Finland's initiative to liberalize its gambling market has generated far more interest than anticipated, as the National Police Board reported a significant spike in license applications ahead of the 2027 market launch.
As of September 22, 2023, the Board noted it had received 75 applications, a marked increase from 50 in June, as reported by Finnish national broadcaster Yle. Each applicant must pay a processing fee of €29,000 (approximately $33,500) for licenses that will be valid in 2026, with substantive evaluations beginning only after these fees are paid.
Applications opened on March 1, 2023, in preparation for the shift from Veikkaus' monopoly to a licensed model starting July 1, 2027. So far, no licenses have been issued as review processes are still ongoing. The National Police Board highlighted the thoroughness of its vetting process, stating that the reliability and suitability of applicants will be assessed based on the submitted documentation, underscoring the rigorous due diligence necessary for market entry.
Industry analysts have highlighted the substantial number of applications considering Finland's population size. According to Janne Nikkinen, a researcher at the University of Helsinki, forecasts had initially estimated between 40 and 60 applications, which were seen as particularly optimistic. Nikkinen remarked, “Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now.”
The push for market liberalization originated in July 2024, with the Ministry of the Interior drafting an initial iGaming bill. The proposal was first presented to parliament in March 2022 and received approval in December 2022.
Veikkaus itself is responding to the changing landscape by establishing two subsidiaries and restructuring its online business to better compete with the forthcoming wave of private operators. The potential loss of its monopoly has led political figures and industry analysts to reconsider Veikkaus’ future ownership and operational role.
Mikkel Näkkäläjärvi, secretary of the SDP Party, noted that “the state has in this situation no particular strategic interest in owning a gaming company,” emphasizing that any decision regarding a sale should be based on whether the proceeds could be better utilized for economic or public good. The populist party Liike Nyt has called for full privatization of Veikkaus and its subsequent listing on the stock market, while the Left Alliance stands alone against any sale.
The first licenses under the new regime will take effect on July 1, 2027. Until that date, the National Police Board will oversee licensing and supervision. Post-launch, regulatory oversight will shift to the newly formed Finnish Supervisory Agency.
