Veikkaus H1 2026 Revenue Hits €471m on Digital and B2B Growth

Veikkaus reported first-half 2026 revenue of €471.3m, attributing the gain to a marked rise in online activity and the continued contribution of its lottery products, as Finland prepares to open up its market to licensed competition by July 2027. The operator’s digital performance is outpacing the broader market, and international B2B growth is accelerating with new market entries and product launches.

Online Segment and Lottery Lead H1 Growth for Veikkaus

Veikkaus, the state-owned gaming operator in Finland, saw its online casino and betting operations generate revenue of €151.6m during the first six months of 2026, a 3.5% increase over the same period in 2025. Lottery remained the group’s largest segment, up 3.4% year on year to €254.5m. Land-based slots and table games made up €63.4m of the total.

Seasonal sporting events—including the Winter Olympic Games, Ice Hockey World Championship, and the start of the FIFA World Cup—added significant online momentum. Veikkaus also doubled its output from its in-house game studio, contributing to the casino’s digital gains.

Fennica Gaming: International B2B Expansion Drives Revenue

Fennica Gaming, Veikkaus’ B2B division, posted an 80.6% year-on-year revenue increase, hitting €10.3m for H1. This growth was propelled by launches in new markets: Italy, Canada, two German states, Mexico, Czechia, and Iceland. Fennica’s games also saw strong performance within the Finnish market, underlining an expanded B2B strategy that is gaining ground internationally.

Financial Highlights and Profitability

Operating profit for the first half of 2026 totalled €227.7m, after deducting expenses of €243.6m. Net profit reached €234.2m, a modest 2% rise compared to the previous year. Veikkaus CEO Olli Sarekoski framed the performance as a return to growth, commenting:

"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 our investments in digital business and technical capabilities are delivering results in the current operating environment." — Olli Sarekoski, CEO, Veikkaus

Sarekoski also highlighted that the operator’s digital share exceeded 64% of gross gaming revenue (GGR) in the period, outperforming market trends within Finland.

Preparing for Finland’s Liberalised Gambling Market

Finland will transition to a licensed, competitive model for online casino, sports betting, and horseracing by July 2027, ending Veikkaus’ exclusive rights in those segments. The company will retain its monopoly over lottery, scratchcards, and land-based casino and slot games. According to H2 Gambling Capital, Veikkaus remains the market leader, despite the existence of a substantial grey market.

For 2028, the first full post-transition year, online GGR in Finland is forecast to reach €1.6bn. More than 50 licence applications for the new commercial market had been received by the Finnish National Police Board by June 2026.

Veikkaus has restructured its business into two subsidiaries: one focused on the retained exclusive verticals, and another dedicated to activities under the new licence-based regime. Regulation of the new competitive market is expected to change operational and compliance dynamics for all participants.

Technology Investment and Recruitment

To prepare for increased competition, Veikkaus has prioritised digital product development, internationalisation, and the recruitment of new talent—including the appointment of Ilkka Kosola as CFO in May 2026. CEO Sarekoski pointed to the operator’s broadening skills base and multicultural team:

"Around 20 different languages can already be heard in the corridors of our offices, which is a concrete sign Veikkaus has become an international workplace community and money gaming group." — Olli Sarekoski, CEO, Veikkaus

Sarekoski emphasised that adapting to a licence-based market requires both new capabilities and a shift in culture, driven by ongoing development and the ability to adapt.

Outlook and Market Leadership in Finland

H2 Gambling Capital projects Veikkaus will maintain leadership in the market after liberalisation begins, even with a burgeoning licensed and grey sector. The strong H1 performance adds confidence ahead of the July 2027 transition.

For suppliers, B2B growth via the Fennica Gaming division and the segmentation of operations signal active moves to capture both exclusive and competitive verticals. Prospective entrants to the Finnish market should expect a well-resourced incumbent with a proven digital track record, international ambitions, and increasing technological capacity.