Interest in Finland’s liberalized gambling market has exceeded the projections of officials, and the number of license applications with the National Police Board has risen steeply ahead of the 2027 launch.
The authority had received 75 applications by September 22, compared with 50 in June. Operators have been able to apply since March 1, and the licensed market is scheduled to open on July 1, 2027, when the current monopoly held by Veikkaus comes to an end.
Previous estimates had predicted between 40 and 60 applications, and those numbers were considered optimistic at the time, Janne Nikkinen, a researcher at the University of Helsinki, told Yle. Industry experts have also drawn attention to the volume of applications relative to Finland’s population.
“Finland is attracting interest. After all, this is a billion-dollar pot that is being distributed here now,” Nikkinen said.
No approvals so far
The National Police Board has not granted any licenses yet, and its review of applications remains in progress. Each applicant must pay a processing fee of €29,000 ($33,500) for licenses valid in 2026, and substantive evaluation begins only after the fee is settled.
According to the authority, “the reliability and suitability of applicants are evaluated based on submitted documents.” The agency described its vetting as thorough, and operators must pass stringent due diligence before they receive permission to enter the market.
The path through parliament
Market liberalization was first proposed in July 2024, with an initial iGaming bill compiled by the Ministry of the Interior. The bill was first presented in parliament in March last year and received approval in December.
The first licenses under the new framework will take effect on July 1, 2027. The National Police Board will serve as the licensing and supervisory authority until that date, and regulatory oversight of the market will then pass to the newly established Finnish Supervisory Agency.
Monopoly holder regroups
Veikkaus announced that it has formed two subsidiaries, and its stand-alone online business is undergoing restructuring. The changes are intended to ensure that the company can compete against the private operators that will enter the licensed market.
The end of the monopoly has also prompted political parties and industry observers to reevaluate the future ownership and role of Veikkaus.
SDP Party Secretary Mikkel Näkkäläjärvi said that “the state has in this situation no particular strategic interest in owning a gaming company.”
He added that any sale decision would largely depend on whether the proceeds could be better used for economic or public benefit.
Populist party Liike Nyt has advocated the full privatization of Veikkaus and a listing on the stock market. The Left Alliance (Vänsterförbundet) is the only party that opposes any sale.