Finland prepares for 40–60 new gambling operators as Veikkaus faces competition

Finland’s state-owned gambling monopoly Veikkaus will lose its exclusive status next summer when up to 60 licensed operators are expected to enter the market, according to the company’s CEO Olli Sarekoski, Yle reports.

A freedom of information request by the public broadcaster reveals that 25 companies have already applied for gambling licences under Finland’s reformed Gambling Act. The application period opened in March, with each submission requiring a €29,000 processing fee paid to the National Police Board.

Sarekoski dismissed concerns about Veikkaus losing dominance, stating that the company has long competed with hundreds of unlicensed international operators. “Talk of the monopoly breaking is partly outdated,” he said. The CEO emphasised that under the new system, all operators—including Veikkaus—will compete on equal terms, with uniform rules on bonuses and free spins, tools previously restricted under Finnish law.

Veikkaus has prepared for the shift by recruiting specialists with experience in competitive markets and building technical capacity for promotions. Sarekoski predicted that while advertising may surge initially, the market will stabilise. He also expects Veikkaus to retain or even grow its market share, as competitors currently operate with fewer regulatory constraints.

The tax rate on gambling profits will rise from 12% to 22% in July 2027, aligning Finland with other Nordic countries. Sarekoski called the model—where taxes are levied on gross gaming revenue—”successful” and unlikely to deter major operators.

Companies that have applied for a Finnish gambling licence (as of 29 March 2026):

711 Finland Limited SKILL ON NET LTD Sunflower Gaming Limited Hippos ATG Oy Green Reef Oy Amber Entertainment Finland Ltd Kimppa Gaming Ltd Benelongs Ltd Pot Luck Club Ltd Play Suomi Ltd Granturo Finland Ltd UnionJack Limited Roi Roger Limited RocketLily Ent Limited SuomiVeto Oy YTBlue Limited KuuFlip Limited Stare Straight Ltd SixthSpin Limited Nivei Ursi Limited Cloudberry Ent Limited iCasino Finland Limited Atlantic Games Malta Ltd Buccone Trading Limited Condor Malta LTD