Veikkaus, the state-owned gambling operator in Finland, is undergoing significant restructuring in anticipation of the country's newly liberalized gambling market, set to open its doors on July 1, 2027. This revamp is designed to bolster the company's competitive edge as market conditions evolve.
The latest updates, revealed on Wednesday, involve the termination of 15 existing roles alongside the creation of 17 new positions, impacting various divisions, including the Data & AI department, two business units, and finance teams. Negotiations regarding these changes are anticipated to take about three weeks.
These internal adjustments are part of a broader organizational transformation following Veikkaus’ decision in May 2026 to establish two subsidiaries. One will manage exclusive operations while the other will focus on the upcoming competitive, license-based market.
As a private entity, Veikkaus has filed license applications and now joins around 50 other companies vying for a foothold in this new market by the end of June.
Last year, the operator committed to a management overhaul, eliminating the deputy CEO position after Velipekka Nummikoski was assigned to a different role. Furthermore, Veikkaus has made essential operational and technological modifications, including a shift in its sportsbook backend from DraftKings to OpenBet, and has recruited several industry veterans to lead its competitive initiatives.
Chris Armes, formerly of Scientific Games, was appointed as the new executive vice president of Gaming Technologies in early August. He will assume his role in autumn 2026, overseeing Veikkaus’ technology division from its Helsinki headquarters.
In July 2025, Jarkko Nordlund, Veikkaus' EVP of iGaming, remarked, “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, released recently, Veikkaus disclosed a 1% annual increase in sales revenue, totaling €471.3 million ($546.8 million). Operating profit increased to €227.7 million, up from €220.6 million; profit for this period rose to €234.2 million compared to €229.6 million the previous year. The company credits this positive trend to the growth in its digital channels, with digital gross gaming revenue now accounting for 64.5% of overall revenue—an increase of 3.6 percentage points from the prior year.
The registered customer base reached approximately 2,672,000 by the end of June, reflecting 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 stood at €317.9 million, remaining stable compared to H1 2025. Lottery games contributed €254.5 million, a growth from €246.1 million, boosted by a 9.1% increase in digital lottery revenue driven by the Veikkaus app and new product launches such as Milli in June 2025. However, revenue from physical slot machines and games fell to €63.4 million from €71.3 million due to a reduced retail network and fewer gaming devices.
Betting and iCasino areas saw a rise in gross gaming revenue to €151.6 million from €146.5 million, bolstered by a broader game catalogue and an expansion in live casino offerings.
Veikkaus’ international B2B subsidiary, Fennica Gaming, is also experiencing rapid growth, with revenue skyrocketing by 80.6% to €10.3 million from €5.7 million the previous year. This surge is attributed to the launch of eInstants and iCasino products in various markets, including Italy, Canada, parts of Germany, Mexico, the Czech Republic, and Iceland. Fennica is now active in 21 markets across three continents and has obtained an online supplier license for the UAE.
Industry consultant Jari Vähänen, a former executive at Veikkaus, estimates that the entire business could be valued at up to €4.5 billion following the market's liberalization.
Veikkaus is adjusting to the partial liberalization of Finland’s gambling market under the new Gambling Act enacted in January 2026. From July 2027, the company will relinquish its exclusivity over betting and iCasino products, which will transition to a license-based system while retaining exclusive rights to lottery games, scratchcards, slot machines, and physical table games. The operator has committed to paying market-based compensation for its exclusive operations, projected to be around €1 billion for a 10-year license period, with a significant front-loaded payment slated for 2026.
In anticipation of market competition, Veikkaus has joined the Finnish Gambling Association, the trade body that has actively lobbied for market liberalization.
