Finland’s state-owned gambling operator Veikkaus could be listed on the stock market in the coming years, as political discussions continue around the long-term restructuring of the country’s gambling sector. Although officials stress that no plans are currently in motion, the possibility of an initial public offering (IPO) has surfaced in debates tied to wider state financing goals.
In an interview with local media, Finland’s Director General of Ownership Steering, Maija Strandberg, confirmed that Veikkaus has been “circulating as a potential name” among state companies being evaluated for a future stock market listing.
Strandberg emphasised that a Veikkaus IPO is not topical under current legislation. However, the ongoing gambling reform, transitioning from a monopoly to a competitive licensing model, is expected to introduce the legal provisions required to enable such a listing after 2027.
IPO hints at privatisation efforts
An IPO would allow Veikkaus to offer public shares for the first time, opening investment to private stakeholders. If pursued, it would see the operator join the Helsinki Stock Exchange and shift from complete state control to partial private ownership.
For now, existing legislation remains the key barrier. Under the Lotteries Act, Veikkaus operates as Finland’s exclusive gambling provider, both online and offline. That monopoly structure prohibits public share issuance, meaning any listing would only become legally viable once the reforms planned for 2027 take effect. Officials have reiterated that the discussion remains speculative until lawmakers finalise the restructuring of Finland’s gambling governance.
The Finnish government has been considering the partial privatisation of select state-owned companies to raise revenue for a €4 billion investment programme. Posti, the state postal service, has been cited as a comparable example currently under review for potential listing. Supporters argue that selective divestment can strengthen public finances without undermining essential services.
Critics, however, warn that loosening ownership rules may increase foreign influence over strategic national assets. Economists and opposition figures have raised concerns that Finland risks becoming a “subsidiary economy”, one heavily shaped by overseas shareholder interests.
Race to dismantle monopoly by 2027
The catalyst behind the current debate is Finland’s decision to dismantle Veikkaus’ monopoly by 2027, replacing it with a licensing regime similar to Sweden’s. From early 2027, multiple operators will be permitted to offer gambling legally, subject to suitability, transparency and anti-money-laundering requirements. Business-to-consumer (B2C) operators are expected to begin applying for licences in 2026, while business-to-business suppliers, including platform providers and game studios, will follow from 2028.
Authorities say the new model aims to improve consumer protection, reduce offshore gambling leakage, and bring more activity into the taxable regulated market. Notably, Finland plans stricter responsible gambling measures than comparable EU jurisdictions, including tighter advertising controls.
One of the most contentious proposals is a ban on affiliate marketing. Under current plans, third-party websites, influencers and content creators will no longer be allowed to promote licensed operators. Instead, promotional content from influencers would be limited to operators’ own official channels, significantly reducing external referral networks. The government argues that this approach removes “gatekeepers” who may encourage high-risk behaviour for commission.
Regulators have already issued warnings to influencers promoting gambling content, with potential fines of up to €30,000. Enforcement is expected to scale up as the market opens. As Finland transitions from a monopoly to a competitive model, further political debate is anticipated. For now, Veikkaus’ potential IPO remains a distant prospect, contingent on legal reform, market conditions, and public appetite for partial privatisation.
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