Fifty licence applications received in Finland ahead of 2027 iGaming launch

Around 50 gambling operators have submitted licence applications to Finland’s National Police Board since the launch of the country’s new gambling regulatory regime earlier this year. 

The update came from the National Police Board’s Gambling Administration on Monday. The current regulator said the majority of applicants so far had been international or foreign gambling companies.

“The majority of applicants are foreign companies, which increases the complexity of processing and evaluating their submissions,”Juha Katainen, a senior advisor, said. 

Finland expects to launch its liberalised iGaming market by 2027, ending Veikkaus’ current monopoly over online betting and gaming in the country.

Robust application numbers 

A freedom of information request filed by iGB a couple of months ago found that by 30 March, 24 operators had submitted applications. 

Each applicant is required to pay a processing fee of €29,000 ($33,500) for licences valid in 2026, with substantive evaluation commencing only after this fee is settled.

Katainen explained that the application review process places considerable emphasis on the “reliability and suitability” of applicants, which are assessed through submitted documents such as corporate register extracts, certificates and various reports. He noted a particular complexity in handling applications due to the predominance of foreign operators.

The authority has also scrutinised the financial positions of affiliated companies which may impact the financing of operations. This will take place via a thorough vetting process to ensure regulatory compliance and to mitigate risks such as money laundering.

The tides of change 

The iGaming bill passed in January but stakeholders have since lamented that gaps in the law have left them unsure on specific details.

Jarkko Nordlund, head of icasino and sportsbook at Veikkaus, recently stressed the need for clarification, especially when looking at the finer details. 

“The law is fine. Now everyone is begging a bit, like, what are the definitions of the law? We still don’t know how we’re able to use bonusing, what advertising is allowed, what media is allowed, duty of care, player protection. Everyone is pro licensed market, but we would love to have the nitty gritty details.” 

Amid the market’s online liberalisation, rumours around a possible sale for Veikkaus have swirled. In a recent interview with the state radio broadcaster, industry consultant Jari Vähänen valued the gaming group at €4.5 billion ($5.24 billion), including its lottery and physical slots business.

Market saturation?

When speaking to various industry sources back in March, iGB found that everyone estimated that there would be about 40 to 50 licences once the market went live.

That number has already been reached over a year ahead of the proposed kick off. Hippos ATG chief compliance officer Antti Koivula highlighted worries around a potential market saturation: “It’s a rather small country to add a lot of operators into the mix.” 

The first licences granted under this new framework will become effective from 1 July 2027. Until then, the National Police Board remains the licensing and supervisory authority.

Post-July 2027, regulatory oversight of the liberalised market will transition to the newly established Finnish Supervisory Agency .

No fixed deadline, but six-month processing target

While Finland’s licensing window does not impose a fixed application deadline, the Police Board said it aims to process applications within approximately six months. Officials have urged applicants to avoid frequent status enquiries, as these divert resources from core evaluation work.

“The best way applicants can assist is by complying fully with the submitted instructions and providing complete documentation upfront,” Katainen emphasised. 

The Police Board stated it would update the public on average processing times via its official website as information becomes available.