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Veikkaus signs agreement with OpenBet before the end of the monopoly

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Veikkaus and OpenBet have entered an agreement that will update Veikkaus fixed odds betting systems to match OpenBets’ offerings.

Veikkaus will lose its monopoly on the Finnish market in 2026. In June of this year, the Finnish government revealed plans to abolish the current monopoly in Finland.

Veikkaus, as part of this agreement with OpenBet will expand their Pitkaveto Live Bet and Live Bet product lines. Veikkaus will expand its build-a bet product to add new sports. OpenBet has been chosen by Veikkaus as its new partner after a public tendering process.

By the end of 2024, you will see updates at Veikkaus.fi and at retail points.

Juha-Matti Makila is the vice-president for betting operations of Veikkaus. With our new partner we will be able to offer the best customer experience possible in the future, and incorporate all of the best features from the international betting markets in Veikkaus.

The reforms are designed to help us adapt and diversify our offer in order to best suit Finnish players.

Turbulent week at Veikkaus

Veikkaus announced earlier this week that it would lay off a quarter as part of restructuring. Veikkaus stated that “about 185-215”, of the 825 staff, will lose their jobs. “About 110-150”, will see material changes to employment conditions.

Veikkaus will be divided into three units:

  • Slot machines, arcades and domestic games of chance
  • Online casino and betting domestic operations
  • Business abroad

Veikkaus announced that Casino Tampere would also close on the 9th of December. This closure will impact 80 staff members and comes just two years after the opening.

Veikkaus, the Finnish Monopoly is being ended

In order to eliminate Finland’s current licensing system, a brand new system will be introduced. The new model would be a sports betting and online casino licence.

According to the Finnish government, the main goal of reforming gambling is to reduce harms. The Finnish government also stated that the existing policy towards gambling “hasn’t been successful”.

Even before the new system was announced, it had been well received. A study by the Finnish government in April concluded that continuing with the existing monopoly was not “recommended”.

In October, the European Gaming and Betting Association backed this reform and called it a “crucial landmark” for Finland. Veikkaus reaffirmed its support after the H1 results of August.

Olli Saraekoski, Veikkaus CEO, said that during the presentation of the H1 results, “the most important thing to us is that we can channel more gambling into licensed offers than ever before. We think the license system supports this best and helps develop more responsible gambling.”

The government revealed the path to a new system last month. The government will have to come up with new ideas for the system. This includes new measures such as tax, licence fee, and other important factors.

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