In Finland's upcoming regulated online market, a significant disparity exists among operators regarding their customer bases. Some will launch with millions of existing players, while others, like Hippos ATG, will start from scratch. This issue was raised during a panel discussion on Tuesday at the SBC Summit in Lisbon, titled “Finland’s waiting: The start of a new European market.” Antti Koivula, the chief compliance officer at Hippos ATG, shared insights alongside other industry figures, including Paf's Sverker Skogberg, Betsson Europe's Ivana Pejic, Finnplay's Brian Forth, and NordPlay Group's Emil Nilsson.
Following the discussion, Koivula emphasized that operators with licenses from the Malta Gaming Authority (MGA) are set to bring their existing Finnish customers into the fold. This results in a considerable gap in the data available to newcomers; for instance, Veikkaus already has over 2.7 million customers and is expected to maintain a substantial number from its sports betting and casino gaming offerings. Many larger operators have well over a million players, while some competitors may begin with no users.
"There was discussion about 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 new licensing framework allows operators to apply ahead of the market launch in July 2027. For Koivula, who has long campaigned against the existing gambling monopoly, this change is overdue. "It’s about time it happened," he stated, adding that the shift should have occurred 10 to 15 years ago. The ideal moment for change, in his view, was in 2017 after the merger of Finland's three state-owned operators into Veikkaus. He pointed to indicators that suggested a declining channelization rate at that time.
Since then, Veikkaus's gross gaming revenue has plummeted by about 45%, dropping from approximately €1.7 to €1.8 billion, alongside a similar decrease in its contributions to the state. When asked what prompted the state to finally take action, Koivula replied simply, "Money."
As for the newly established supervisory authority set to take charge on July 1, 2027, Koivula expresses some concern. The authority is still in the process of appointing a director, who is expected to assume the role on January 1. Only six months remain to prepare.
"Personally, I’m rather concerned about whether they’ll be operational de facto from day one," Koivula stated, recognizing the legal readiness but questioning the practical aspect. He is optimistic that licenses will be issued on schedule but worries that the regulator may not be ready to provide guidance or monitor potential black market activities at the launch. He cited the Finnish authority's upcoming staffing levels, which will be less than half of Denmark's regulatory body, despite the similar size of the two nations.
Finland's market allure stems from high consumer spending. "The Finnish market is really lucrative: per capita GGR is high and there’s a lot of potential," Koivula noted, attributing this established gambling culture to long-standing practices under the monopoly, which included the presence of slot machines in everyday locations like grocery stores.
Veikkaus remains state-owned, with discussions of a potential partial sale surfacing, although Koivula anticipates no sale before 2030. This means the incumbent will head into the competitive landscape backed by the state and an established customer base exceeding 2 million.
As the July 2027 launch approaches, new operators are preparing to enter a market that poses both opportunities and challenges, particularly around the readiness of the regulatory framework to support them.
