Veikkaus committed to maintaining profitability through 2026

(AsiaGameHub) –   Finland’s state-owned monopoly operator Veikkaus has returned to profitability in the first quarter of 2026, bolstering its financial standing ahead of the country’s shift to a multi-license gambling framework.

The update was delivered by Veikkaus Chief Executive Officer Olli Sarekoski in an investor briefing, where he reported a 2.5% increase in gross gaming revenue (GGR) for the three months ending March 2026.

In July 2027, Finland will end its current gambling monopoly, opening its online betting and gaming sector to international operators. However, Veikkaus will maintain exclusive rights to lotteries, scratch cards, and physical slot machines.

As competition grows, Veikkaus aims to capitalize on its domestic expertise not only to compete with new entrants in Finland but also to pursue international expansion.

This expansion strategy is already underway through the operator’s in-house Fennica Gaming studio, which has established a strong presence abroad.

Sarekoski noted that in Q1, Fennica Gaming’s international operations grew by 380%, with game sales accounting for 87% of that growth.

“These results are highly encouraging, but sustaining them demands ongoing innovation—particularly given the challenging economic climate and rising competition both at home and abroad,” Sarekoski said.

What will Veikkaus look like in 2030?

Veikkaus began 2026 on a positive note, despite flat sales performance in fiscal year 2025.

The annual report revealed that lottery games generated €497 million in revenue, representing 53.1% of total income.

The company has already launched its 2030 strategy, focusing on strengthening its financial position—evidenced by the recent appointment of Ilkka Kosola as Chief Financial Officer—and has publicly committed to becoming a significant international player by the end of the decade.

“Aligned with our vision, we aim to transform from a national gaming operator into a successful international competitor, enhancing our position in an increasingly global market,” Veikkaus stated in its FY25 results. “Our objective is to be a respected and successful international gaming group by 2030.”

With a profitable lottery division and an already global-facing business via Fennica Gaming, Veikkaus is well-positioned to become an international brand—provided it can weather the influx of competitors entering the Finnish market and adapt to the new regulatory environment.

Speculation about a potential initial public offering (IPO) has emerged as Veikkaus explores opportunities beyond Finland, though no official confirmation has been made. Given that the multi-license system does not take effect until 2027, any move toward public listing is likely to be delayed.

Maija Strandberg, Head of the department overseeing Finland’s state-owned assets, commented: “Veikkaus must prove it can compete in the open market. Is one year sufficient for the company to demonstrate this? We would then be approaching the end of 2028. Any decision would likely come near the decade’s close.”

For now, Veikkaus remains focused on advancing its growth within Finland.

“We will continue steadfastly on our chosen path, building a future where growth, responsibility, and continuous development go hand in hand,” Sarekoski concluded.