers by January 1, 2026 at the latest. The measure is aimed, among other things, at reducing gambling damage. The current monopoly system is being controlled by experts viewed as a failure, because many players get it by using illegal providers. 5 to 6% of the Finnish population [Link to English] are intended to use the unlicensed gambling black market.
The bill provides that licenses can be applied for for betting, electronic casino games, electronic bingo games and online machines, while Veikkaus retains the exclusive right to lottery games, stationary machines and physical casino games. It should be possible to apply for licenses gradually from 2026. A new supervisory authority is to monitor the newly created market.
Legal status of horse racing worldwide
Horse racing is popular in many countries, but its legal status varies considerably. You can read what it looks like in other countries in the following table:
| country | Horse racing status | Betting possibilitylichance |
|---|---|---|
| Great Britain | Legal and highly regulated | Yes, comprehensive betting industry |
| USA | Legal, regulated differently by state | Yes, especially in Kentucky, New York, Florida |
| India | Legal and widespread | Yes, betting is regulated by law |
| India | Legal and regulated | Yes, state-monitored betting providers |
| Austria | Legal and established | Yes, different betting options |
| Switzerland | Legal and regulated by the Gambling Act | Yes, highly regulated betting offers |
| Italy | Legal and widespread | Yes, strict regulation for betting providers |
The draft still has to be accepted by the EU
Following the decision of the ministerial group, the draft will be forwarded to the EU Commission for comment and should be presented to the Finnish Parliament in spring 2025.
After the draft law has been forwarded to the EU Commission, various developments could occur. The EU Commission and other EU member states will first examine the draft for compliance with EU law and the principles of the free movement of goods and services. If there are concerns, the EU Commission could provide feedback or recommendations to adapt the draft. In this case, Finland may have to make changes before submitting the draft to Parliament.
The aim of the procedure is to obtain possible feedback from the Commission and other EU member states on the compatibility of the proposal with EU law and the principles of free movement. […] The government’s proposal should be presented to Parliament in the spring session of 2025.”–Finnish Ministry of the Interior, iGaming business
The draft will then be discussed again in parliament and can be further modified. Opposition parties, interest groups and technical committees could submit additional objections or amendments before the law is ultimately passed.
Before the ministerial decision, the status of horse racing in Finland was in limbo for a long time. They were initially not mentioned in the draft law published in July.
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