Nordic leaders want Finland to set its own course to liberalise its online gambling market in 2027. Yet entrenched camps and diverging opinions remain on how regulatory proceedings will be determined.

On paper, the opening of Finland’s online regime should be championed as a proven, high-value market being reborn for competition.

However, the country’s journey has been a burden on all stakeholders, with parliamentary debates taking place since 2020 around a market that is still in flux regarding its final destination.

For market observers and stakeholders at the SBC Summit Lisbon, 2027 cannot come sooner enough.
As Jaakko Soininen, Managing Director at Finnplay, moderator of a panel discussion of Finland’s market transition, explained that the “wheels of reform began turning long before the debates in parliament.

The leadership of Veikkaus, the state-owned betting, gaming and lotteries monopoly, had already conceded in 2020 that it had “lost control of the online gambling market… an open secret that no party wanted to confront.

“Everyone knew the monopoly’s foundations had eroded,” Soininen said. “Veikkaus admitted it, the regulators saw it, and yet no one wanted to take ownership of the solution. Finland has been living in regulatory limbo ever since.”

What could have been decided in 2022 will be determined in 2027, but anxieties are clearly visible on who controls the final stages of Finland’s regulatory proceedings and licensing launch in 2026. Finnish leaders are prepared to fight every step of the way, they told audiences in Lisbon.

As the timeline nears, a definitive law is expected to be approved by early 2026, launching Finland’s licensing phase for 2027. Although the current government’s programme targets 1 January 2027 for market opening, several panellists in Lisbon noted growing speculation that the start could be delayed until after Finland’s April 2027 general elections.

Antti Koivula, Chief Compliance Officer of Hippos ATG, maintained that while the legislative text will likely be approved on time, political caution could see implementation pushed to June 2027. Most Finnish panellists, however, believe the government remains determined to keep the January target — even if it means racing the clock.

However, Nils Anden, CEO of Kindred (FDJ United) interrupted, with a blunt observation: “It’s obvious that the market will launch when Veikkaus is comfortable. I have a sneaking suspicion they’d prefer that to be after the April election.”

Law without a compass

With the timeline still uncertain, operators are now facing an even bigger challenge — a draft law without direction. As Finland’s legislation moves into its final consultation phase, industry leaders voiced frustration that they are being asked to build strategies and compliance systems without knowing the final rulebook.

Sverker “Swaga” Skogberg, General Counsel of Paf, said the Åland-based operator could “live with the current draft”, but warned that the legislation “still lacks the determinations needed for a mature and predictable market”.

Paf has urged the government to consider joint deposit limits, clearer affiliate conditions, and a defined framework for cryptocurrency and taxation.

“Finland should have the courage to lead, not just copy its neighbours,” Skogberg said. “We’ve seen what happens when regulation chases mistakes rather than prevents them. This industry moves fast, and so should the legislation. If we’re serious about building a sustainable market, we need 2.0 regulation almost from the moment this one goes live — not another three-year wait.”

The government’s instinct, however, appears to lean towards tighter centralised controls — a move that many believe could backfire. Antti Koivula warned that shared deposit or loss limits have failed in other regulated markets and risk alienating the very players Finland hopes to retain.

“A system that drives players to the black market cannot be called responsible,” Koivula cautioned. “We can’t protect consumers by pushing them away from licensed operators. If restrictions are introduced without the tools to enforce them, we’ll end up repeating the mistakes of Sweden and the Netherlands — over-regulation followed by an exodus of players.”

Echoing the sentiment, Nils Andén warned that vague definitions and loose interpretations could create an uneven playing field and open the door to inconsistent enforcement.

“We don’t want to compete on who best interprets the duty of care or the marketing code — we want to compete on product,” Andén told delegates. “If the rules stay vague, compliance becomes a lottery, not a standard. The regulator’s job should be to set the parameters, not test who can guess them best.”

For operators, the fear is clear — Finland’s final law may sacrifice precision for speed, and in doing so, risk the same confusion that undermined Sweden’s liberalisation in 2019.

Finnish aunties

Beyond the legal details, panellists at SBC Summit Lisbon agreed that marketing could become Finland’s biggest test once the market opens. As moderator Soininen quipped, “What do I tell my mother-in-law and auntie — not to watch TV for six months?”

Koivula warned that an uncontrolled “marketing war” could trigger a public backlash, forcing politicians to tighten advertising restrictions soon after launch.

“If we start 2027 with chaos on every screen, we’ll only give the next government a reason to rewrite the rules in the interest of those angry aunties,” he said to laughter from the audience.

“But behind the humour is a serious point — this needs to be settled in Finnish law, not left to interpretation. The regulator must lead on communication and moderation, or the narrative will run away from us.”

Adding to the concern, Dainis Niedra, Managing Director for North and Central Europe at Entain Plc, predicted that smaller brands would make the most noise in the early phase — flooding Finland’s TV, print and outdoor media with advertising that could overwhelm consumers and irritate policymakers.

“The outrage will focus on the mainstream channels,” Niedra said. “Everyone will chase visibility from day one, and that’s when the backlash begins. It’s predictable, it’s costly, and it always ends the same way — with tighter rules that make the market harder for everyone. Finland has a chance to avoid that if it plans the rollout properly.”

2027 still frosty

Despite their differences, Koivula and Niedra agreed that the key to Finland’s success lies in clarity and consistency. The regulator must issue specific, unambiguous guidance before licences are awarded, or risk undermining the credibility of the new regime before it even begins.

“We need clarity, not discretion,” Koivula said. “If the law is vague, enforcement becomes arbitrary — and then everyone loses. Operators want to follow the rules; the challenge is knowing what those rules actually are.”
Niedra added that uncertainty is the one condition the industry cannot plan for:

“The industry can adapt to almost anything — tax hikes, limits, licensing costs — but not to confusion. The regulator must make its expectations explicit before the first licence is issued. Otherwise, the first 12 months will be spent firefighting instead of building the market.”

Veikkaus is the tests of liberalisation

For all the talk of new entrants, Veikkaus remains the defining force in Finland’s transition. The state-backed monopoly enters the open market with unrivalled brand recognition, customer loyalty, and data resources — an “outstanding position”, according to Nils Andén.

“Veikkaus has the strongest brand in Finland and a huge head start,” Andén said. “They’ve had years to prepare while others waited for the rules. But in an open market, share will naturally migrate — it’s a question of how fast, not if.

“The challenge for them will be adapting to competition and accountability qualities monopolies rarely need to master.”

Dainis Niedra was more direct, calling the new era a “loyalty test” for Finnish consumers and an early indicator of how fast the market can normalise.

“We’ll soon see how loyal Finns really are to Veikkaus,” he said. “Loyalty is powerful, but it’s not infinite. When better products, faster technology and more engaging bonuses appear, loyalty may not stretch as far as many expect. This will be Finland’s true market moment.”