Veikkaus CEO Olli Sarekoski has stated that the company is ready for international competition as Finland’s online gaming market prepares for diversification.
The commercially regulated online gaming market in Finland is set to launch on July 1, 2027, with operator applications already open. Veikkaus will retain exclusive control over Lotto, Eurojackpot, and physical slot machines.
A New Era
Veikkaus welcomes this new era, viewing the entry of international commercial operators into Finland as a tool to combat the black market and a major growth opportunity.
Sarekoski said: “The Finnish gambling system is now entering a new era. Our journey towards the multi-license system and beyond is based on continuous development, the ability to renew ourselves, and the desire to do things better every day.
“One of our greatest strengths is our people at Veikkaus: how we approach change, how we support one another, and how we move Veikkaus forward together. In 2025, we took significant steps in this work and will continue in the same determined direction.
“We have also strengthened our organisation with top-level recruitments as we prepare for international competition.”
However, the transition to a commercial market has also led to job reductions at Veikkaus. Between October and November of last year, the company held discussions with 75 employees across three departments; in December, 26 positions were cut, 22 new roles created, and 20 employment terms modified.
Reija Laaksonen, Executive Vice President of People, Brand & Communications at Veikkaus, commented: “Our strategic direction requires changes from us, which have now been implemented through these negotiations.
“These decisions are always difficult from a human perspective, but they are necessary for Veikkaus’ future competitiveness.”
Foundations for the Future, but Questions Remain
Sarekoski highlighted that Veikkaus has “an excellent foundation for success: strong gaming products, a well-known and trusted brand among Finns, and skilled employees.” The year 2025 performed in line with expectations, with a strong second half for betting and online casino operations and growth expected in 2026.
Veikkaus’ actual revenue in 2025 was €936.3m ($1.096bn) (2024: €959.1m/$1.123bn), broken down as follows: lotteries — €497.4m ($582m), land-based operations — €142m ($166m), online gaming — €292.4m ($342m), gaming-as-a-service — €4.4m ($5.1m).
The group’s operating profit was €431.6m ($505m) (2024: €461.6m/$540m), and total profit was €447.2m ($523m) (2024: €471.5m/$552m).
Sarekoski added: “Our vision is to be a respected and successful international money gaming group by 2030,” the CEO said.
“Our purpose – we passionately drive better gaming – guides us on this journey. We want to act ambitiously in line with our values and build sustainable and successful business both in Finland and internationally.”
The long-term future of Veikkaus, the state-owned operator, remains uncertain. In November last year, Maija Strandberg, Finland’s Director General of Ownership Steering, indicated that Veikkaus could be publicly listed in 2027.
In an interview with MTV News, Strandberg said: “Of course, we continuously evaluate whether there are companies in our portfolio suitable for listing. Veikkaus has been mentioned, but regarding Veikkaus itself, I say: it is not yet timely. Current legislation does not allow a public listing, and the company is not yet ready.”
She added: “The matter could be considered after 2027. If the government follows the overall investment programme, the sale of publicly listed companies cannot be avoided.”
Recently, Nordic Law, together with partner Jon Hautamäki and trainee Niko Hannolainen, provided a detailed analysis of regulation and market outlook.
The report covered duty of care, marketing, technical standards, software licensing, and AML measures, as well as forecasts for the industry’s future development.
According to Nordic Law: “The success of the entire gambling reform depends on whether licensed operators can win players back from the offshore market. Several regulatory tracks are developing on top of the Gambling Act, but their cumulative effect on channelisation has not yet been considered.”
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