Finland’s initiative to liberalize its gambling market has garnered more interest than expected, as reflected by a significant rise in licence applications submitted to the National Police Board. As of September 22, the total number of applications reached 75, a marked increase from 50 in June, as reported by Finnish national broadcaster Yle.
Each applicant is responsible for a processing fee of €29,000 ($33,500) for licences that will be valid starting in 2026. The evaluation of these applications will begin once this fee is paid. Operators gained the ability to submit their applications on March 1, signaling preparations for a shift away from the current gambling monopoly held by Veikkaus. This licensed market is anticipated to launch on July 1, 2027, but as of now, no licences have been issued as the review process is ongoing.
The licensing authority stressed the importance of a thorough vetting procedure, stating that the "reliability and suitability of applicants are evaluated based on submitted documents," which underscores the rigorous due diligence necessary for market entry.
According to industry experts, the volume of applications is notably high in relation to Finland’s population. Janne Nikkinen, a researcher at the University of Helsinki, shared insights with Yle, explaining that earlier projections estimated between 40 and 60 applications—numbers that were considered ambitious. He noted, "Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now."
The proposal to liberalize the gambling market was first introduced in July 2024, with an initial iGaming bill drafted by the Ministry of the Interior. This bill was presented to parliament in March of the following year and received approval in December.
In anticipation of increased competition from private operators, Veikkaus has established two subsidiaries and is undergoing restructuring to adapt to the new market conditions.
This shift raises questions about the future ownership and role of Veikkaus, as political parties and industry analysts reassess its standing. Mikkel Näkkäläjärvi, Secretary of the SDP Party, expressed that "the state has in this situation no particular strategic interest in owning a gaming company," suggesting that decisions about potential sale would largely hinge on whether the proceeds could be utilized for greater economic or public benefit.
Meanwhile, the populist Liike Nyt party has advocated for the complete privatization of Veikkaus and its listing on the stock market, while the Left Alliance (Vänsterförbundet) stands in opposition to any sale.
The initial licences under the new regulatory framework will take effect on July 1, 2027. Until that time, the National Police Board will continue to act as the licensing and supervisory authority. Following the market’s liberalization, oversight will be transferred to the newly created Finnish Supervisory Agency.
