Finland's move to liberalize its gambling market is generating far greater interest than anticipated. As the launch date in 2027 approaches, the National Police Board has noted a steep rise in license applications, with 75 submissions reported by September 22, up from 50 in June, according to Finnish broadcaster Yle.
Applicants must pay a processing fee of €29,000 ($33,500) for licenses that will be valid in 2026. However, the substantive evaluation only starts once this fee is paid. Operators began submitting their applications starting March 1, preparing for the transition from Veikkaus’ monopoly to a licensed market on July 1, 2027. As of now, no licenses have yet been awarded as the assessment process is still ongoing.
The National Police Board has emphasized the rigorous nature of the vetting process, stating, “the reliability and suitability of applicants are evaluated based on submitted documents,” underlining the needed due diligence prior to market entry.
Industry analysts are pointing to the significant number of applications in relation to Finland's population. Janne Nikkinen from the University of Helsinki mentioned to Yle that earlier estimates expected between 40 and 60 applications, a figure he described as optimistic. “Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now,” he noted.
The concept of market liberalization was initially introduced in July 2024, with the Ministry of the Interior proposing the first iGaming bill. This bill was first presented to parliament in March of the following year and obtained approval in December.
In light of liberalization, Veikkaus has established two subsidiaries, with its online operations undergoing restructuring to better compete with incoming private operators. The shift away from Veikkaus’ monopoly is prompting discussions among political parties and industry insiders about its future ownership and function.
SDP Party Secretary Mikkel Näkkäläjärvi stated that “the state has in this situation no particular strategic interest in owning a gaming company,” stressing that any decision to sell would depend on how the funds could better serve economic or public interests. There are calls from the populist Liike Nyt party for Veikkaus to be fully privatized and listed on the stock market, while the Left Alliance (Vänsterförbundet) opposes any sale.
The first licenses under the new regulatory framework will take effect on July 1, 2027. Until that date, the National Police Board will oversee licensing and regulations, after which these responsibilities will transition to the newly formed Finnish Supervisory Agency.
