The global betting history has seen a plethora of market transitions in recent years as jurisdictions go from grey to white, and Finland looks set to become the newest member of this multinational club.
In the case of Finland, the government is moving to abolish the monopoly held by state-owned Veikkaus Oy and open the door for overseas firms to become local licence holders in a competitive market.
This includes Entain, and Dainis Niedra, the company’s Chief Operating Officer for North and Central Europe and a speaker at SBC Summit Lisbon. Niedra tells SBC News that Entain aspires to be a key player in post-monopoly Finland, while also acknowledging expects the market to have some serious adjustments to overcome.
As and when Finland liberalises its gaming market, what do you expect to be the biggest challenges to overcome?
We are still missing one crucial element — the law. While we have a draft, and a general understanding of the direction, experience shows that political decisions often diverge from our expectations.
Based on the current situation, I believe the main challenges ahead will be: Daily collaboration with the regulator, intense competition among licensed operators, and close cooperation between those operators and the regulator to combat the black market.
What lessons can we learn monopoly-to-open market transitions in countries like Denmark and Sweden in overcoming these types of challenges?
Together, we must create an environment where there is no room for the black market, and where all stakeholders — players, society, and operators — are protected and receive maximum value. It is essential to build and uphold regulations and processes that leave no space for unlicensed operators.
Unfortunately, many markets today still have a low channelisation rate — far below where it should be. These markets often give a significant competitive advantage to unlicensed operators, while at the same time introducing more and more barriers for those who are licensed.
We have seen reports in Sweden about the lingering presence of black market operators. How do you think this threat can be minimised in Finland post-market launch?
The player is here for the best experience available. If the black market offers a better experience than the regulated environment, it’s unrealistic to expect the player to make an illogical choice. I refer to this as the simple rule of “3P” — Product, Promotions, and Payments.
- Product: Regulation must be liberal in this area, allowing licensed operators to deliver best-in-class offerings.
- Promotions: While it’s reasonable to establish clear boundaries, both acquisition (through a balanced media mix) and retention (via bonuses) should be explicitly included in the regulatory framework.
- Payments: The regulator must take all possible measures — and even stretch beyond the usual limits — to make transactions with illegal operators technically and practically impossible.
Market liberalisation seems to have broad cross-party support, but are there any other political hurdles stakeholders should expect further down the line?
This is not the time to relax or assume everything is settled. The gambling industry is complex and has rarely enjoyed the favor of politicians. With the adoption of the law and the liberalisation of the market, the real work is only beginning.
The law is a living organism — this is both its strength and its vulnerability. With the right influence, it can always be steered in a particular direction. That’s why it is essential to remain actively engaged.
We must be prepared to continuously work with government officials and political parties, to share knowledge, and to clearly articulate the perspectives of both players and licensed operators.
How lucrative do you anticipate a multi-licence Finnish betting market to be for the international operators able to secure a licence?
This is a tricky question. The market is large and full of opportunity — which is exactly why competition will be intense. That’s why you need a clear answer to the question: “Why me?” Why should you be the one to secure a share of the market?
Do you have a product advantage? A strong brand? Superior marketing? Exceptional service? Or perhaps deep local knowledge that enables best-in-class localisation?
There are no more free lunches. Everyone must be prepared for the initial hype — the so-called bubble — and then, as Warren Buffett famously said: “Only when the tide goes out do you discover who’s been swimming naked.”
How significant a competitor will Veikkaus be for any new market entrants, given the solid public trust it has built up over the years?
Very significant. A big brand. The highest possible brand awareness. A wealth of accumulated experience. An enormous customer database.
But… there’s always a “but”.
Veikkaus has operated in a market without competition, while other operators are used to fighting every single day against dozens — sometimes hundreds — of competing brands in highly competitive environments.
In my view, it’s not the new entrants who should be afraid of Veikkaus — it’s Veikkaus who should be more concerned about the hungry, battle-tested competitors now entering the market.
What are the ideal next steps for both the Finnish government and industry stakeholders to ensure a smooth transition from monopoly to open licensed market?
Transitioning from a monopoly to an open, licensed market is a complex process that demands careful planning, regulatory reform, and close coordination among stakeholders. At its core, this transition is about building effective communication. One side must be willing to listen; the other must be ready to speak, repeat, explain, clarify, suggest and ask questions.
There will be mistakes. There will be instances of non-compliance — not all operators will be prepared to follow the rules from day one. But we are all here to create something lasting and sustainable, something that endures beyond our time.
The success of Finland’s transition to an open market will rest on three pillars: trust, transparency, and enforcement. Governments must act as impartial referees, while industry players must rise to the occasion as responsible competitors.
A phased, consultative, and well-regulated approach offers the most reliable path to a stable market — one that benefits consumers, protects society, and supports a healthy, competitive industry.
Without giving too much away, is Entain interested in Finnish market launch and how are you preparing for such a move?
Finland is a very interesting market for Entain, and we will definitely apply for a license. That said, this topic is not yet at the top of our priority list — we still have around 18 months before the market goes live, and the final regulations have not yet been published.
Until we have more clarity, it’s difficult to define our brand strategy, determine product requirements, or assess how advanced and localised our media mix can be.
What key takeaways about Finland and the wider Scandinavian betting sector do you think SBC Summit attendees will leave with?
Attendees of the SBC Summit will likely leave with a clear understanding that Finland represents both a promising and highly competitive opportunity in the Scandinavian betting sector. The transition from a monopoly to an open market is not simply a legal shift — it’s a structural transformation that demands trust, collaboration, and active engagement between stakeholders and regulators.
Key takeaways are that Finland’s market potential is significant, the black market remains a real threat, political unpredictability and regulatory fluidity are ongoing realities, the transition’s success hinges on three pillars – trust, transparency, and enforcement — and a phased, well-regulated rollout will be crucial in delivering a sustainable and consumer-friendly market.
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Source: https://sbcnews.co.uk/featurednews/2025/07/16/entain-coo-finland-betting/
