Around 50 gambling operators have applied for licences in Finland since the country’s new regulatory framework opened earlier this year, according to the National Police Board.
The majority of the applications received so far have been from international operators, which adds to the complexity of the review process. According to Senior Adviser Juha Katainen, extensive checks on corporate structures, financial stability and regulatory compliance are required when assessing foreign applicants.
Finland intends to open its regulated online gaming market in 2027, thereby ending the monopoly that is presently being held by Veikkaus. Applicants must submit a processing fee of €29,000 prior to having their applications reviewed for approval.
Authorities are currently focusing on the reliability and suitability of operators and their systems and procedures, including anti-money laundering controls and the financial standing of any associated companies.
Although the liberalisation bill was passed in January, industry stakeholders continue to require clarification on a multitude of issues such as advertising rules, bonus offers and player protections and duty-of-care.
The transition has also led to speculation regarding the future of Veikkaus. According to Jari Vähänen, a consultant in the gaming industry, the value of the state-owned company is estimated to be between €4.5 billion and €7 billion, taking into account its lottery operations and land-based casinos.