In Finland's emerging regulated online market, a disparity looms between operators. Some will step in with an established customer base in the millions, while others will start from ground zero. This topic was a focus during a panel discussion, titled "Finland’s waiting: The start of a new European market," held on the Regulation & Compliance Stage at the SBC Summit in Lisbon. Antti Koivula, the chief compliance officer at Hippos ATG, shared the stage with colleagues including Sverker Skogberg from Paf, Ivana Pejic of Betsson Europe, Brian Forth from Finnplay, and Emil Nilsson from NordPlay Group.
After the panel, Koivula explained to iGB that operators licensed by the Malta Gaming Authority (MGA) are set to bring their existing Finnish clientele into the market, creating a significant disparity in the data access for companies entering. Veikkaus, the state-owned gaming operator, boasts over 2.7 million customers and expects to carry forward more than 2 million from its sports betting and casino operations. Other major operators may have player bases exceeding one million, while some possessed six-figure customer lists. However, a few operators, like Hippos ATG, find themselves starting anew.
"There was some discussion of whether the playing field is genuinely level," Koivula remarked. "But there’s no point crying about it: it has been decided and everyone will have to live with it."
The opportunity for operators to apply for licenses before the market's anticipated launch in July 2027 has been a long time coming. For Koivula, who has actively lobbied against the existing monopoly, this shift is overdue. "It’s about time it happened," he stated, adding that it should have been initiated 10 to 15 years ago.
He noted that the ideal moment would have been in 2017, when Finland's three state-owned betting entities merged into Veikkaus. "All the signs were there back then," he pointed out, highlighting a gradual decline in the channelization rate.
Since that merger, Veikkaus's gross gaming revenue has decreased by approximately 45%, dropping from about €1.7 to €1.8 billion. Similarly, its contributions to the state budget have also significantly diminished. When asked about the impetus for the state's actions, Koivula answered succinctly, "Money."
Concerns arise regarding the effectiveness of the new regulatory authority, set to commence operations on July 1, 2027. Currently, it is in the process of hiring a director, who is expected to start on January 1, 2027, leaving a limited window for preparation.
"I’m rather concerned about whether they’ll be operational de facto from day one," Koivula admitted. While legally poised to begin, he worries that practical readiness might lag behind. He anticipates timely license approvals, yet questions the regulator's capability to provide guidance initially or adequately monitor the black market situation. According to the regulator's publications, the Finnish authority will have less than half the staff size of its Danish counterpart, despite similar populations.
The Finnish market's appeal stems from significant consumer spending. Koivula stated, "The Finnish market is really lucrative: per capita gross gaming revenue is high and there’s a lot of potential." This spending culture is deeply ingrained, with gambling fixtures like slot machines found in grocery stores and various public spaces.
Veikkaus continues as a state-owned enterprise, and while discussions about a partial sale are increasing, Koivula does not foresee any changes before 2030 at the earliest. This means that the incumbent will likely enter the new competitive environment with substantial backing from the state and an established relationship with more than 2 million customers.
As the countdown to July 2027 begins for those operators starting from scratch, the question remains: Will the regulator be prepared to engage the new entrants in the market?
