Finland Weighs Veikkaus Sale Before Online Betting Licenses Begin

Finland will end the online casino and sports betting monopoly of Veikkaus on 1 July 2027. That licensing reform has turned state ownership into a live political and commercial question.

Good to Know

• Veikkaus could be worth up to €4.5 billion, according to Jari Vähänen.
• The online casino and sports betting arm may be valued at €1 billion to €1.5 billion.
• Finland political parties remain split over a sale, partial sale, or continued state ownership.

Customer Base May Decide The Real Value

A buyer would not only look at the Veikkaus brand. The database could carry just as much weight.

Veikkaus has up to 2.5 million legacy customers. In a country moving from monopoly control to a licensed Finland online gambling market, that list could give the operator a major head start over private betting sites and online casino brands.

“If they can’t bring those customers with them, the value of Veikkaus’ licensed business will be much lower. But if they start operations with 2.5 million customers, they will dominate the market,” Jari Vähänen told Yle last week.

Vähänen, a former Veikkaus senior executive and now an industry consultant, has also said foreign operators have asked about the company.

“A couple of gaming companies have contacted us and wondered whether Veikkaus might be for sale,” he told Yle.

His valuation estimate reaches €4.5 billion. That figure uses a 10x multiple on the annual gaming surplus of Veikkaus, around €450 million. He put the digital gambling business, covering online casino and sports betting, at €1 billion to €1.5 billion. Lotto and gaming machines could account for about €3 billion.

However, Finland may not have unlimited time. Returns from Veikkaus have nearly halved over five years, and long delays could reduce buyer appetite before the licensed market starts.

Veikkaus has already split into two businesses to prepare. One unit focuses on online competition. The other keeps the remaining monopoly operations. That restructuring gives Finland a cleaner sale option, but also makes the policy question harder.

Some parties already see less reason for the state to stay in gambling. SDP Party Secretary Mikkel Näkkäläjärvi said “the state has in this situation no particular strategic interest in owning a gaming company”. Mika Lintilä of the Centre Party said Veikkaus was “no longer a strategic company for the state in the same way as before”.

Liike Nyt wants full privatisation and a stock market listing. The Left Alliance disagrees, with MP Timo Furuholm defending Veikkaus as a proven revenue source.

Coalition parties have taken a slower line. The National Coalition Party wants a civil-service review on market effects and social impact. The Swedish People Party stayed silent because Minister Joakim Strand handles ownership steering. The Finns Party and Christian Democrats have warned against using sale proceeds for recurring spending, while keeping gambling harm prevention high on the list.

For Vähänen, the ownership problem starts before any sale. Finland will write rules for licensed gambling while still owning the company that must compete under them.

“State ownership of a gambling company operating in a competitive market is at least a questionable solution,” he wrote in a 2024 draft response to the first liberalisation framework.

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