Estonian Bookies Profit from Finland’s Gambling Monopoly: Control Up to 50% of Market

^{Pictured: Virve Marionneau, gambling policy expert and associate professor at the University of Helsinki}

Estonian-licensed gambling operators have emerged as major beneficiaries of Finland’s state-controlled gambling system, with estimates from ILTALEHTI suggesting they now handle as much as 50% of the country’s gaming market.

Under current law, Finland grants gambling rights exclusively to state-owned operators Veikkaus and PAF (the latter permitted to operate only in the autonomous, Swedish-speaking Åland Islands). Still, two of the most prominent brands among Finnish players — Lataamo and Jokeri — are run by Vana Lauri, a company licensed in Estonia. According to 2024 figures, Vana Lauri posted €21 million in revenue and €2.8 million in net profit.

One of Vana Lauri’s key beneficiaries is Finnish national Reijo Anttila. He claims that even after Finland opens its market to competition, brands like Lataamo and Jokeri will continue to operate without needing a local license. That’s because Finland does not currently block access to gambling operators licensed in European Union member states—Estonia has been part of the EU since 2004.

Vana Lauri board member Sergei Korovin has said the company likely won’t seek a Finnish license once the market opens, stating: “The Finnish legislative initiative [to launch a regulated market] includes restrictions on marketing that we do not like.”

With offshore operators effectively unrestricted in Finland, experts argue that only the implementation of domain blocking could curb the outflow of gambling revenues. “In Finland, this offshore problem will not disappear when we move to a licensing system. The most significant problem is precisely the lack of blocking, of prohibitions,” said Virve Marionneau, a gambling expert and docent at the University of Helsinki.

Finland is currently preparing to launch a competitive online gambling market. Operators are expected to be able to apply for local licenses starting in early 2026.