Finland’s Veikkaus Eyes Global Expansion Amidst Domestic Competition Shift

Finland’s state-owned gambling operator, Veikkaus, has announced its intention to explore international opportunities as it prepares for the upcoming changes in the domestic online gambling landscape. Established in 1940, Veikkaus has long held a monopoly over gambling activities in Finland. However, the introduction of the new Finnish Gambling Act, set to take effect in July 2027, will terminate this monopoly in the realm of online gambling, allowing for licensed competition in the sector. Nevertheless, Veikkaus will maintain its exclusive rights over the Finnish national lottery and land-based gambling operations.

The process for obtaining online gambling licenses in Finland commenced this month, with entities such as Paf and Hippos ATG Oy—a collaboration between the Swedish horse racing betting operator ATG and Finland’s trotting organization Suomen Hippos—announcing their application submissions to the National Police Board’s Lottery Administration. In response to these domestic developments, Veikkaus aims to bolster its international presence. Currently, it exports games globally through its B2B studio, Fennica Gaming, which operates in 17 markets across three continents. According to its recent 2025 report, Veikkaus aspires to transform into a global gaming entity by 2030, reinforcing its competitive edge in a worldwide market. The specifics of this transition remain unspecified, as it is unclear whether Veikkaus plans to expand its B2B offerings or pursue B2C licenses for direct gambling operations abroad. The adaptability of the Veikkaus brand outside Finland also remains an open question.

Domestically, Veikkaus emphasizes player safety through stringent loss limits and other precautionary measures, often implemented voluntarily. Financially, the company reported 2025 revenues of approximately €936 million, a 2.4% decrease from the previous year’s €959 million. Operating profit decreased to €431 million, and final profit was €447 million, down from €472 million in 2024. Lottery games continued to dominate revenue streams, contributing over €497 million, while land-based gaming and online casino and betting generated €142 million and €292 million, respectively.

As Finland’s online gambling market prepares to open to competition, Veikkaus’ strategic move towards international markets could play a crucial role in sustaining its growth and adapting to new challenges. The future success of this strategy will likely depend on how effectively Veikkaus can navigate and establish its brand in the global gambling environment.