Rumours continue to linger that Finland’s government is considering selling shares in the state-owned Veikkaus as regulatory reform edges closer to fruition.
From July 2027, Finland will transition from the monopoly held by Veikkaus for betting, online casino and online bingo to a competitive licensing system. With this change, the possibility has emerged that Veikkaus could be listed on the Finnish stock exchange as a lever to raise funds for an economy dogged by weak economic growth.
However, Maija Strandberg, Finland’s Director General of Ownership Steering, told Finnish outlet Kauppalehti that a potential initial public offering was unlikely to take place before the end of the current government in April 2027
She said: “You can think of it this way: the market will open in the summer of 2027, and Veikkaus will need to demonstrate that it can compete in that market. Is one year enough for the company to prove this? We would then be at the end of 2028. If we take any action, we are approaching the turn of the decade.”
According to Strandberg, Finland’s government is seeking to raise €3bn in revenue to fund an investment program, including through selling stakes in listed companies.
The state previously raised €1.94bn after listing the country’s postal service, Posti Oyj, on the Nasdaq Helsinki Stock Exchange in October 2025.
Alongside the financial benefits, industry experts have suggested that publicly listing Veikkaus will benefit Finland’s gaming market by separating the organisation from both regulating the market and competing within it.
Speaking on a recent SBC webinar, Antti Koivula, Chief Compliance Officer at Hippos ATG, argued that there is ‘no strategic value for the state to own gambling operators and they should remain on the regulator’s side’.
“They shouldn’t mix being, at the same time, a market operator and being the regulator. That’s asking for problems,” he added.
Lessons from FDJ?
Across Europe, the decision to shift away from a monopoly has led to state-owned operators becoming publicly listed entities.
Nine years after France’s online sports betting and poker markets opened up to new licensees in 2010, the state-owned Française des Jeux, now FDJ United, was listed on Euronext in Paris, and 20% of the company was bought by shareholders.
Jari Vähänen, Co-Founder & Partner at The Finnish Gambling Consultants, argued that a similar path could be taken in Finland. However, he noted that the different facets of Veikkaus may complicate the process.
The Veikaaus umbrella encompasses a technology company, a B2B provider, Fennica Gaming – a B2B provider for international markets – and the operator that will compete in the new multi-licensed market.
He said: “If they listed the whole of Veikkaus, there will be at least four separate entities [that will be] private competing against the other companies, but then they tell different stories than the exclusive license holder Veikkaus, so I don’t know how that could happen.”
Despite this, he noted that privatising the multi-licensed division of Veikkaus would be “quite simple to do”.
The application window for potential newcomers opened in March, and, according to the law firm Nordic Legal, between 10 and 20 companies have shown interest in entering the market.
While the market will open up for some verticals, Veikkaus will retain exclusive control of Lotto, Eurojackpot and physical slot machines and casinos.
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