Finland might be on the way to introducing a licensing model for online gaming. The country, which is the only EU member to still maintain a monopoly over iGaming, just broke ground by introducing a legislative plan to transition to a licensing system.

Finland’s online gaming monopoly, Veikkaus, commented on the matter, expressing its support for the move. According to CEO Velipekka Nummikoski, the company believes that regulation can benefit the whole Finish gaming market.

Nummikoski praised the Ministry of the Interior for what he called the most significant reforms in Finnish gaming yet. He hailed the government’s clear plan of action and said that he hopes that it would be able to channel players toward the legal market.

Under the new legislative plan, Finland will abolish Veikkaus’ exclusivity when it comes to online gambling. Still, the company will retain its monopoly over retail slots and the lottery.

Despite its apparent support of the measure, Veikkaus warned that the transition to a licensing model will likely lead to redundancies, forcing the company to restructure its business, close properties and lay off workers. According to the company’s estimates, as many as 240 employees may lose their jobs.

A New Age for Finnish iGaming

If Finland introduces a regulated gambling model, Veikkaus will split into two companies within the same group. One of the newly-formed entities will be Veikkaus’ arm which will retain its monopoly over retail slot machines and the lottery, while the other joins the competitive online market.

The Finnish government’s plans to introduce a licensing model come amid strong support for the introduction of regulated gambling. However, the transition process is set to take a few years at the very least. Under the current plans, the Ministry of the Interior will take two years to draft a legislative proposal for regulated iGaming.

The proposal will cover important matters, such as what games should be legalized, what the licensing and tax fees for online operators should be and how Finland would protect consumers from harm.

Finland’s decision to explore the possibility of introducing licensed online gaming marks a historic turning point for the country and will align it with other EU member states that use similar models.

The move was praised by the European Betting and Gaming Association, which highlighted that a licensing model will bring many benefits to Finland, including improved channelization rates and better player protections.

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Barstool Sports, the leading sports media brand, founded by Dave Portnoy, may lay off some of its employees, its founder and current owner confirmed on Barstool Sports Radio recently. Initially founded in 2003, Barstool Sports was acquired by Penn Entertainment in a deal with a total price tag of $551 million, dating to 2020. After Penn spent years and some half a billion dollars to raise awareness of its betting brand through association with the famous sports media, the company decided to sell Barstool back to Portnoy.

Not even a full month after he retained ownership of Barstool, Portnoy confirmed the plans for layoffs. He said that he doesn’t only dislike but even hates cuts and layoffs, but pointed out that this is the only way Barstool can progress forward. According to Portnoy, the company loses more than $10 million a year, which pushed him to the difficult decision about the layoffs.

“I’ve been very clear. Anybody that’s paid attention, we are going to have layoffs and cuts, and they’ve started and it sucks. And people who know me from the beginning I hate firing people. You can be incompetent, not work and I generally don’t fire because I hate it so much. It’s the worst thing to f***ing do,“

explained Dave Portnoy on Barstool Sports Radio

Getting Back to Breaking Even

Addressing the seriousness of the situation, Portnoy said that it is a “no-brainer” considering that if there are no layoffs, everyone may lose their jobs. He stressed the difficulty of that decision and added that Barstool needs to become stable once again. Finally, Portnoy reiterated that the company is losing millions which is not a good thing.

“We’ll all not have jobs. So we have to get back to a break-even thing. We’re losing a lot and it sucks,“

added Portnoy

Barstool’s founder did not confirm how many employees will be affected by the upcoming layoffs. However, a recent report released by the New York Post suggested that the company may lay off an estimated 25% of its workforce. Currently, Barstool has approximately 430 employees. This means that approximately 100 jobs may be affected by the layoffs if that projection becomes reality.

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