Finland’s monopoly operator Veikkaus has returned to profitability in Q1 as it looks to strengthen its financial position ahead of the market’s upcoming transition to a multi-licence model.
The news was shared in an investors’ update by Veikkaus Chief Executive Officer, Olli Sarekoski, who confirmed that for the three-month period ending March 2026, the company recorded a 2.5% boost in gross gaming revenue (GGR).
In July 2027, Finland will move away from the current gambling monopoly regime and open up its online betting and gaming market to international operators, although the state-owned Veikkaus will retain exclusive control over lotteries, scratch cards and physical slot machines.
With competition intensifying, Veikkaus will naturally want to leverage the know-how gained from operating in Finland as it looks to not only compete with new operators in a domestic setting, but also expand internationally.
The groundwork for this expansion has already been set, thanks to the operator’s proprietary Fennica Gaming games studio, which already boasts an impressive international profile.
Sarekoski further confirmed that in Q1, Fennica Gaming’s business outside of Finland has shown a 380% growth, with game sales making up 87% of that.
“These figures are very encouraging, but maintaining them requires continuous development, especially in a challenging economic situation and amid intensifying competition both domestically and internationally,” Sarekoski added.
What will Veikkaus look like in 2030?
Veikkaus got off to a positive start in 2026, despite reporting a stagnation across sales figures in FY25.
The full report unveiled that lottery games made €497m ($541m) in sales, holding the lion’s share (53.1%) of total revenue.
The company has already put its 2030 plan into motion, working towards a stronger financial profile with the recent hire of Illka Kosola as its new Chief Financial Officer, and clearly stating that it plans to become a major international player by the end of the decade.
“In line with our vision, we want to evolve from a national gaming company into a successful player also on the international stage and strengthen our competitiveness in an increasingly global market,” Veikkaus said in its FY25 results. “Our goal is to be a respected and successful international money gaming group by 2030.”
With a profitable lottery vertical and an already internationally active business with Fennica Gaming at its disposal, Veikkaus has a clear shot of becoming a global brand. All it needs to do now is financially withstand the influx of competitors heading towards Finland and ensure that it stays afloat in the new regulatory landscape.
Talks regarding an IPO have also begun to circulate as Veikkaus eyes up new opportunities outside of Finland, although this has not yet been confirmed. However, with the multi-licence model not coming into effect until 2027, a move to becoming publicly listed may be put on ice.
Maija Strandberg, Head of the department which manages Finland’s state-controlled assets, said: “Veikkaus will need to demonstrate that it can compete in that market. Is one year enough for the company to prove this?
“We would then be at the end of 2028. If we take any action, we are approaching the turn of the decade.”
For now, at least, Veikkaus looks set to press on with its expansion in its home market.
“We will continue to follow our chosen path with determination and build a future where growth, responsibility, and continuous development go hand in hand,” Sarekoski concluded.
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