Fennica Gaming still posting multimillion-euro losses despite revenue surge

Fennica Gaming, the international business unit and subsidiary of state-owned Veikkaus, reported a €15.5 million revenue for 2025 while continuing to record multimillion-euro losses. The company posted an operating loss of €5.8 million and a tilikauden (net) loss of approximately €6.0 million for the year. Management says losses have narrowed but profitability has not yet been achieved.

Fennica Gaming losses and the 2025 financial picture

Fennica Gaming's 2025 financials show strong top-line growth alongside persistent negative profitability. Revenue for the year was €15.5 million, more than five times the prior comparable base, yet the operating loss amounted to roughly 37% of revenue. Veikkaus reported the net loss for the financial year at around €6.0 million.

Company statements and the parent group's reporting attribute the narrowing of losses partly to new distribution agreements and an expanded product range. The unit continues to operate on a B2B model: it supplies digital lottery products, instant games and online casino titles to licensed operators in local markets rather than selling directly to consumers under its own brand.

"We want to leverage the experience gathered in our home market and develop games that have demand internationally," Jonas Reuter, head of international business at Veikkaus, said about the strategy behind Fennica's expansion.

Fennica Gaming losses shrink in H1 2026 as revenue accelerates

The trend continued into the first half of 2026. Fennica Gaming's revenue for H1 2026 was €10.3 million, up from €5.7 million in the first half of 2025, an increase of 80.6% year-on-year. Management attributes that acceleration to fresh market entries and additional distribution contracts secured during the period.

Veikkaus published the H1 figures in September 2026 as part of its group results. The parent emphasised that the subsidiary's revenue momentum is positive, even though the overall business remains loss-making.

Expansion: markets, footprint and product mix

Fennica Gaming has broadened its geographic footprint. By mid-2026 the company was active in 21 markets across Europe, North America and Latin America. The first half of 2026 saw market entries in:

• Italy

• Canada

• two German states

• Mexico

• the Czech Republic

• Iceland

The company operates a B2B game development studio based in Helsinki. Its product catalogue includes digital lottery-style products, instant (fast) games and casino titles adapted from Veikkaus's domestic portfolio and technology stack. Veikkauksen management says that portfolio and technological foundations developed in Finland have been adjusted to meet the requirements and player preferences of each market.

Fennica emphasises it operates only on regulated markets and in partnership with authorised local operators. That positioning is a deliberate part of Veikkus’s international strategy and consistent with the group’s licensing approach.

Strategy: how Veikkaus sees Fennica supporting international and domestic shifts

Veikkaus describes Fennica Gaming as the group's B2B games and technology vehicle for selling to corporate customers abroad. The parent has set a longer-term ambition in its 2025 annual report to become a respected international gambling group by 2030. Veikkaus's chief executive, Olli Sarekoski, has highlighted both international growth and the scalability of the group’s technology platform as strategic priorities.

Veikkaus is also preparing for changes at home. The company has been developing digital services, technology and organisational capability ahead of a planned licensing reform in Finland that will open a multi-license market. In September 2026 Veikkaus said it had applied for licences that would cover both activities retained under exclusivity and segments that will be opened to competition.

Jonas Reuter framed international partnerships as a learning route for operating in a more competitive Finnish market. He said that international deals teach the organisation how to work with different operator models and regulatory environments.

Commercial model and competitive context

Fennica Gaming sells via a B2B model rather than operating a consumer-facing brand overseas. That means its commercial counterparties are local licensed operators who integrate Fennica titles into their own portfolios. The company stresses compliance with local regulations and cooperation only with authorised operators.

Veikkaus recognises that Fennica competes on international stages with much larger industry players. The group's investment so far has produced rapid revenue growth but not profitability.

What this means for operators and suppliers

For operators seeking content, Fennica presents a supplier with products evolved from Veikkaus's Finnish catalogue and hardened for regulated markets. For platform and studio partners, the company’s continued losses signal a period of investment and international sales effort rather than immediate margin generation.

Veikkaus positions Fennica as a strategic asset to supply its corporate clients with games and technology while the parent adapts to a changing Finnish licensing regime.

Financial trajectory and outlook

The headline numbers are clear: €15.5m revenue in 2025, operating loss €5.8m, net loss ~€6.0m; H1 2026 revenue €10.3m, up 80.6% from H1 2025. Management points to new distribution agreements, product expansion and market entries as drivers of revenue growth. Profitability remains the outstanding objective and, for now, the subsidiary is in an investment phase as it scales across 21 regulated markets.

Veikkaus's public filings and the company commentary make the trade-off explicit: accelerate international sales and market footprint now, with the expectation of future returns as scale is achieved and as Veikkaus transforms for a multi-license domestic market.