As Finland prepares to open its regulated online market, the landscape appears uneven. Some operators will step in with millions of customers already in hand, while others, like Hippos ATG, will start from scratch.
This disparity was highlighted during a panel discussion titled "Finland's waiting: The start of a new European market" at the SBC Summit in Lisbon, featuring notable figures such as Antti Koivula, chief compliance officer at Hippos ATG, along with representatives from Paf, Betsson Europe, Finnplay, and NordPlay Group.
In an interview post-panel, Koivula expressed concerns that operators with licenses from the Malta Gaming Authority (MGA) will bring established Finnish customer bases into the new market, significantly impacting data disparities between companies. Currently, Veikkaus holds a market advantage with over 2.7 million customers, including more than 2 million expected to engage in sports betting and casino games. While larger operators may boast over a million players, several have six-figure customer bases, leaving Hippos ATG and others with no customers to start their journey.
Koivula noted, "There was some discussion of whether the playing field is genuinely level. But there’s no point crying about it: it has been decided and everyone will have to live with it."
The opportunity for market entry comes as operators can apply for licenses ahead of the expected launch in July 2027. For Koivula, this shift has been long awaited. "It’s about time it happened," he remarked. He believes that such changes should have occurred 10 to 15 years ago, especially following the 2017 merger of Finland's three state-owned operators into Veikkaus. He pointed out that all signs indicated a need for reform back then, citing a gradually declining channelization rate.
Koivula highlighted that Veikkaus has seen a 45% drop in its gross gaming revenue from roughly €1.7-1.8 billion, along with a similar decrease in payments to the state, stating, "Money" was the catalyst for finally changing the status quo.
Another concern for Koivula is the new supervisory body set to take charge on July 1, 2027. The authority is currently in the process of hiring a director, whose start date is January 1, leaving just six months for full operational readiness. Koivula expressed his worries about whether they would be fully operational from day one, even if legally established.
While he is confident that licenses will be issued in a timely manner, he is skeptical about the regulator's capacity to offer guidance at launch or effectively oversee any black market activity. According to available information, the Finnish regulatory authority will have less than half the staffing of its Danish counterpart, despite similarities in population size.
The allure of the Finnish market lies in its potential profitability, as Koivula noted, "The Finnish market is really lucrative: per capita GGR is high and there’s a lot of potential." Gambling is deeply embedded in Finnish culture, with slot machines common in grocery stores and other public venues.
Veikkaus remains under state ownership, and while discussions about a partial sale are ongoing, Koivula does not anticipate any sales before 2030 at the earliest. This positions the state-backed operator to enter the competitive market with a significant head start and over 2 million customers.
For those operators starting from zero, the countdown to July 2027 has begun, raising questions about whether the regulatory body will be adequately prepared for a smooth transition into the new market landscape.
