More role changes as Veikkaus continues march towards competitive market opening

By jili tutorial · September 5, 2026

Veikkaus Continues Reorganization as Finland Readies for Open Gambling Market

Organizational Restructuring Amid Market Liberalization

Finland’s state-owned gambling monopoly, Veikkaus, is pressing ahead with internal restructuring as the country prepares for a partial market opening on 1 July 2027. The latest round of changes, announced on Wednesday, will see 15 existing roles eliminated and 17 new positions created across units such as Data & AI, two business divisions, and finance teams. Negotiations regarding terminations and new hires are expected to last about three weeks.

These moves are part of broader organizational shifts following Veikkaus’ decision in May 2026 to spin off two subsidiaries: one for its exclusive operations and another for the upcoming competitive, licence-based market. The company has submitted licence applications as a private entity, joining roughly 50 other firms that had applied by the end of June.

Leadership and Technology Upgrades

Late last year, Veikkaus reshuffled its management as part of the transition, eliminating the deputy CEO role after Velipekka Nummikoski moved to a new position. The operator has also made key operational and technology changes, including switching its sportsbook backend from DraftKings to OpenBet. To lead its competitive business, it has hired several industry veterans. Former Scientific Games executive Chris Armes was appointed Executive Vice President of Gaming Technologies in early August and will take up his post from Veikkaus’ Helsinki headquarters in autumn 2026.

In an interview last July, Veikkaus’ iGaming EVP Jarkko Nordlund told iGB: “The competition will be fierce when the market opens, so we must be very competitive. Our aim is to challenge the mentality of our current position, so we need to secure market leadership.”

Financial Performance for the First Half of 2026

According to its interim report released this week, Veikkaus reported sales revenue of €471.3 million ($546.8 million) for the first half of 2026, a 1% increase year-on-year. Operating profit rose to €227.7 million (from €220.6 million), while net profit reached €234.2 million (compared to €229.6 million a year earlier). The company attributed this positive momentum to growth in its digital channels.

Digital gross gaming revenue (GGR) accounted for 64.5% of the parent company’s total in H1, up 3.6 percentage points from the previous year. The number of registered customers rose to approximately 2,672,000 at the end of June, an increase of about 50,000.

Revenue Breakdown by Segment

Lottery and Land-Based Gaming: GGR was €317.9 million, flat compared to H1 2025. Lottery games contributed €254.5 million (up from €246.1 million), driven by a 9.1% increase in digital lottery revenue through the Veikkaus app and new product launches such as Milli (launched June 2025). Revenue from slot machines and physical table games fell to €63.4 million (from €71.3 million), mainly due to a smaller retail network and fewer slot machines.
Betting and iCasino: GGR rose to €151.6 million from €146.5 million. iCasino growth was fueled by an expanded game catalogue and a rapid expansion of live casino offerings.

International Expansion via Fennica Gaming

Veikkaus’ international B2B subsidiary, Fennica Gaming, continued its rapid expansion in H1 2026, with revenue surging 80.6% to €10.3 million (from €5.7 million). This growth reflects the launch of eInstants and iCasino products in markets including Italy, Canada, parts of Germany, Mexico, the Czech Republic, and Iceland. Veikkaus noted that Fennica now operates in 21 markets across three continents and multiple gaming verticals. Last year, Fennica secured an online supplier licence in the UAE.

Industry consultant Jari Vähänen, a former senior executive at Veikkaus, has estimated the entire business could be valued at up to €4.5 billion after market liberalization.

Adjusting to Finland’s New Gambling Act

Veikkaus is adapting to a partial liberalization under Finland’s new Gambling Act, ratified in January 2026. From July 2027, the company will lose its exclusivity over betting and iCasino products (which become licence-based), but will retain exclusive rights to lottery games, scratchcards, slot machines, and physical table games. Veikkaus has committed to paying market-based compensation for its exclusive operations — estimated at around €1 billion for a 10-year licence period — with a significant front-loaded payment scheduled for 2026.

As part of its preparations, Veikkaus recently joined the Finnish Gambling Association, the market’s trade body that has long lobbied for liberalization.

Kathryn Evans covers breaking news with a focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker, and lifelong Wrexham FC fan – long before Hollywood came calling.