Finland's gambling market has not yet opened, but the corridors are already filled with people queuing up. The National Police Board's Gambling Administration revealed on Monday that since the new gambling regulatory framework was launched at the beginning of this year, it has received about 50 iGaming license applications, most of which are from foreign operators. What is more noteworthy is that this number has doubled in the past two months—the data obtained by iGB through a freedom of information request at the end of March was still 24. And there is still a whole year left until the planned market opening in Finland, with July 1, 2027, being the date the first new license takes effect. In the words of industry insiders, for a small Nordic country with a population of only 5.5 million, 50 licenses are already enough to squeeze the track into a narrow battle.
€29,000 for a ticket, foreigners also have to pass the "credit barrier"
Behind each application is a tangible cost: **€29,000 (about $33,500)** application processing fee, paid before the substantive assessment begins, with the license validity covering 2026. Juha Katainen, a senior advisor at the National Police Board, frankly states that the influx of foreign companies applying has significantly increased the complexity of the review—"Most applications come from foreign companies, which adds to the difficulty of processing and assessment." The regulatory body not only checks company registration excerpts, various certificates, and reports but also reviews whether the financial condition of affiliated companies will affect the operating capital chain, embedding anti-money laundering and other compliance risks into the entire audit line.
Katainen specifically reminds applicants: it's best to submit all materials at once, don't frequently inquire about progress. "The biggest help applicants can provide is to strictly prepare all documents at once as required," he says, "Repeated inquiries only divert resources that should be used for core reviews." In terms of approval time limits, there is no hard deadline, but the official target is to complete processing within about six months. The police department states that progress will be regularly published on the official website thereafter.
The legal framework is set up, details are still being "sought for explanation"
The Finnish iGaming Act was passed in January this year, the big framework has been established, but at the granularity level of execution, the anxiety in the industry has become even heavier. Jarkko Nordlund, head of iCasino and sports betting at Veikkaus, recently put it very bluntly: "The law itself is not a problem, but now everyone is a bit 'seeking explanation'—what exactly are the definitions? How are bonuses used? What ads can go up? What media can be used? How exactly are duty of care and player protection implemented?" His exact words were "Everyone supports a licensed market, but we need those operational details down to the bone."
This statement is intriguing against the background. Veikkaus, as the "former elder" about to lose its monopoly position, is now tightening compliance for itself while also questioning the regulatory bottom line for the entire industry. Long-term followers of the PASA website may remember that Veikkaus recently launched an age-segmented loss check system, also in preparation for the market competition in 2027.
Does fifty licenses equal market saturation? The prelude to a big battle in a small country has sounded
As early as March this year, when iGB visited the industry, the general estimate of the final number of licenses was between 40 and 50—this number has now been reached a year ahead of schedule. Antti Koivula, Chief Compliance Officer at Hippos ATG, is quite pragmatic: "A fairly small country, cramming too many operators, the risks are imaginable." From a market logic perspective, with a population of 5.5 million and limited disposable gambling spending, 50 license holders sharing the same pie inevitably results in soaring customer acquisition costs and narrowing profit margins.
Another key time point worth noting: After July 2027, regulatory authority will be transferred from the current National Police Board to the newly established Finnish Regulatory Authority. This means that the application, review, issuance, and subsequent supervision of licenses will actually span two institutions—the first half at the police department, the second half at the new regulatory authority. For applicants, this is not only a timeline but also a continuous compliance test. Fifty applications have been submitted, and now it's time to see who can submit all materials at once and safely endure this six-month review period.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel: https://t.me/pasa_news
Original deep channel for gambling: https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
