Finland iGaming Licence Applications Approach 50 Ahead of 2027

Twenty-eight companies have submitted iGaming licence applications to Finland’s National Police Board since the application window opened on March 1, 2026, with the total expected to approach 50 before the regulated market launches on July 1, 2027.

The figure comes from Pekka Ilmivalta, Head of the Finnish Office at Nordic Legal, speaking on a recent Gaming in Finland webinar. A freedom of information request from late March had already put the count at 24 within the window’s first month alone.

The Regulatory Framework

Finland’s new Gambling Act was passed by parliament on December 16, 2025, by a margin of 156 to 9, and signed into law by the president on January 16, 2026. The legislation ends Veikkaus’ exclusive rights over online casino games, betting, and slots. Veikkaus retains its monopoly over lotteries, scratch cards, and physical slot machines.

The transition runs in phases. The National Police Board processes B2C licence applications now, with a stated turnaround of three to six months per application. First approvals are expected by Q4 2026. From July 1, 2027, a new Finnish Supervisory Agency, operating under the Ministry of Finance, takes over from the Police Board as the primary regulator. B2B licensing for software suppliers begins separately in 2027, with licensed B2C operators required to work exclusively with licensed B2B partners from July 1, 2028.

Licensed operators will pay a GGR tax of 22%. Annual reporting obligations covering financials, marketing activity, and gambling operations are mandatory for all licence holders.

Today’s Market: Veikkaus and the Grey Operators

Until July 1, 2027, only Veikkaus may legally advertise and operate gambling services in Finland. The state-owned operator reported €936.3 million in full-year 2025 revenue, down from €959.1 million in 2024, and returned €466.4 million to government ownership steering for the year. Of its gross gaming revenue from Finnish operations, 61% came from digital channels — a figure that underlines how far the market has shifted online before liberalisation has even begun.

The volume flowing to offshore platforms illustrates why the reform passed with near-unanimous support. Finland’s government assessment, set out in parliamentary document HaVM 28/2025 vp, confirmed that roughly half of the country’s digital gambling volume now occurs outside the domestic regulatory umbrella. Veikkaus Deputy CEO Velipekka Nummikoski put a figure to it:

“Veikkaus has not, for a long time, had a genuine monopoly on gambling in Finland. According to various estimates, as much as 600–900 million euros is played annually outside the official system.”

The operators capturing that spend are predominantly licensed in Malta (MGA) or, in a smaller subset of cases, Curacao — jurisdictions whose licences currently provide no legal basis to actively target Finnish players but do not prevent Finnish residents from accessing offshore sites. PAF, the Åland Islands operator, holds a distinct status as the only other entity permitted to offer certain gambling services in Finland under a separate provincial framework.

Under the new law, an EU licence such as an MGA authorisation does not automatically grant market access in Finland. Finnish regulators confirmed that operators currently serving Finnish players under an MGA or Curacao licence will need a domestic Finnish licence to legally market and operate in the country once the framework is live. Winnings from unlicensed operators will be treated as taxable income, a measure designed to accelerate channelisation. Companies that continue targeting the market without authorisation face administrative action including marketing bans imposed by the National Police Board.

Where Finnish Players Are Going

Traffic analytics data covering the three-month average to May 2026 shows Veikkaus retaining dominant reach but losing ground. Veikkaus.fi recorded approximately 4.96 million monthly visits, down 13.69% year on year. The offshore market moved in the opposite direction across nearly every name in the top tier.

Stake.com averaged 1.02 million monthly visits from Finnish users, up 36.31% year on year. Coolbet recorded 760,000 visits (up 16.4%), Unibet 689,000 (up 19.75%), and Ninja Casino 669,000 (up 51.94%). Paf.com, operating under its Åland exemption, held 613,000 visits, broadly flat at a 3.95% decline. Further down the table, the growth rates are sharper: TonyBet up 109.1%, Wildz up 170%, and Bet365 up 56.58%.

Three-month average to May 2026. Source: traffic analytics.

The mobile share data points to a market that has shifted predominantly to smartphones for several offshore brands. Paf.com records a 93.1% mobile share; Mr Green 92.3%. The Veikkaus figure of 68.6% reflects the broader desktop-accessible player base typical of a state operator with deep legacy infrastructure. The low mobile share on Ninja Casino (19.0%) stands out against the broader trend and may reflect a player demographic skewed toward desktop gaming.

Named Applicants

Hippos ATG Oy, the joint venture between Swedish horse racing operator ATG and Finnish trotting organisation Suomen Hippos, confirmed it was among the first to submit an application. The company plans to offer sports betting, iGaming, and horse racing betting once the market opens. Antti Koivula, Chief Compliance Officer at Hippos ATG Oy, noted the Police Board’s processing timeline means applicants face around 16 months of preparation before licensed operations can begin.

“The National Police Board has estimated that the processing time for license applications will be three to six months, followed by the technical integrations required with the authorities’ systems.”

Entain, Flutter Entertainment, Kindred Group, LeoVegas (now part of MGM Resorts), and Betsson were reported as applicants by iGaming Business, which reviewed early filings. The full applicant list has not been published by the National Police Board.

Joel Hakamies, general manager for Finland and Estonia at FDJ United/Kindred, previously described the overall picture as “fairly good for the big picture,” adding that a firm timeline would help the company’s planning.

Compliance Requirements

Applicants must demonstrate financial stability, AML and KYC frameworks, responsible gambling tools, and technical infrastructure meeting Finnish data residency requirements. Player funds must be held in segregated accounts within the EEA. Operators based outside Finland or the EEA must establish a locally registered subsidiary. Marketing must comply with Finnish advertising standards prohibiting targeting of minors and vulnerable groups. Until the market opens, only Veikkaus may legally advertise gambling services in Finland. Bonuses will be restricted to existing customers, with no public welcome offers permitted. Affiliate marketing is prohibited under the new framework.

The cost of non-compliance across European regulated markets has risen sharply in recent years, and Finnish regulators have signalled they intend to operate a similar enforcement posture from the outset.

What Comes Next

Ilmivalta’s projection of approximately 50 applicants by autumn 2026 points to strong early appetite among operators. The application window remains open on a rolling basis.

The Netherlands offers the closest precedent. Its regulated online market launched in October 2021 with 10 licensed operators before expanding to over 20. Dutch regulators faced sustained pressure over processing pace and enforcement consistency during the first 18 months of operation. Finnish regulators are aware of the comparison.

The new Finnish Supervisory Agency is being staffed throughout 2026 and assumes full authority over licensing, compliance, and enforcement on July 1, 2027.

Source: National Police Board of Finland, Finnish Government (HaVM 28/2025 vp), Veikkaus Group Annual Report 2025