Finland's initiative to open its gambling market is generating significantly more interest than was expected, as evidenced by the sharp increase in licence applications received by the National Police Board ahead of the 2027 market launch.
As of September 22, the National Police Board reported it had received 75 applications, up from 50 recorded in June, according to Finnish broadcaster Yle. Each applicant must pay a processing fee of €29,000 ($33,500) for licences that will be valid starting in 2026, with the substantive evaluation process beginning after the fee is paid.
Operators began submitting applications on March 1, preparing for the shift from Veikkaus' current monopoly to a licensed market set to launch on July 1, 2027. Though no licences have been granted yet, the review process is ongoing.
The National Police Board stressed the rigor of its vetting process, stating that "the reliability and suitability of applicants are evaluated based on submitted documents," underscoring the strict due diligence necessary for market entry.
Industry experts have noted that the volume of applications is particularly remarkable given Finland's population. Janne Nikkinen, a researcher at the University of Helsinki, commented to Yle that estimates had previously forecasted between 40 and 60 applications, which were viewed as optimistic at the time. He remarked, "Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now."
The proposal for market liberalisation first emerged in July 2024, leading to the drafting of an iGaming bill by the Ministry of the Interior. This bill was presented in parliament in March of the previous year and gained approval in December.
In light of losing its monopoly, Veikkaus has announced the establishment of two subsidiaries, with its online business undergoing active restructuring to enhance competitiveness against incoming private operators.
Veikkaus’ monopoly’s end has prompted various political parties and industry experts to reassess the company's future ownership and role. SDP Party Secretary Mikkel Näkkäläjärvi noted that the state has "no particular strategic interest in owning a gaming company," adding that any potential sale would depend on whether the proceeds could be better utilized for economic or public benefit.
In contrast, the populist party Liike Nyt has called for the complete privatisation of Veikkaus and its listing on the stock market, while the Left Alliance (Vänsterförbundet) has remained the only party opposing such a sale.
The first licences granted under the new framework will take effect from July 1, 2027. Until then, the National Police Board will continue as the licensing and supervisory authority. Following this date, oversight of the liberalised market will pass to the newly formed Finnish Supervisory Agency.
