As Finland gears up for its regulated online gaming market, a divide is emerging among operators. Some, like Veikkaus, are set to enter with millions of existing customers, while others will start from ground zero. This issue was a focal point during a recent panel discussion titled "Finland's waiting: The start of a new European market," held at the SBC Summit in Lisbon. Joining Antti Koivula, chief compliance officer at Hippos ATG, were representatives from Paf, Betsson Europe, Finnplay, and NordPlay Group.
Post-panel, Koivula expressed concerns over the advantages that MGA-licensed operators will have, bringing their Finnish customer bases with them. He noted the resultant data disparities when companies enter the market. Veikkaus enjoys a significant foothold, boasting over 2.7 million customers, particularly in sports betting and casino games. It is projected that more than two million former players will transition to the new market. Meanwhile, some operators have a player base exceeding a million, and several maintain six-figure registers. However, Hippos ATG, a collaboration between the Swedish operator ATG and the Finnish trotting association Suomen Hippos, will be starting without any existing customers.
During the discussion, Koivula raised questions about whether the playing field is genuinely level but acknowledged that it was too late to change the circumstances. "There’s no point crying about it: it has been decided, and everyone will have to live with it," he stated.
Operators are now permitted to apply for licenses in anticipation of the market’s official launch set for July 2027. Reflecting on the long wait for change, Koivula, who has lobbied against the gambling monopoly, commented, "It’s about time it happened. My personal opinion is that it should have happened 10 or 15 years ago." He identified 2017 as a critical year when Finland’s three state-owned gaming operators merged into Veikkaus, mentioning that signs of decline were visible back then with a diminishing channelisation rate.
Since that merger, Veikkaus has experienced a significant downturn in its gross gaming revenue, dropping roughly 45% from around €1.7-1.8 billion, with payments to the state reflecting a similar decrease. When asked what catalyzed the state’s decision to initiate change, Koivula succinctly replied, "Money."
Concerns linger about the readiness of the new regulatory body that will take over on July 1, 2027. Currently, the authority is in the process of recruiting a director, who is expected to start on January 1, leaving a slim window to fully prepare. Koivula expressed skepticism about whether the new authority would be fully operational from day one, acknowledging that, while it will be legally established, its practical readiness remains uncertain.
He anticipates that licenses will be issued in time but emphasized the potential lack of guidance from the regulator initially, particularly regarding oversight of the black market. Highlighting a disparity in resources, he pointed out that the Finnish authority will operate with less than half the staff of its Danish counterpart, despite the similar size of the two countries.
The financial allure of the Finnish market is significant, as per capita GGR figures indicate a high level of potential revenue. Koivula noted this inherent value, stating, "The Finnish market is really lucrative: per capita GGR is high and there’s a lot of potential."
Gambling has roots deeply embedded in Finnish culture, prevalent in daily venues such as grocery stores with slot machines available. Even as Veikkaus remains state-owned—a discussion about a partial sale has emerged—Koivula doesn't anticipate any divestment before 2030, giving Veikkaus a substantial upfront advantage of over 2 million customers as the market competitive landscape evolves.
For newcomers preparing to launch, the countdown to July 2027 has begun, but whether the regulatory framework will be adequately equipped to assist them remains an ongoing concern.
