Veikkaus Reports €471 Million Revenue Ahead Of 2027 Market Opening

Finland is preparing to open online betting and casino gaming to licensed competition on 1 July 2027. Veikkaus enters that new system with digital revenue growing, more registered customers and a fast growing B2B business.

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Good to Know

• Veikkaus Group revenue reached €471.3 million in H1 2026, up 1%.
• Digital channels generated 64.5% of Veikkaus Ltd gross gaming revenue.
• Finland had received 50 gambling licence applications by early June ahead of the July 2027 market opening.

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Veikkaus Digital Growth Comes Before Finland Gambling Reform

Veikkaus reported operating profit of €227.7 million for the first half of 2026, while profit for the period increased 2% to €234.2 million.

Online gambling provided much of the improvement. Digital GGR increased 9.1% across Lottery and Land Based Gaming and 5% across Betting and iCasino. Betting and iCasino GGR reached €151.6 million, up from €146.5 million.

Meanwhile, retail gaming continued to decline. Slot machine and physical table game GGR fell 11.1% to €63.4 million as Veikkaus reduced its machine estate and retail network.

Lottery revenue partly offset that decline. Lottery GGR increased to €254.5 million from €246.1 million, helped by higher Lotto jackpots and the Milli game introduced in June 2025.

Registered Veikkaus customers reached 2.67 million by the end of June, around 50,000 above the previous year.

CEO Olli Sarekoski said:

“Veikkaus’ first half of the year has developed positively and in line with our expectations: we have returned to a growth path. It is great to see that our investments in digital business and technical capabilities are delivering results in the current operating environment.”

€1 Billion Exclusivity Bill Changes The Economics

Finland will end the current Veikkaus online monopoly when its new Gambling Act takes effect on 1 July 2027. Licensed operators will then be able to offer online casino games and betting, while Veikkaus will retain exclusive rights over areas including lotteries, scratch cards, slot machines and physical casino gaming.

That exclusivity carries a large cost. Veikkaus expects to pay about €1 billion in market based compensation over its ten year exclusive licence period, with a large part due early in the arrangement.

Veikkaus has already separated operations for the exclusive and competitive parts of the future Finnish gambling market and submitted licence applications.

Competition could be broad. The National Police Board said it had received 50 applications by early June. Each 2026 gambling licence application costs €29,000 to process, while a standard gambling licence can run for up to five years. The authority currently targets about six months for processing.

Licensed gambling can only start from 1 July 2027 after operators complete required audits and connect to regulatory supervision systems.

Fennica Gaming gives Veikkaus another source of growth outside the Finnish consumer market. Revenue at the B2B subsidiary jumped 80.6% to €10.3 million during H1.

Fennica added eInstants and online casino content across markets including Italy, Mexico, Iceland, Canada, the Czech Republic and Germany. The business now operates across 21 markets.

Veikkaus is also adjusting internally before the new licensing system. On 2 September, the group announced change negotiations covering several teams, with 15 roles expected to end and 17 new positions planned. Veikkaus also joined Finnish gambling trade association Rahapeliala ry.

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