Key Moments:
- Veikkaus is preparing for the 2027 introduction of a multi-licence gambling system in Finland, which will end its longstanding monopoly.
- More than €500 million was wagered through foreign providers in early 2025, prompting calls to bring offshore operators under local regulation.
- Veikkaus has begun modernizing its operations and growing its international subsidiary, Fennica Gaming, to strengthen its position in a soon-to-be competitive market.
Market Reform Signals the End of a Monopoly
For the first time, Veikkaus is preparing to compete equally with global gambling operators as Finland plans to launch a multi-licence regulatory framework in 2027. This change will dismantle the company’s monopoly, placing all gambling providers under one regulatory umbrella to address channelisation and reinforce consumer safeguards.
Veikkaus’ leadership has been anticipating this shift, viewing it as both a challenge and an opportunity. Reija Laaksonen, Executive Vice President for People, Brand and Communications, told SiGMA News: “The new system offers many opportunities for Veikkaus. We have a strong position in Finland and an excellent brand internationally. We are confident that we will continue to be a stable, responsible and competitive player with strong market leadership in Finland even under the new system.”
Transitioning to a Regulated Marketplace
Finland’s transition will require operators, including foreign entities active in Finland’s gray market, to adhere to the same regulatory standards. Laaksonen observed that Veikkaus already faces competition from unauthorized online providers and expressed relief at the prospect of uniform rules: “Finally all licensed operators will be subject to the same gaming rules. At the moment, the situation is such that other operators are not bound by certain liability regulations and they also do not pay taxes to Finland.”
A significant volume of gambling – over €500 million in early 2025 – was reported to have flowed through foreign service providers. Veikkaus believes that harmonizing the regulatory framework could help retain more of this activity domestically. However, Laaksonen cautioned: “It is almost impossible to assess the matter. But of course our goal is to channel Finnish gambling to us as comprehensively as possible. The new system provides good tools for this, as licensed operators are subject to the same rules.”
Adapting to Open Competition and Redefining Success
With market liberalization approaching, Veikkaus is focusing on strengthening its core competencies. Laaksonen emphasized the importance of brand strength and customer experience, crediting these elements as key to securing market share under the new regime: “Strong market share. It is possible to achieve this with the help of a good brand, excellent customer experience and our skilled employees.”
The new system will leave lotteries and physical slot machines under Veikkaus’ exclusive control, while online casino games and sports betting will be open to all licensed operators. To respond, Veikkaus has revamped its teams and recruited specialists in digital operations, aiming to operate more commercially without departing from its public-service ethos. As Laaksonen stated, “The world is changing, and so is the gambling industry, but we want to be at the forefront and set the direction and example for others in the industry.”
Discussion has also emerged regarding a possible public listing for Veikkaus after 2027. On this topic, Laaksonen stated: “Veikkaus has no comment on the matter. The company fully implements the will of its owner, the Finnish state, and holds regular discussions with it about strategy.” She further commented, “Speculating on possible changes in ownership and their effects is not Veikkaus’s job, and the company does not want to take a position on the matter.”
Expanding Internationally through Fennica Gaming
Veikkaus is preparing to navigate domestic competition and is also intensifying its international operations. Its subsidiary, Fennica Gaming, which provides digital casino technology to international clients, is playing a more prominent role in the group’s long-term ambitions.
Laaksonen shared: “Fennica Gaming has done an excellent job. It already offers its services comprehensively to different parts of the world and is growing all the time. The company’s importance and role in the Group’s strategy is significant. Our mission is to be a respected and successful international money gaming group by 2030.”
Laaksonen rejected the notion that international expansion is a substitute for domestic growth, stating, “We want to be a strong player both domestically and, through Fennica, in international markets. These things are in no way mutually exclusive, but on the contrary, they support each other.”
Navigating Change: Risks and Opportunities
Finland’s cessation of the gambling monopoly puts Veikkaus at a historic crossroads, compelling it to adopt a more agile, tech-focused approach while remaining mindful of its heritage. The company acknowledges the risks – including robust competition and ongoing debate about its future structure – but sees opportunity in evolving with the industry and leading by example.
As Laaksonen concluded: “We are prepared for all kinds of scenarios and trust our own expertise and actions.”
| Key Area | Status |
|---|---|
| Market Model | Multi-licence system planned for 2027 |
| Monopoly Rights | Ending except for lotteries and physical slots |
| International Operations | Fennica Gaming expanding globally |
| Foreign Gambling Volume (early 2025) | Over €500 million |
- Author
Daniel Williams
