Veikkaus returns to growth with €471.3m in H1 revenue

By jili tutorial · September 4, 2026

Veikkaus Returns to Growth with €471.3 Million in H1 Revenue

Finland’s state-owned gambling monopoly Veikkaus has reported a return to growth in its first-half 2026 results, driven by strong digital channel performance. The company also prepares for the opening of Finland’s online gambling market to licensed competition in July 2027 and the payment of around €1 billion for its remaining exclusive rights.

Digital Growth Drives Revenue and Profit

Veikkaus Group’s actual sales revenue for the six months ending 30 June 2026 reached €471.3 million, a 1% increase compared to €466.4 million in the same period last year. Operating profit rose to €227.7 million, while profit for the period stood at €234.2 million, up 2% year-on-year.

The operator attributed the improvement mainly to growth in its digital business. Gross gaming revenue (GGR) from digital channels increased by 9.1% in the Lottery and Land Based Gaming division and by 5.0% in Betting and iCasino. Digital now accounts for 64.5% of parent company Veikkaus Ltd’s GGR, a rise of 3.6 percentage points, with physical points of sale making up the remaining 35.5%.

Lottery and Land-Based Gaming: Mixed Results

In the Lottery and Land Based Gaming division, overall GGR remained nearly flat at €317.9 million (up 0.1% from €317.5 million). Lottery games grew to €254.5 million from €246.1 million, supported by the launch of the Milli game in June 2025 and higher Lotto jackpot levels compared to the prior year.

However, revenue from slot machines and physical table games fell to €63.4 million from €71.3 million, a decline of 11.1%. Veikkaus cited a shrinking retail network and a reduced number of machines as the main reasons.

Betting and iCasino: Continued Growth

The Betting and iCasino segment posted a 3.5% increase in GGR to €151.6 million, up from €146.5 million. The growth reflects stronger digital engagement and customer acquisition.

Fennica Gaming Expands Internationally

Veikkaus’ B2B subsidiary Fennica Gaming saw revenue jump 80.6% to €10.3 million (from €5.7 million). The comparison period did not include revenue from Finnish businesses, as the Game Studio only transferred to Fennica in April 2025.

During the half, Fennica launched eInstants and online casino games in Italy, Canada, two German states, Mexico, the Czech Republic, and Iceland. It now operates in 21 markets across three continents, with iCasino games live in seven of those markets.

CEO: Investments in Digital Paying Off

Veikkaus CEO Olli Sarekoski commented: “Veikkaus’ first half of the year has developed positively and in line with our expectations: we have returned to a growth path. It is great to see that our investments in digital business and technical capabilities are delivering results in the current operating environment.”

Preparing for a Competitive Market: Exclusivity and Licensing

In May, Veikkaus established two subsidiaries – one for its exclusive products and one for the competitive market – and filed licence applications for both. By the end of June, around 50 other companies had also applied, a figure Veikkaus said was in line with expectations.

After July 2027, Veikkaus will retain exclusive rights to lottery games, scratch cards, slot machines, and physical table games. It will pay market-based compensation of approximately €1 billion over the ten-year licence period, with a significant portion due on a front-loaded basis during 2026.

Parent Company Performance and Organisational Changes

Veikkaus Ltd’s operating profit declined to €227.3 million from €242.7 million, because the 2025 comparison included €20.7 million of non-recurring income from the Game Studio’s internal business.

On 2 September, Veikkaus launched change negotiations covering its Data and AI unit, two business units, and finance teams. The plan involves ending 15 positions and creating 17 new ones. On the same day, the company joined Rahapeliala ry, the trade body representing online gambling operators in Finland.

Key Financial Highlights (H1 2026 vs H1 2025)

Metric	H1 2026	H1 2025	Change
Actual sales revenue	€471.3m	€466.4m	+1.0%
Operating profit	€227.7m	€220.6m	+3.2%*
Profit for the period	€234.2m	€229.6m	+2.0%
Lottery and Land Based Gaming GGR	€317.9m	€317.5m	+0.1%*
— Lottery games	€254.5m	€246.1m	+3.4%*
— Slot machines and physical table games	€63.4m	€71.3m	−11.1%*
Betting and iCasino GGR	€151.6m	€146.5m	+3.5%*
Fennica Gaming revenue	€10.3m	€5.7m	+80.6%
Lottery tax paid to the State	€56.1m	€55.3m	+1.6%*

*Changes marked with an asterisk are calculated by European Gaming from reported figures; all others as stated by Veikkaus.