Finland: Veikkaus prepares for its digital future
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15 Sep 2025 •
Reading time: 4 minutes The first half of 2025 has not been kind to Veikkaus. The long-standing Finnish operator, which has enjoyed a monopoly for many years, has posted declining results. However, behind these gloomy figures, the company is actively preparing for the future: from 2027, the national online gaming market will be opened up to competition. Veikkaus is betting big to remain a key player in this future landscape.
A decline in the first half of the year
From 1 January 2025, Veikkaus seems to have sensed the winds of change. The Finnish operator, formerly the national monopoly on gaming and lotteries, has published its results for the first half of the year, and there is little to celebrate. Revenue for the six months ended 30 June amounted to €466.4 million, down approximately 3.6% compared to the same period last year.
Gross gaming revenue (GGR) stood at €463.9 million, also down 3.9%. All traditional segments experienced erosion: lottery games declined by 3.9% to £246.4 million, slot machines and table games fell by 4.3%, while iGaming slipped by 3.7%.
Amidst this rather gloomy picture, there is a glimmer of hope: Fennica Gaming, the international game development subsidiary, is showing spectacular growth. Its turnover increased by 166.9% to €2.5 million.
This increase can be explained by the transfer of Veikkaus’ game studio operations under the Fennica Gaming banner, as well as the acquisition of B2B licences in several countries: Canada, Greece and the United Arab Emirates.
Milli: a late but strategic launch
Among the initiatives aimed at renewing its offering, the introduction of a new lottery game called Milli appears to be a turning point. Veikkaus presents it as the most important release since Eurojackpot.
However, this new product suffered from a delay: regulatory approval came later than expected, which hurt first-half results. Added to this was a decline in jackpot levels, particularly for Eurojackpot, and a shift in consumer behaviour, amplified by a loss of purchasing power.
Strategy: digitalisation, talent and technology
Veikkaus is not just undergoing change, it is actively preparing for it. Chief Executive Officer Olli Sarekoski affirms this:
“Everything we do now is focused on being fully prepared for the opening of the market – and ready to succeed in the new environment. We want to continuously develop ourselves in the spirit of our new purpose of ‘we passionately drive better gaming’. We’ve the will to act with ambition and in accordance with our values, following the culture of doing the right thing, and creating a sustainable business and games. We are especially focused on strengthening our digital capabilities across the entire group to ensure we remain competitive in a changing landscape. Leveraging data and AI plays a key role in this transformation.”
For him, digital capability is at the heart of this transformation. Veikkaus is focusing on leveraging data and artificial intelligence, strengthening internal skills, and hiring profiles from the private iGaming sector, particularly those with European experience.
The organisation itself is undergoing a reorganisation: in September 2023, Veikkaus recruited Jarkko Nordlund as EVP iGaming to lead the overhaul of its online platform. Since then, the back-end, products and sportsbook offering have been reviewed and modernised, with the clear aim of securing a leading position in the future open market.
Open market on the horizon: challenge and opportunity
Finland plans to liberalise its online gaming market from January 2027, introducing a multi-licence system that will end Veikkaus’ monopoly.
Such a change promises to be disruptive. Rather than resisting it, Veikkaus says it embraces it. The company believes in the value of transforming itself now, so as not to be left behind. Sarekoski insists: corporate culture, values, sustainability — everything must evolve to prepare for this new landscape.
Veikkaus is at a turning point: on the one hand, declining figures, a difficult economic environment and delayed launches. On the other, a clear strategy, heavy investment, imminent regulatory liberalisation and a clear desire for transformation. It is a bold gamble: not only to survive the end of the monopoly, but to position itself as a leader in an open, highly competitive market. The year 2025 seems to be the year of transition — and January 2027 the year when everything will be judged.