A recent study by Kasinohai examining 50 online casinos serving Finland reveals that advertised wagering terms frequently obscure the true stakes required of players.
In real-money testing between 15 and 30 June 2026, researchers at comparison site Kasinohai registered accounts, deposited real money, and claimed each welcome bonus, recording the terms as presented at the point of claiming and calculating their combined effect across the full offer.
The findings arrive as Finland prepares to move from the Veikkaus monopoly to a licensing system. Under the Gambling Act (Rahapelilaki 10/2026), bonuses aimed at new customers will no longer be permitted once licensed operations begin on 1 July 2027. Draft decrees governing online game features and stake limits were circulated by the Ministry of the Interior on 10 June 2026 and remain open for public comment until 5 August 2026.
Jari Vähänen, Co-Founder and Partner at The Finnish Gambling Consultants, told iGaming Expert on 6 July 2026 that the restrictions pose a particular difficulty for online casinos: “It is particularly problematic for digital casino operations that affiliate marketing and welcome bonuses are prohibited.”
Calculation Basis and Multi-Stage Offers
The study identified two structural features that increased the total stakes required beyond the advertised multiplier.
22 of the 50 casinos (44%) calculated the wagering requirement on the combined value of the deposit and the bonus rather than the bonus alone. On a 100-euro deposit matched by a 100-euro bonus at a nominal 30x requirement, this raises the total stakes required from 3,000 euros to 6,000 euros. A further 15 casinos, or 30%, did not specify which basis applied in the terms available at the point of claiming.
Multi-stage welcome packages compounded the effect. Where an offer was divided across successive deposits, each carrying its own requirement, packages promoted at 20x to 30x reached an effective 40x once completed in full.
The stated wagering requirements varied across the sample. 12 casinos (24%) set requirements at 15x or below, 19 (38%) between 20x and 35x, and 19 (38%) at 40x or more.
Disclosure and Restrictions
22 casinos, or 44% did not state a maximum bet limit in the bonus terms available at the point of claiming. Where a limit was stated, it was commonly around 5 euros per spin. Exceeding the maximum bet is, according to Kasinohai, among the more common reasons a bonus and any associated winnings are voided.
Of the tested casinos 58% applied a cap on bonus winnings, with the lowest tier observed below 100 euros. 37 casinos (74%) restricted which games counted toward wagering, with live casino contributing nothing at roughly a third of the casinos. 8 casinos (16%) set no time limit for completing the requirement.
The study also recorded variation between the casinos: around a quarter offered wagering requirements the researchers classify as favourable to players, and a minority applied the requirement to the bonus alone.
Methodology and Limitations
The research was conducted by Mimmi Malmström, Laura Korhonen and Lilli Partanen. The 50 casinos were selected from those covered on Kasinohai’s own site rather than sampled at random, and hold licenses in Curaçao, Malta, Anjouan and Estonia; many are unlikely to apply for a Finnish license. The findings are a point-in-time snapshot, cover welcome bonuses only, and do not identify individual operators.
Kasinohai has previously described wagering requirements in the 20x to 35x range as reasonable, reflecting prevailing market practice, and states that this classification is under review.
Vähänen mentioned that a further round of legislation is likely, with its direction tied to how the market performs. “If the channelization rate remains lower than expected and the number of problems does not increase, then I expect relaxations, at least affiliates and possibly welcome bonuses, in the legislation,” he said. An empirical record of how bonus terms operated before the reform bears on that assessment.
