Will Finnish players desert MGA casinos?

Finns are among the most active gamblers in the world, and this has been heavily reflected in the cash flow of MGA-licensed casinos. For many Maltese operators, Finns represent one of their most vital player bases.

However, the landscape is shifting radically. Finland is transitioning from a closed monopoly to an open licensing system in 2027, and the application process is already underway.

Many Malta-based iGaming companies are facing a critical question: what will happen to their Finnish player base moving forward?

The goal of the Finnish gaming authority is clear. Finland aims to achieve the highest possible channelling rate, bringing up to 90% of all gambling under its own domestic regulation.

The half-billion-euro love affair

Finns have favoured Maltese online casinos throughout the 2000s. According to the Finnish Ministry of the Interior, Finns gamble at least half a billion euros annually outside the state monopoly system. The true figure is likely much higher.

The growth of online casino gambling in Finland has been rapid. Official statistics from the National Institute for Health and Welfare (THL) show that while 37% of Finnish adults played online casino games annually in 2019, this share had already risen to 44% by 2023.

MGA casinos have absorbed a significant share of this amount. Reasons are several, but Malta has been particularly attractive due to its tax-free status. Under Finnish income tax law, casino winnings obtained from within the European Economic Area (EEA) are not taxed at all.

Furthermore, MGA casinos have generously offered players bonuses – something Finland’s own monopoly operator has never provided.

Consequently, most casinos operating under a Maltese licence offer their services in Finnish. Malta is also home to thousands of Finns who work directly for these iGaming companies.

Finland’s massive gambling reform is already underway

For many industry experts, it came as a bit of a surprise that Finland suddenly decided to push forward with an open licensing system. For years, authorities clung to Veikkaus’s exclusive monopoly status by any means necessary.

The gambling reform has advanced on an exceptionally tight schedule. The new gambling act was ratified in January 2026, and the National Police Board is currently receiving applications from operators.

Finland's own official gambling market is scheduled to open on July 1, 2027. This is when licenced gambling operations will commence, and Veikkaus’s digital monopoly will come to an end.

One year later, in July 2028, the B2B licence requirement will come into effect. From that point on, casinos operating under a Finnish licence will only be permitted to feature games from developers that hold a separate Finnish software licence.

Applying for a Finnish licence costs companies 29,000€, and the lottery tax has been set at 22 percent. Additionally, the base fee for the first year is €10,000. The supervisory fee is determined based on gross gaming revenue (GGR) and can reach a maximum of up to 5 million.

Bonuses will be heavily restricted

Casino bonuses have been one of the biggest topics of debate during the planning of Finland’s licensing system. Moving forward, bonuses are likely to be one of the main factors driving Finnish players to still seek out MGA casinos.

Indeed, Finland’s new gambling act bans aggressive new player acquisition. This means casinos are prohibited from offering welcome offers, deposit bonuses, or similar incentives.

Bonuses can only be offered within an established customer relationship to maintain player loyalty. By law, these bonuses must be moderate in value and offered under equal terms to everyone.

This bonus regulation is significantly stricter than what Finnish players have become accustomed to on MGA casinos.

How does Finland intend to deter the gray market?

The initial draft of the reform included mentions about payment blocks targeting international casinos. However, the Federation of Finnish Financial Services and Finnish banks opposed them due to their inefficiency, noting that they are easily bypassed using e-wallets and cryptocurrencies. Blocks also impose clear financial costs on the banks.

Consequently, Finland does not currently plan to restrict gambling on international casinos through payment or IP blocks. However, this stance could change if the channeling rate cannot be brought to the desired level by other means.

The most significant change under the new system is that all casino winnings obtained from outside the Finnish licensing regime will become taxable income for Finns. Moving forward, winnings from MGA casinos will no longer be tax-free for Finnish players.

Co-existence or exile?

As it stands, no one can predict with absolute certainty how the situation for MGA casinos in Finland will unfold over the coming years.

What is clear is that all the largest operators will apply for a Finnish licence, as the Finnish market is highly valuable. For many companies, the opportunity to conduct legal brand marketing in Finland is a major win.

However, when it comes to smaller operators, it appears they will bypass the Finnish licence and deliberately remain outside Finland's gambling system. Finns will still be able to play at these casinos, and driven by the appeal of substantial bonuses, demand is certain to persist.

Ultimately, how the situation evolves will depend on what the Finnish authorities evaluate the actual channelling rate to be. If the rate falls short of the target, Finland will undoubtedly resort to more heavy-handed measures to curb gambling on international casino sites.

Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.rgf.org.mt/.