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As highlighted by Klebanow, Japan’s fragmented approach to gambling regulation may impact the development of Japan’s IR gambling industry, and Suzanne Perilloux Leckert, co-founding partner of Convergence Strategy Group somewhat agrees.

“Japan is acting cautiously, after observing missteps from other jurisdictions. They are proceeding in the way that best suits them,” she adds.

The factor that led some operators to drop out of the licensing race could be the “uncertainty” created by regulations that “didn’t seem set in stone”, says Leckert.

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Industry consultant Jari Vähänen, formerly a senior executive at Veikkaus, estimated the entire business could be valued at up to €4.5 billion following the liberalisation of the market.

Veikkaus is adjusting to a partial liberalisation of Finland’s gambling market under the new Gambling Act, which was ratified in January 2026. 

From July 2027, the company will lose exclusivity over betting and iCasino products, which will become licence-based, while retaining exclusive rights for lottery games, scratchcards, slot machines and physical table games. 

About Blazing Coins 243

The Hold & Win bonus unlocks four canine character modifiers. Collect chili, and land Loco Dog to trigger every ability simultaneously while expanding the grid to 5×5.