Finland's upcoming regulated online market will see some operators entering with an existing customer base, presenting a significant challenge for newcomers. This disparity became apparent 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. The panel featured Antti Koivula, the chief compliance officer at Hippos ATG, alongside representatives from Paf, Betsson Europe, Finnplay, and NordPlay Group.
After the event, Koivula noted that operators with Malta Gaming Authority (MGA) licenses will have the advantage of bringing their established Finnish customers. Consequently, this will create substantial disparities in the data available to companies entering the market. Veikkaus, the dominant state-owned provider, currently holds over 2.7 million customers who engage in sports betting and casino activities. Koivula anticipates that the number of these active players will surpass 2 million. Other major operators in Finland may have substantial bases, potentially exceeding one million, while some small operators will find themselves starting from zero.
Koivula remarked on the equity of this competitive environment, stating, “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 window for operators to apply for licenses before the market launches in July 2027 has officially opened. For Koivula, who has been vocal in pushing against the current monopoly, this shift is long overdue. "It’s about time it happened. My personal opinion is that it should have happened 10 or 15 years ago," he declared. He argued that the ideal moment for reform was in 2017 when Finland's three state-owned gambling entities merged to form Veikkaus, noting a previously observed decline in channelisation rates at that time.
Since the merger, Veikkaus has seen its gross gaming revenue fall by approximately 45%, down from around €1.7-1.8 billion, which has resulted in a similar drop in payments to the state. When asked what motivated the government to finally make a change, Koivula attributed it to financial considerations, bluntly stating, “Money.”
As for the new regulatory authority commencing operations on July 1, 2027, Koivula expressed concern regarding its readiness. The authority is still seeking a director, expected to start on January 1, giving them only six months for preparation before launching operations. "Personally, I’m rather concerned about whether they’ll be operational de facto from day one. De jure, legally, they will be; there’s no doubt about that,” he said.
He anticipates timely license grants but raised doubts about the regulator's ability to provide guidance at the start or effectively supervise the illegal gambling market. According to Koivula, the Finnish authority will be understaffed compared to its Danish equivalent, which already faces challenges in a similarly-sized country.
The attractiveness of the Finnish gambling market is underscored by the spending habits of its residents. “The Finnish market is really lucrative: per capita GGR is high and there’s a lot of potential,” Koivula noted. This culture is deeply ingrained in Finnish society, with gambling being readily available through various channels, including slot machines located in common spaces like grocery stores.
Veikkaus remains a state-owned entity, and while discussions around a partial sale are intensifying, Koivula doesn’t foresee this occurring before 2030. This means that Veikkaus will enter the new competitive arena backed by state support and a significant customer base of more than 2 million. For operators starting from ground zero, the clock is ticking down to July 2027, leaving uncertainty about whether the regulator will be adequately prepared to assist them once the market opens.
