The state-owned Finnish operator Veikkaus is preparing to abandon its gambling monopoly in Finland. The government plans to abolish Veikkaus’ monopoly by 2026 in order to increase Finland’s channelisation rate, which is currently lagging behind that of other nations.
Private firms will be able to apply for licenses to run sports betting and internet casinos under the new system, but Veikkaus will keep its monopoly on lotteries and retail slot machines.
There are also proposals to reorganize Veikkaus, maybe separating it into various firms within the same company. This approach would undo a 2017 merger that brought together Veikkaus, Raha-automaattiyhdistys (a slot company), and Fintoto (a horse race betting company).
While the proposals are still in the early stages, Veikkaus predicts 240 job cutbacks. Another 195 employees may see major changes in their working conditions.
Veikkaus also intends to lower the number of its gaming locations from 65 to between 40 and 50. There are continuing discussions about the possible closure of its Tampereen casino.
As part of Veikkaus’ expansion plan, Olli Sarekoski, CEO, underlined the significance of preparing for changes in the gaming business and globalization. He acknowledged that these changes may need unpleasant decisions, such as the termination of employment connections, but assured impacted staff that Veikkaus cares about and will assist them.
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