Finland’s state-run gambling operator, Veikkaus, is implementing significant changes to its internal structure as it prepares for the country's new, liberalized gambling market set to launch on July 1, 2027. This restructuring is aimed at bolstering the company's competitive edge in response to the anticipated shifts in market dynamics.
On Wednesday, Veikkaus announced the termination of 15 existing positions while establishing 17 new roles. This organizational overhaul will affect several departments, including Data & AI, multiple business units, and finance teams. The negotiations regarding the terminations and new positions are expected to take about three weeks.
These changes are part of a broader strategic shift that Veikkaus began in May 2026. At that time, the company decided to create two subsidiaries: one focused on exclusive operations and the other on the competitive, licence-based market. Veikkaus has already submitted licence applications as a private entity, joining approximately 50 other companies aiming to enter the new market by the end of June.
Late last year, as part of its transition strategy, Veikkaus committed to a management restructuring, which included disbanding the deputy CEO position previously held by Velipekka Nummikoski, who has since transitioned to a different role.
In this time of change, the operator has made several critical operational and technology adjustments, such as switching its sportsbook backend from DraftKings to OpenBet, and bringing in experienced industry professionals to guide its competitive business initiatives. Chris Armes, a former executive from Scientific Games, was appointed executive VP of Gaming Technologies in early August and will take on this role in autumn 2026, overseeing Veikkaus’ technology division from Helsinki.
Reflecting on the company’s competitive outlook, Veikkaus’ iGaming EVP Jarkko Nordlund stated, “The 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.”
In its interim report for the first half of 2026, Veikkaus recorded a 1% increase in sales revenue, amounting to €471.3 million ($546.8 million). Operating profit rose modestly to €227.7 million, up from €220.6 million, and profit for the period was reported at €234.2 million, an increase from €229.6 million in the same period last year. The company credits its success to the growth of its digital platforms, which accounted for 64.5% of total gross gaming revenue, a rise of 3.6 percentage points year-on-year.
The number of registered customers reached approximately 2,672,000 by the end of June, an increase of around 50,000 from the previous year.
For the first half of 2026, gross gaming revenue from lottery and land-based gaming held steady at €317.9 million, remaining flat compared to H1 2025. Lottery games alone brought in €254.5 million, an improvement from €246.1 million, largely due to a 9.1% uptick in digital lottery revenue, spurred by the Veikkaus app and new product launches like Milli in June 2025. However, revenue from slot machines and physical table games fell to €63.4 million, down from €71.3 million, primarily due to a reduced retail presence and fewer machines available.
In contrast, betting and iCasino gross gaming revenue increased to €151.6 million from €146.5 million, driven by an expanded game selection and a rapid increase in live casino offerings.
Additionally, Veikkaus’ international B2B division, Fennica Gaming, saw remarkable growth in H1 2026, with revenue skyrocketing by 80.6% to €10.3 million compared to €5.7 million the previous year. This surge is attributed to the introduction of eInstants and iCasino products across numerous international markets, including Italy, Canada, various regions of Germany, Mexico, the Czech Republic, and Iceland. Fennica now operates in 21 markets across three continents and has obtained an online supplier license in the UAE.
Industry consultant Jari Vähänen estimated that the overall value of Veikkaus’ business could climb to €4.5 billion following the market's liberalization.
Veikkaus continues to adapt to the partial liberalization of Finland’s gambling landscape, which was formalized in the new Gambling Act ratified in January 2026. Starting July 2027, the company will forfeit its exclusive rights to betting and iCasino products, transitioning to a licence-based system, while still maintaining exclusive rights to lottery games, scratchcards, slot machines, and physical table games. To facilitate this transition, Veikkaus has committed to market-based compensation for its exclusive operations, estimated to be around €1 billion for a ten-year licence, with a considerable upfront payment expected in 2026.
In further alignment with the upcoming competitive environment, Veikkaus recently joined the Finnish Gambling Association, a trade body that has been actively advocating for market liberalization.
