For decades, in Finland they have gambled with an intensity unusual for a Nordic country. Around 70% of the population participates in some form of gambling every year, and watching the lottery draws on Saturdays on television is part of the collective cultural imagination. This behavior has historically been linked to a centralized system, in which the state-owned company Veikkaus exclusively managed the gambling offer in the country.
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That model formally ended in December 2025, when the Finnish parliament passed an online gambling law that ends the monopoly and opens the sector to private operators starting July 1, 2027. This is not a minor reform: it is a structural transformation of Europe’s most recent regulated gambling market, with implications ranging from taxation and marketing to player protection and the fight against the black market.
Market size and its potential in figures
Finland has just 5.6 million inhabitants, but its gambling market is disproportionately large. According to data from H2 Gambling Capital, the estimated gross gaming revenue (GGR) for 2026 amounts to approximately $2,000 million. Of that figure, around $1,160 million corresponds to games of chance, $475 million to the lottery, and $283 million to sports betting.
The most striking thing is that 81% of that volume comes from online channels, making Finland one of the most mature digital markets on the continent. However, the channeling rate—that is, the proportion of gambling that flows through authorized operators—is only around 50%, compared to the 90% recorded a decade ago. This gap represents both a problem and an opportunity: there is a large and active gray market that the new regulations aim to redirect toward regulated channels.
Veikkaus’ total gross revenue in 2025 was approximately $980 million, a significant decrease from the nearly $1,900 million recorded in 2017. The sustained decline of the monopoly operator was, to a large extent, the driver of the political consensus that pushed the reform.
The fiscal framework in Finland: taxes, licenses, and fees
Operators that obtain a license in Finland will be subject to a fixed tax of 22% on gross gaming revenue. Added to this is a tiered annual license supervision fee based on the size of the operator:
- Operators with annual GGR less than $105,000: fee of approximately $4,200
- Operators with annual GGR greater than $52.5 million: fee of up to $457,000
The license application process opened in March 2026. As of the 30th of that month, 24 operators had already submitted their applications to the National Police Board, the regulatory body. Industry sources estimate that between 40 and 50 license holders will be active when the market starts, and that each operator will be able to launch several brands under a single permit. The granting process will take between three and six months.
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Marketing restrictions: the most controversial point
The aspect that generates the most friction among operators interested in the Finnish market is the marketing regime. The new law prohibits the use of affiliates, bans promotions with influencers, and severely limits the use of social media, restricting it to each operator’s own channels. Advertising is largely reserved for traditional media and sports sponsorships.
What exactly does marketing in digital media connected to print media mean? Is there a loophole for affiliate operations linked to publishing companies? Where does sponsorship end and the use of influencers begin? These questions do not yet have an official answer, and many operators are waiting for greater clarity before formalizing their application.
Bonuses are also heavily restricted: acquisition bonuses are prohibited, and promotions are required to be non-personalized and non-segmented. Moderate bonuses are allowed for existing customers, but the definition of “existing” and “moderate” remains ambiguous.
A market under construction, with solid foundations
Despite regulatory uncertainties, the general consensus among industry players is one of moderate optimism. The new Finnish framework is modeled after the 2019 Swedish reform, considered one of the best-executed liberalization processes in Europe in the last decade.
There are still loose ends to resolve—marketing, bonuses, responsible gambling—but the government has time to clarify them before the July 2027 launch. Koivula summarizes it clearly: “Everything makes sense. From the state’s perspective, from the customer’s perspective, from the operator’s perspective. It’s a win-win situation.”
If the channeling rate recovers, if the regulator acts proactively against the unauthorized market, and if marketing rules find a viable balance, Finland could become the regulatory success story of the next cycle in Europe.
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