TLDR
- Finland’s iGaming market officially opens to international competition on July 1, 2027, ending the state gambling monopoly
- State operator Veikkaus will keep exclusive control over national lottery draws and physical slot machines
- Veikkaus cut 26 jobs and created 22 new roles to prepare for the competitive market
- The company reported €936 million in sales and €431.6 million in operating profit last year
- Government officials are discussing a possible future privatization of Veikkaus after market liberalization
Finland is about to make one of the biggest changes to its gambling industry in the country’s history. The state-run monopoly on online gambling is coming to an end. Starting July 1, 2027, international betting companies will be allowed to operate legally in Finland for the first time.
Regulators are already accepting license applications from global operators looking to enter the market. This marks a complete shift away from the system that has been in place for decades.
Until now, Veikkaus has been the only company allowed to offer gambling services in Finland. The state-owned operator has had full control over online and offline betting across the country.
Under the new rules, Veikkaus will lose its grip on the online casino and sports betting sectors. However, it will keep exclusive rights to run the national Lotto and Eurojackpot draws. It will also remain the sole operator of physical slot machines across Finland.
Veikkaus Restructures Ahead of New Competition
Veikkaus CEO Olli Sarekoski has said the company is ready for the change. He described international competition as a way to fight back against unregulated offshore platforms that have been taking market share.
The company has been making internal changes to prepare. Late last year, Veikkaus entered negotiations with 75 employees. The process ended with 26 positions being cut across three business units.
At the same time, the company created 22 new roles focused on commercial strategy. Management called the job changes necessary for the company’s future in a competitive market.
Veikkaus still holds a strong financial position heading into the transition. The company reported full-year sales of €936 million. That figure was slightly lower than the year before.
Operating profit came in at €431.6 million. Executives have said they expect growth in their digital casino and betting products going forward.
The company also says it benefits from strong brand recognition among Finnish consumers. That trust could be a key advantage when it starts competing with well-known global operators.
Privatization Talk and Regulatory Challenges
There has been growing talk about whether Veikkaus could eventually be listed on the stock market. Maija Strandberg, the Director General of Ownership Steering, confirmed that the government is reviewing its portfolio of state-owned companies.
She said current Finnish law does not allow for an immediate public offering of Veikkaus. But she added that parliament could revisit the idea after the 2027 market opening.
The current conservative government is pushing a large national investment program. That plan requires raising money through the sale of state assets, which has fueled the privatization discussion.
For new operators looking to enter Finland, the road will not be simple. Legal experts have warned about strict regulatory requirements that could slow early growth.
Incoming companies will need to meet tough rules on software licensing and anti-money laundering. There are also tight restrictions on marketing and strong duty-of-care obligations for player protection.
Regulators are still developing the final framework. Success for both new entrants and Veikkaus will depend on how well they can move players away from unlicensed offshore sites and into the regulated market.
