Veikkaus Increases Revenue to €471.3 Million Driven by Online Channel and B2B Expansion

Veikkaus, the state gaming operator in Finland, closed the first half of 2026 with revenues of €471.3 million, resulting from a notable boost in the digital channel and an international expansion of its B2B arm. This performance comes just before the anticipated regulatory liberalization of the Finnish market, set for July 2027.

Digital Growth: Online Vertical Drives Semi-Annual Results

Veikkaus's online segment achieved revenues of €151.6 million in the first half of 2026, representing a 3.5% growth compared to the same period in 2025. Officials attributed this positive evolution to the impact of major sporting events —Winter Olympic Games, Ice Hockey World Championship, and the kickoff of the FIFA World Cup— and the doubling of games launched by the in-house development studio. As reflected by CEO Olli Sarekoski, "the growth of our online store has outpaced the overall market growth" in Finland, positioning the digital channel as the source of 64.5% of the GGR for the period.

Lotteries and In-Person Games: Key Contributions

The main revenue driver remains the lottery division, which contributed €254.5 million in the semester, an annual increase of 3.4%. In-person games —slot machines and table games in physical venues— accounted for €63.4 million. Although they continue to experience competitive pressure and a regulatory transition context, these segments maintain relevance in Veikkaus's business mix.

Fennica Gaming: International B2B Business Expands

The international subsidiary Fennica Gaming, responsible for B2B developments outside Finland, reported an 80.6% increase in revenues year-over-year, reaching €10.3 million. This variation was based on the entry of its products into markets in Italy, Canada, two German states, Mexico, Czech Republic, and Iceland. Furthermore, games developed by Fennica also contributed to the Finnish market itself. The international B2B strategy appears linked to Veikkaus's preparation for competition once the open licensing model takes effect.

Financial Results and Competitive Environment

The operator closed the period with an operating profit of €227.7 million after deducting €243.6 million in expenses. The net profit reported for the semester stood at €234.2 million, a growth of 2% compared to 2025. Veikkaus faces the challenge of sustaining its leadership position ahead of imminent liberalization, which will open competition in online casinos, sports betting, and horse racing starting July 2027. The company will retain exclusive rights for lotteries, scratch cards, and live games. According to H2 Gambling Capital, Veikkaus will maintain its leadership even with a robust grey market. In the first full year following the transition, the online GGR could reach €1.6 billion.

Regulatory Preparations for the Liberalized Market

In preparation for the new framework, Veikkaus has created two subsidiaries, one dedicated to exclusive operations and another for the competitive market based on licenses. In May, Ilkka Kosola was appointed as the new CFO, strengthening the executive team for the upcoming phase. The Finnish National Police Board —the main regulator— confirmed in June that more than 50 license applications had already been submitted for operation in the commercial market, anticipating an environment with multiple players from 2027.

"Veikkaus is in an excellent position to excel in the new regulated licensed market. We have strengthened the necessary capabilities and recruited relevant talent from Finland and other markets," summarized Olli Sarekoski, CEO of Veikkaus.

The company highlights its advancement in internationalization, noting that 20 different languages coexist in its offices. Sarekoski emphasizes that adapting to global competition requires an agile culture and ongoing renewal of products and services.

Outlook: Internationalization and Continuity in Finland

Veikkaus aims to leverage its experience and technical capabilities —backed by the expansion of Fennica Gaming— as an advantage in the liberalized market. The focus on technology and internationalization appears central to maintaining market share against private international and local competition. The expectation of an online casino and betting GGR reaching €1.6 billion after the opening highlights the attractiveness and complexity of the upcoming environment. The transition comes amidst a context where Veikkaus continues to lead while adapting to new rules and competitive dynamics.