Fennica Gaming posts multimillion-euro losses despite strong 2025 growth

Fennica Gaming, the international subsidiary of Veikkaus, recorded €15.5 million in revenue in 2025 while accumulating an operating loss of €5.8 million and a net loss for the year close to €6 million. The result reflects a reduction in losses versus prior years, but the business is not yet profitable. At the same time, the company increased its international footprint: it now operates in 21 markets and expanded its catalogue and distribution agreements.

Results of Fennica Gaming for 2025 and the first half of 2026

For full-year 2025 Fennica Gaming’s turnover amounted to €15.5 million. The report registered an operating loss of €5.8 million and a net loss for the year of approximately €6 million. Although losses have narrowed compared with previous years, the company is still not profitable.

According to the accounts published by Veikkaus, in the first half of 2026 the subsidiary reported revenues of €10.3 million, versus €5.7 million in the same period of 2025, representing year-on-year growth of 80.6%. The H1 growth underlines commercial acceleration after new partnerships and portfolio expansion.

How growth can coexist with losses

Revenue increases are attributed to two concrete factors: signing new distribution agreements and enlarging the product catalogue, which includes digital lottery games, instant-win games and online casino titles. Veikkaus has adapted its collections and Finland-developed technology to fit the local requirements of other markets.

The commercial activity is carried out under a B2B model: Fennica Gaming supplies products and services to regulated local operators rather than operating under a consumer-facing brand abroad. That approach allows the company to scale its technology and content offering without competing directly for end customers.

Expansion and presence in regulated markets

During the first half of 2026 Fennica Gaming entered new territories: Italy, Canada, two German states, Mexico, the Czech Republic and Iceland. The company states it operates exclusively in regulated markets and in cooperation with licensed operators.

Veikkaus has positioned its B2B development studio in Helsinki as the technical hub of the international project. The parent company’s declared intention is to leverage experience accumulated in Finland to create products with demand abroad.

In this context the company highlights the importance of understanding the local specificities of each market before launching a product.

Corporate strategy and preparation for a more competitive domestic market

Veikkaus intends to increase its international presence while Finland prepares to open a new licensing market. Fennica Gaming fits that strategy as the group’s games development and technology provider for corporate clients.

Veikkaus also applied in September for permissions to operate both under an exclusivity model and in competitive activities as part of its licensing reform preparation. The company places platform scalability and international growth among its priorities; management recognises competition from larger players in global markets.

Organisation, leadership and positioning

Jonas Reuter, Head of International Business at Veikkaus, has emphasised the intention to use domestic experience to develop games with international appeal and the need to understand each market’s characteristics in new partnerships. Olli Sarekoski, Chief Executive Officer of Veikkaus, has stressed the importance of international growth and platform scalability.

Fennica Gaming operates under a B2B model from its Helsinki studio and offers a product portfolio based on technology and content developed in Finland, adapted to local clients. For operators and suppliers interested, the company provides solutions that combine catalogue and technical platform; this has implications for suppliers in the chain: the ability to deliver integrated product and technology will be valued.

What this means for the market and for Veikkaus

Maintaining a focus on regulated markets and cooperation with licensed operators limits reputational and regulatory risk, but the company will need to continue scaling revenues to reach operating profitability. Veikkaus set out in its 2025 annual report the objective of becoming a respected and profitable international gaming group before 2030.

For B2B readers, Fennica Gaming’s expansion creates opportunities for technical and commercial collaboration, particularly in catalogue integration and local-market operations. The offering of locally adapted digital lottery products and casino titles can be a commercial argument for operators looking to refresh content and technology. For partner enquiries see the company’s [platform and services](/b2b) and regulated-market approach in our [regulation](/regulation) section.

Links of interest

The description of the platform and B2B offering appears under the company’s platform and technology services section; the references to activity in regulated markets are relevant for operators; and the leisure-oriented products are part of the segment’s casino and lottery games portfolios.