As Finland prepares for significant amendments to its gambling regulations, Trumo Finance Oy has launched its services in the Finnish market.
The company's entry comes just as Finland plans to introduce a licensing system by early 2027, aimed at transitioning the Finnish iGaming market from a monopoly to a competitive framework.
Currently, the Finnish gambling market is dominated by Veikkaus Oy, which holds exclusive rights to most gambling activities. However, proposed legislation by the Ministry of the Interior would allow other operators to apply for licenses, thus bringing more gambling activities under national regulation.
These changes aim to address unregulated online gambling activities and ensure player protection through stricter compliance measures, such as Anti-Money Laundering (AML) standards and safer gambling practices.
Trumo Finance is regulated by the Finnish Financial Supervisory Authority (FFSA) and was founded by industry experts Martin Prantner and Sari Aitokallio.
The leadership team has over twenty years of combined expertise in iGaming and financial technology, enabling them to assist operators in navigating the evolving regulatory landscape.
Trumo Finance's Chief Business Officer, Roope Lindroos, stated: "We have already seen a shift in attitudes and corporate values in other Nordic regulated markets. The largest operators and suppliers in the market now operate entirely under established licensing plans. Finland should do the same, and for regulation to work, it brings additional responsibilities to payment providers who can only collaborate with fully regulated operators that uphold the highest ethical standards, support anti-money laundering, and safer gambling practices."
Worth noting: Trumo Finance's R&D center is located in Tallinn, Estonia, a fintech hub that supports its ongoing product development for the Finnish market.
The new framework is expected to provide clearer compliance guidelines while maintaining Veikkaus Oy's monopoly over certain gambling areas such as lotteries and scratch cards.
Licenses are expected to be issued by 2026, with the reform aimed at bringing transparency and control to the Finnish gambling industry.
In July 2024, the Finnish government released a draft law outlining the upcoming changes to the gambling laws, emphasizing a plan that opens up market competition while retaining some monopoly elements.
