Veikkaus, the state-owned gambling operator in Finland, is reshaping its internal structure as it prepares for the country's liberalized gambling market set to launch on July 1, 2027. The goal of this reorganization is to enhance the company's competitiveness in a changing market environment.
On Wednesday, Veikkaus announced a significant restructuring that includes the termination of 15 existing roles, alongside the creation of 17 new positions. This overhaul will affect several departments, including Data & AI, two business units, and finance teams. Negotiations related to these terminations and new roles are expected to span about three weeks.
These changes are part of broader organizational modifications that followed Veikkaus' May 2026 decision to create two subsidiaries—one focusing on exclusive operations and the other designed for the newly competitive, license-based market. Veikkaus is in the process of applying for licenses as a private enterprise, joining around 50 other companies that have submitted applications to access the forthcoming market by the end of June.
Last year, the company had already committed to key management changes, which included abolishing the deputy CEO role after Velipekka Nummikoski was reassigned to another position. Numerous operational and technological adjustments have taken place also, notably the transition of its sportsbook backend from DraftKings to OpenBet and the recruitment of several industry veterans to spearhead its competitive initiatives.
Among the new appointments is Chris Armes, a former executive at Scientific Games, who will serve as the new executive VP of Gaming Technologies starting in autumn 2026. He will oversee Veikkaus’ technology organization from its base in Helsinki.
In a statement last July, Jarkko Nordlund, Veikkaus' iGaming EVP, emphasized the need for competitiveness given the upcoming market dynamics, asserting, "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."
Regarding its financial performance, Veikkaus reported a 1% year-over-year increase in sales revenue for the first half of 2026, reaching €471.3 million ($546.8 million). Operating profit grew to €227.7 million from €220.6 million, while net profit rose to €234.2 million, compared to €229.6 million a year earlier. The company attributed this positive trend to growth in its digital channels, where digital gross gaming revenue made up 64.5% of overall revenues in the first half, marking an increase of 3.6 percentage points from the previous year.
By the end of June, Veikkaus had approximately 2,672,000 registered customers, an increase of around 50,000 compared to the prior year. In terms of specific revenue streams, lottery and land-based gaming maintained flat gross gaming revenue of €317.9 million. Notably, lottery games saw a rise to €254.5 million, up from €246.1 million, driven by a 9.1% increase in digital lottery revenues, aided by the Veikkaus app and new product launches like Milli in June 2025.
Revenue from slot machines and physical table games dropped to €63.4 million from €71.3 million, primarily due to a reduced retail network. On the other hand, betting and iCasino generated gross gaming revenue of €151.6 million, an increase from €146.5 million, credited to a broader game catalog and a rapid expansion of live casino offerings.
Veikkaus’ international B2B subsidiary, Fennica Gaming, reported impressive growth, with revenue skyrocketing by 80.6% to €10.3 million from €5.7 million in the previous year. This growth is attributed to the launch of eInstants and iCasino products in multiple markets, including Italy, Canada, 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.
As Veikkaus adjusts to Finland’s partial liberalization of the gambling market under the new Gambling Act ratified in January 2026, it will relinquish exclusivity over betting and iCasino products starting July 2027. The company will, however, retain exclusive rights for lottery games, scratchcards, slot machines, and physical table games. It is committed to paying market-based compensation for exclusive operations, estimated at about €1 billion over a 10-year license period, with significant upfront payments planned for 2026.
This week, Veikkaus also joined the Finnish Gambling Association, the trade body advocating for market liberalization, as part of its preparations for the changing landscape.
