Finnish open market licence applications exceed previous expectations

Finland’s plan to liberalise its gambling market has attracted significantly more interest than officials initially anticipated, with licence applications received by the National Police Board rising sharply as the 2027 market launch draws nearer.

By 22 September, the National Police Board reported having received 75 applications, a substantial increase from the 50 applications recorded in June. This was according to Finnish national broadcaster Yle.

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.

Operators began submitting applications on 1 March. It comes in preparation for the transition from Veikkaus’ current gambling monopoly to a licensed market which is set to commence on 1 July 2027. To date, no licences have been granted as the review process continues.

The authority emphasised the thoroughness of the vetting process, noting that “the reliability and suitability of applicants are evaluated based on submitted documents”, highlighting the stringent due diligence required before market entry is permitted.

‘Finland is attracting interest’

Industry experts have pointed out the notable volume of applications relative to Finland’s population. Janne Nikkinen, a researcher at the University of Helsinki, told Yle that previous estimates predicted between 40 and 60 applications, numbers that were considered optimistic at the time. 

He commented: “Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now.”

Market liberalisation was first proposed in July 2024, with an initial iGaming bill compiled by the Ministry of the Interior. Finland’s iGaming bill was first presented in parliament in March last year and was approved in December.

No more monopoly

Veikkaus itself announced that it had formed two subsidiaries with the separately operated online business actively restructuring. The restructure was to ensure it can compete against other private operators that will flood the licensed market. 

Veikkaus’ loss of monopoly has prompted political parties and industry observers to reevaluate its future ownership and role. 

SDP Party Secretary Mikkel Näkkäläjärvi remarked that “the state has in this situation no particular strategic interest in owning a gaming company”, emphasising that any sale decision would largely depend on whether the proceeds could be better used for economic or public benefit.

Populist Liike Nyt advocated for the full privatisation of Veikkaus and a listing on the stock market.

Conversely, the Left Alliance (Vänsterförbundet) stood alone in opposing any sale.

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

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