Finland's initiative to liberalise its gambling sector has sparked far greater interest than officials anticipated, with the National Police Board reporting a notable uptick in licence applications as the 2027 launch date approaches.
As of September 22, the National Police Board has received a total of 75 applications, a significant rise from the 50 recorded in June, according to Finnish national broadcaster Yle. Each operator seeking a licence must pay a processing fee of €29,000 ($33,500) for licences intended for use in 2026. However, substantive evaluations will only begin once this fee has been paid.
Operators commenced submitting their applications on March 1, preparing for the shift from Veikkaus' existing gambling monopoly to a licensed market, set to begin on July 1, 2027. To date, no licences have been issued; the review process remains ongoing.
The authority has stressed the thorough nature of the application vetting process. It stated that "the reliability and suitability of applicants are evaluated based on submitted documents," emphasizing the stringent due diligence necessary for market entry approval.
Industry experts have highlighted the impressive number of applications, particularly when considering Finland's population size. Janne Nikkinen, a researcher at the University of Helsinki, remarked to Yle that the original expectations of 40 to 60 applications now seem quite conservative. He stated, "Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now."
The proposal to liberalise the market was first introduced in July 2024, with an initial iGaming bill drafted by the Ministry of the Interior. The iGaming bill was presented to parliament in March last year and received approval in December.
Veikkaus, the current monopoly holder, has established two subsidiaries in light of the impending competition from other private operators that will enter the market. This restructuring is designed to enable Veikkaus to remain competitive.
The potential loss of Veikkaus' monopoly has led political parties and industry analysts to reassess its future role and ownership. Mikkel Näkkäläjärvi, Secretary of the SDP Party, noted, "the state has in this situation no particular strategic interest in owning a gaming company," pointing out that any decision to sell would rely heavily on whether the proceeds could be used more effectively for economic or public benefit.
The populist Liike Nyt party has suggested fully privatising Veikkaus and taking it public. Meanwhile, the Left Alliance stands alone in its opposition to any potential sale.
The initial licences granted under the new regulatory framework will take effect on July 1, 2027. Until then, the National Police Board will continue to act as the licensing and supervisory authority. After this date, the newly formed Finnish Supervisory Agency will oversee the liberalised market regulations.
