Veikkaus Chief Executive Officer Olli Sarekoski has stated the operator’s preparedness for international competition as the Finnish iGaming market is on the verge of diversification.
Finland’s commercially regulated iGaming market is scheduled to launch on 1 July 2027, with the application period for operators currently open. Nevertheless, Veikkaus will maintain exclusive control over Lotto, Eurojackpot, and physical slot machines.
New era
Veikkaus has supported the new era, seeing the inclusion of commercial international operators in Finland as a means to combat the black market and a significant growth opportunity.
Sarekoski commented: “The Finnish gambling system is now entering a new era. Our path towards the multi-license system and beyond is founded on continuous development, the capacity to renew ourselves, and the aspiration to improve daily.
“One of our greatest strengths is our employees at Veikkaus: how we tackle change, how we support each other, and how we advance Veikkaus together. In 2025, we made substantial progress in this work and will continue in the same resolute direction.
“We have also bolstered our organization through high-level hires as we prepare for international competition.”
However, the shift to the commercial market is also causing job losses at Veikkaus. The operator held negotiations with 75 employees in three departments between October and November last year, discontinuing 26 existing roles in December, creating 22 new positions, and altering 20 employment relationships.
Reija Laaksonen, Executive Vice President of People, Brand & Communications at Veikkaus, said at the time: “Our strategic direction demands changes from us, which have now been carried out through these negotiations. These decisions are always tough from a human standpoint, but they are essential for Veikkaus’ future competitiveness.”
Future foundation, but questions remain
Sarekoski noted that Veikkaus has ‘an excellent foundation for success: strong game products, a well-known and trusted brand among Finns, and skilled employees’, after a 2025 that met expectations and a strong second half of the year for betting and iCasino, with growth expected in 2026.
Veikkaus’ actual sales revenue in 2025 was €936.3 million (2024: €959.1 million), divided among lottery (€497.4 million), land-based operations (€142 million), iGaming (€292.4 million), and gaming as a service (€4.4 million).
The group’s operating profit was €431.6 million (2024: €461.6 million) and its total profit was €447.2 million (2024: €471.5 million).
“The CEO stated, ‘Our vision is to be a respected and successful international money gaming group by 2030. Our purpose – we fervently drive better gaming – guides us on this journey. We aim to act ambitiously in line with our values and build a sustainable and successful business both in Finland and internationally.’
However, the future of the state-owned operator still hangs in the balance, as Finland’s Director General of Ownership Steering, Maija Strandberg, stated last November that Veikkaus could be publicly listed in 2027.”
Strandberg said in an interview with MTV News: ‘Of course, we constantly consider if we have companies in our portfolio suitable for listing. Veikkaus’ name has been mentioned, but regarding Veikkaus, I say: it is not yet the right time. Current legislation doesn’t permit listing, and Veikkaus as a company isn’t yet ready for listing.’
She added: ‘This matter can be considered after 2027. If the government generally adheres to this investment program, then we can’t avoid selling listed companies either.’
Recently, Nordic Law Partner Jon Hautamäki and Associate Trainee Niko Hannolainen provided iGaming Expert with a thorough analysis of the regulation and the market’s direction.
Topics covered included duty of care, marketing, technical standards, software licensing, and AML, as well as what lies ahead.
Nordic Law stated: ‘The success of the entire gambling reform depends on whether licensed operators can win players back from the offshore market. Several regulatory tracks are being developed under the Gambling Act, but their combined impact on channelization hasn’t been considered yet.’