Veikkaus, the state-owned gambling operator in Finland, is undergoing another round of internal restructuring as it prepares for the country's gambling market, set to liberalise on July 1, 2027. This organizational shift aims to enhance the company’s competitive edge as market dynamics change.
On Wednesday, Veikkaus announced the termination of 15 existing positions and the creation of 17 new roles affecting various departments, including Data & AI, two business units, and finance teams. Negotiations regarding these changes are projected to take around three weeks.
These adjustments are part of a broader strategy following Veikkaus’ decision in May 2026 to create two subsidiaries: one focused on exclusive operations and the other aimed at serving the competitive, licence-based market. Veikkaus has filed licence applications as a private entity, joining about 50 other companies vying for a position in the upcoming market before the end of June.
Last year, the company signaled its commitment to a management overhaul, abolishing the deputy CEO role after Velipekka Nummikoski moved to a new position. During this transition, Veikkaus also made significant operational and technological adjustments, including a shift in its sportsbook backend from DraftKings to OpenBet and recruiting industry veterans to spearhead its competitive operations.
In early August, Chris Armes, formerly of Scientific Games, was named the new executive VP of Gaming Technologies, expected to commence his role in the autumn of 2026 from the company’s headquarters in Helsinki.
In July 2025, Veikkaus’ iGaming EVP, Jarkko Nordlund, 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 this week, Veikkaus reported a sales revenue increase of 1% year-on-year, totaling €471.3 million ($546.8 million). Operating profit rose to €227.7 million from €220.6 million, while total profit reached €234.2 million, up from €229.6 million in the prior year. This positive trend is attributed to growth in its digital channels, which now represent 64.5% of the company’s total revenue, up 3.6 percentage points from last year. The number of registered customers grew to approximately 2,672,000, an increase of around 50,000 compared to the previous year.
For the first half of 2026, gross gaming revenue from lottery and land-based gaming was stable at €317.9 million. Lottery games contributed €254.5 million, up from €246.1 million, buoyed by a 9.1% rise in digital lottery revenue, attributed to the Veikkaus app and new product launches such as Milli, introduced in June 2025. However, revenue from slot machines and physical table games fell to €63.4 million from €71.3 million, due to a reduced retail presence and fewer slot machines. On a brighter note, betting and iCasino GGR increased to €151.6 million from €146.5 million, with a boost from an enlarged game catalogue and rapid growth in live casino offerings.
Veikkaus’ international B2B subsidiary, Fennica Gaming, has seen remarkable growth during the first half of 2026, with revenues climbing by 80.6% to €10.3 million from €5.7 million in the prior year. This expansion reflects the launch of eInstants and iCasino products across various markets, including Italy, Canada, parts of Germany, Mexico, the Czech Republic, and Iceland. Currently, Fennica operates in 21 markets across three continents and gaming sectors, and it secured an online supplier licence in the UAE last year.
Industry consultant Jari Vähänen, a former Veikkaus executive, estimates that the overall business could be valued at up to €4.5 billion upon market liberalisation.
As part of the adjustments to Finland's gambling market liberalisation under the new Gambling Act enacted in January 2026, Veikkaus will lose its exclusivity over betting and iCasino products starting July 2027, though it will retain exclusive rights for lottery games, scratchcards, slot machines, and physical table games. The company has agreed to pay market-based compensation for its exclusive operations, estimated at around €1 billion for a 10-year licensing period, with a substantial upfront payment due in 2026.
In its latest moves to prepare for the evolving market, Veikkaus joined the Finnish Gambling Association, a trade body that has long advocated for the liberalisation of the gambling market.
