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From a character in a novel with the same name by Estonian writer Andres Saal (1861-1931) of uncertain meaning. Theories include:
1) From the name of Varbola castle 
2) Old Estonian vambas = 'mace' 
Vambola is a name used among immigrants from Estonia, but is very rarely used in the Nordic countries by people without an immigration background
No recent statistics trend found in databases for Vambola.