Finland draws nearly 50 gambling license applications more than a year before market launch

Finland’s gambling market overhaul has attracted nearly 50 license applications, reaching industry forecasts more than a year before the regulated online sector is scheduled to open in July 2027.

The update came Monday from the National Police Board’s Gambling Administration, which said most applications received so far have come from international gambling operators.

Earlier industry estimates suggested the market would eventually support between 40 and 50 license holders once operations begin. Industry sources in March expected the number of licenses to fall within that range after the market launch.

With nearly 50 applications already submitted, the projected range has been reached well before the planned opening of the regulated market.

According to the National Police Board, foreign companies account for most of the applications received to date.

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

24 operators had submitted applications by March 30. The latest update indicates that application activity has continued since then.

Finland plans to introduce a liberalized iGaming market in 2027, ending Veikkaus’ monopoly over online betting and gaming.

Applicants seeking licenses valid in 2026 must pay a processing fee of €29,000 ($33,500). The National Police Board said substantive evaluations begin only after the fee has been paid.

Katainen said the review process focuses on the “reliability and suitability” of applicants. Authorities assess submitted materials including corporate register extracts, certificates and other reports.

The regulator is also reviewing the financial positions of affiliated companies that may affect the financing of gambling operations. The process includes vetting measures intended to ensure compliance with regulatory requirements and mitigate risks such as money laundering.

Although Finland’s iGaming bill passed in January, industry stakeholders have continued to seek clarification on several aspects of the regulatory framework.

Jarkko Nordlund, head of iCasino and sportsbook at Veikkaus, recently said operators are still waiting for details on several operational matters.

“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,” said Nordlund.

Discussion has also continued regarding the future of Veikkaus following the transition to a competitive online market. In a recent interview with Finland’s state radio broadcaster, industry consultant Jari Vähänen valued the company at €4.5 billion ($5.24 billion), including its lottery operations and land-based slot machine business.

The first licenses issued under the new framework will take effect on July 1, 2027. Until then, the National Police Board will remain responsible for licensing and supervision.

Regulatory oversight of the liberalized market will transfer to the newly established Finnish Supervisory Agency after July 2027.

Finland’s licensing process does not include a fixed application deadline. However, the Police Board said it aims to process applications within approximately six months.

Officials have also asked applicants to limit status inquiries during the review period, noting that such requests can divert resources from evaluation work.

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

The Police Board said it will publish information on average processing times through its official website when such data becomes available.