Veikkaus Chief Executive Officer Olli Sarekoski has asserted the operator’s readiness for international competition as the Finnish iGaming market sits on the cusp of diversification.
Finland’s commercially regulated iGaming market is set to go live on 1 July 2027, with the application window for operators now open. However, Veikkaus will retain exclusive control over Lotto, Eurojackpot and physical slot machines.
New era
Veikkaus has backed the new era, viewing the addition of commercial international operators in Finland as a way to combat the black market and a major opportunity for growth.
Sarekoski commented: “The Finnish gambling system is now entering a new era. Our journey towards the multi-license system and beyond is based on continuous development, the ability to renew ourselves, and the desire to do things better every day.
“One of our greatest strengths is our people at Veikkaus: how we approach change, how we support one another, and how we move Veikkaus forward together. In 2025, we took significant steps in this work and will continue in the same determined direction.
“We have also strengthened our organisation with top-level recruitments as we prepare for international competition.”
However, the transition to the commercial market is also resulting in job losses at Veikkaus. The operator held negotiations with 75 employees across three functions between October and November last year, discontinuing 26 existing roles in December, creating 22 new positions and changing 20 employment relationships.
Reija Laaksonen, Executive Vice President of People, Brand & Communications at Veikkaus, said at the time: “Our strategic direction requires changes from us, which have now been implemented through these negotiations.
“These decisions are always difficult from a human perspective, but they are necessary 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”, following a 2025 that performed in line with expectations and a strong second half of the year for betting and iCasino, with growth to come in 2026.
Veikkaus actual sales revenue in 2025 was €936.3m (2024: €959.1m), split between lottery (€497.4m), land-based operations (€142m), iGaming (€292.4m) and gaming as a service (€4.4m).
The group’s operating profit was €431.6m (2024: €461.6m) and its overall profit was €447.2m (2024: €471.5m).
“Our vision is to be a respected and successful international money gaming group by 2030,” the CEO said.
“Our purpose – we passionately drive better gaming – guides us on this journey. We want to act ambitiously in line with our values and build sustainable and successful business both in Finland and internationally.”
Yet, the future of the state-owned operator still may be in the balance, as Finland’s Director General of Ownership Steering, Maija Strandberg, said in November last year that Veikkaus could be publicly listed in 2027.
Strandberg said during an interview with MTV News: “Of course, we continuously consider whether we have companies in our portfolio that would be appropriate to list. Veikkaus’s name has been circulating, but regarding Veikkaus, I say: it is not yet timely. The current legislation does not allow a listing and Veikkaus as a company is not yet ready for listing.
She added: “The matter can be considered after the year 2027. If the government adheres to this investment programme overall, then we cannot avoid the sale of listed companies as well.”
Recently, Nordic Law Partner Jon Hautamäki and Associate Trainee Niko Hannolainen provided iGaming Expert with a deep analysis of the regulation and the direction the market is heading in.
Topics covered included duty of care, marketing, technical standards, software licensing and AML, as well as what’s to come next.
Nordic Law said: “The success of the entire gambling reform depends on whether licensed operators can win players back from the offshore market. Several regulatory tracks are developing on top of the Gambling Act, but their cumulative effect on channelisation has not yet been considered.”
