Kasinohai Study Reveals Hidden Catches in Online Casino Bonuses Ahead of Finland Reforms

Finnish comparison site Kasinohai has released a detailed study on the bonus terms of 50 online casinos serving Finnish players. The findings, collected between June 15 and June 30, 2026, reveal a disturbing trend: Advertised wagering requirements often did not live up to initial appearances. Players, in reality, had to place significantly higher stakes than initially stated.

The investigation comes at a crucial time for the Finnish gambling market. Finland is preparing to replace its long-standing Veikkaus monopoly with a licensing system. With the Gambling Act (Rahapelilaki 10/2026) coming into force on July 1, 2027, new customer bonuses, as examined in the study, will no longer be permitted.

Numbers and facts

The study identified two main features that increased the actual required stakes beyond the advertised multiplier. In 22 of the 50 casinos examined, which is 44 percent, wagering requirements were based on the combined value of the deposit and the bonus, rather than on the bonus alone. This meant that for a 100-euro deposit matched by a 100-euro bonus at a nominal 30x requirement, actual stakes increased from 3,000 euros to 6,000 euros.

Another 15 casinos, representing 30 percent of the sample, did not clearly state the calculation basis at the time of bonus claim. Multi-stage welcome packages further complicated matters. Offers split across successive deposits, each carrying its own requirement, could escalate advertised 20x to 30x wagering requirements to an effective 40x upon full completion.

The study's authors, Mimmi Malmström, Laura Korhonen, and Lilli Partanen, also found significant variations in bonus conditions. 12 casinos (24 percent) set requirements at 15x or below, 19 casinos (38 percent) between 20x and 35x, and another 19 casinos (38 percent) at 40x or more. Regarding transparency on stake limits, 22 casinos (44 percent) did not state a maximum bet limit in the bonus terms available at the time of claiming. Where a limit was stated, it was usually around 5 euros per spin. Exceeding this limit, according to Kasinohai, is one of the more common reasons for voiding bonuses and winnings. Furthermore, 58 percent of the tested casinos applied a cap on bonus winnings, with the lowest observed limit below 100 euros. Additionally, 37 casinos (74 percent) restricted which games counted towards wagering; live casino games contributed nothing at roughly a third of the casinos. Eight casinos (16 percent) set no time limit for fulfilling the requirement.

Background

The Finnish government, with its shift from a monopoly system to a licensing model, plans strict regulation of the online gambling market. Draft decrees governing online game features and stake limits were circulated by the Ministry of the Interior on June 10, 2026, and remain open for public comment until August 5, 2026. These reforms will profoundly change the market, especially for online casinos that rely on new customer bonuses and affiliate marketing. Jari Vähänen, Co-Founder and Partner at The Finnish Gambling Consultants, commented on this to iGaming Expert on July 6, 2026:

"It is particularly problematic for digital casino operations that affiliate marketing and welcome bonuses are prohibited." - Jari Vähänen, Co-Founder and Partner at The Finnish Gambling Consultants

He hinted that further rounds of legislation are likely, their direction depending on how the market performs. Should the channelization rate remain lower than expected and the number of problems not increase, Vähänen expects relaxations in the legislation, at least concerning affiliates and possibly welcome bonuses. The Kasinohai study, although conducted before the reforms and to be considered a snapshot, thus provides valuable empirical data on the conditions under the old system.

Why it matters for German players

For players in Germany, the results of the Finnish study offer important insights, even though a different regulatory landscape applies here. The German Interstate Treaty on Gambling 2021 (GlüStV 2021) introduced strict regulation in Germany to strengthen player protection. German online casinos with a license from the Joint Gambling Authority of the Federal States (GGL) are subject to stringent rules. These include a stake limit of 1 Euro per spin on slot machines and a monthly deposit limit of 1,000 Euros, monitored via the central LUGAS system. Bonus incentives are permitted but must be transparent and fair. The practice of opaque bonus conditions or excessive wagering requirements, as highlighted by the Kasinohai study for the then-Finnish market, contradicts German player protection provisions.

A key difference is that GGL-licensed casinos are obliged to present all bonus conditions clearly and understandably. Should similarly non-transparent practices as in Finland emerge among German providers, the GGL would likely intervene. This means German players should always carefully read the terms and conditions and bonus terms, even if regulation in Germany already offers significantly more security than before GlüStV 2021. The majority of casinos examined in the Kasinohai study operated with Curaçao, Malta, Anjouan, and Estonia licenses, which often have more lenient bonus regulations than Germany or future Finnish licenses.

What it means for GGL-licensed casinos

The findings from Finland underscore the need for clear and fair bonus terms. GGL-licensed casinos in Germany must already comply with this. However, the Kasinohai study can serve as a reminder of how important transparent communication of bonus rules is to gain and maintain player trust. For the German market, bonus terms that use a "combination of deposit and bonus" as the basis for wagering requirements are not prohibited per se. However, it is crucial that such details are communicated explicitly and understandably. Unclarities or hidden clauses would quickly raise concerns with the GGL. German regulatory standards are designed precisely to counteract such opaque practices. The GGL expects entirely compliant and player-centric bonus design that clearly distinguishes itself from the sometimes questionable methods of unregulated markets.