Veikkaus, Finland’s state-owned gambling operator, is undergoing significant restructuring as it prepares for the country's liberalized gambling market set to launch on July 1, 2027. This internal reshuffle is aimed at enhancing the company's competitive stance in light of evolving market dynamics.
On Wednesday, Veikkaus announced that it will eliminate 15 existing roles while creating 17 new positions across various departments, including Data & AI, two business units, and finance teams. The negotiations regarding these changes are expected to last around three weeks.
These internal adjustments are part of broader organizational shifts following Veikkaus’ decision in May 2026 to form two subsidiaries: one for exclusive operations and another targeting the new competitive, licence-based market.
Veikkaus has submitted applications for licenses as a private entity, joining nearly 50 other companies that have applied ahead of the market's opening at the end of June.
Last year, the company committed to a management restructuring as part of its transition plan, which included the elimination of the deputy CEO position after Velipekka Nummikoski was reassigned.
Since then, Veikkaus has made several significant operational and technological changes, including transitioning its sportsbook backend from DraftKings to OpenBet and bringing in industry veterans to oversee its competitive operations. For instance, Chris Armes, a former executive at Scientific Games, was appointed as the new executive vice president of Gaming Technologies, with his role commencing in autumn 2026.
In July 2026, Jarkko Nordlund, Veikkaus’ iGaming EVP, remarked, “Competition will be fierce when the market opens, so we must be very competitive. Our aim is to challenge the mentality of our current position, so we need to secure market leadership.”
The financial performance of Veikkaus showed positive trends in its interim report for the first half of 2026, revealing a 1% year-over-year increase in sales revenue to €471.3 million ($546.8 million). Operating profit rose to €227.7 million compared to €220.6 million, and net profit reached €234.2 million, slightly up from €229.6 million the previous year.
The company attributed these gains to strong growth in its digital channels, which accounted for 64.5% of total gross gaming revenue in the first half of 2026, a rise of 3.6 percentage points from the previous year. By June, Veikkaus had around 2,672,000 registered customers, an increase of roughly 50,000 from the prior year.
In terms of revenue by category, lottery and land-based gaming generated €317.9 million in gross gaming revenue, remaining stable compared to H1 2025. Lottery games alone contributed €254.5 million, boosted by a 9.1% increase in digital lottery revenue driven by the Veikkaus app and new product launches like Milli in June 2025. Meanwhile, revenue from physical slot machines and table games decreased to €63.4 million from €71.3 million, attributed to a reduced retail network.
Betting and iCasino gross gaming revenue rose to €151.6 million from €146.5 million, with growth in iCasino fueled by an expanded game catalog and a swift increase in live casino offerings.
Veikkaus' international B2B subsidiary, Fennica Gaming, also reported robust growth, with revenues soaring 80.6% to €10.3 million from €5.7 million year-over-year. This success is tied to the rollout of eInstants and iCasino products in markets such as Italy, Canada, and parts of Germany, Mexico, the Czech Republic, and Iceland. Fennica now operates in 21 markets across three continents and secured an online supplier license in the UAE last year.
Looking ahead, Veikkaus is adjusting to the changes brought by the partial liberalization of Finland’s gambling market under the new Gambling Act, ratified in January 2026. As of July 2027, the company will relinquish its exclusive rights over betting and iCasino products, moving towards a licence-based system, while maintaining exclusive rights for lottery games, scratchcards, slot machines, and physical table games.
To comply with these shifts, Veikkaus has agreed to pay approximately €1 billion for market-based compensation for its exclusive operations over a 10-year period, with a substantial upfront payment scheduled for 2026.
In response to the impending competition, Veikkaus has recently joined the Finnish Gambling Association, a trade body that has advocated for market liberalization for years.
