Approximately 50 gambling operators have submitted license applications to Finland’s National Police Board since the new gambling regulatory framework was initiated earlier this year. The latest figures were shared by the National Police Board’s Gambling Administration on Monday, which indicated a significant number of applicants are international gambling companies. Juha Katainen, a senior advisor at the board, noted that the predominance of foreign operators complicates the review and evaluation process for these submissions. Finland is planning to open its liberalized iGaming market by 2027, thereby ending Veikkaus' monopoly on online betting and gaming.
In a freedom of information request made by iGB a couple of months prior, it was revealed that by March 30, 24 operators had already applied for licenses. Each applicant must pay a processing fee of €29,000 ($33,500) for licenses that will be valid starting in 2026, with substantive evaluation commencing only after this fee is paid.
Katainen emphasized the importance of assessing the applicants’ "reliability and suitability," which is evaluated through various submitted documents, including corporate register extracts and certifications. He pointed out that the influx of international applications adds complexity to the review process. The authority is also examining the financial statuses of affiliate companies that could influence operational financing, ensuring compliance with regulations and mitigating risks associated with activities such as money laundering.
Finland's iGaming bill, which was passed in January, has led to concerns among stakeholders about unclear aspects of the law. Jarkko Nordlund, head of icasino and sportsbook at Veikkaus, highlighted the need for clearer definitions within the law, particularly regarding bonuses, advertising practices, and player protection measures. Although there is strong support for a licensed market, industry operatives are eager for more detailed guidelines.
Rumors regarding a potential sale of Veikkaus have emerged amid the shift towards market liberalization. Industry consultant Jari Vähänen recently estimated Veikkaus's value at €4.5 billion ($5.24 billion), factoring in its lottery and physical slot machine operations.
In discussions with industry sources earlier in March, estimates suggested there would likely be 40 to 50 licenses available when the market officially launches. This figure has already been reached more than a year ahead of the anticipated start date. Antti Koivula, chief compliance officer at Hippos ATG, expressed concerns about market saturation, emphasizing that Finland is a relatively small country for a high number of operators.
The first licenses issued under the new framework are scheduled to take effect on July 1, 2027. Until that date, the National Police Board will maintain its role as the licensing and supervisory authority. After July 2027, oversight will be transferred to the Finnish Supervisory Agency.
Finland’s licensing process does not have a fixed application deadline; however, the Police Board aims to review applications within roughly six months. Officials have advised applicants to refrain from frequent inquiries about their status, as these can hinder the core evaluation efforts. Katainen encouraged applicants to ensure they fully comply with the instructions provided and to submit complete documentation from the outset. The Police Board will keep the public informed about average processing times on its official website as more information becomes available.
