Finland: How Veikkaus prepares for the historic end of its gambling monopoly
For the first time in its history, gambling giant Veikkaus is preparing to operate on equal footing with international rivals. Finland’s planned shift to a multi-licence system in 2027 will end the company’s long-standing dominance over most forms of gambling.
The reform, designed to improve channelisation and tighten consumer protections, will bring all operators under the same regulatory roof. For Veikkaus, it marks an unprecedented turning point, one that the company’s senior leadership says it has been anticipating for years.
Answering SiGMA News’ questions, Reija Laaksonen (pictured above), Veikkaus’ EVP for People, Brand and Communications, described both the uncertainty and the opportunity that accompany the end of Finland’s monopoly model. “The new system offers many opportunities for Veikkaus. We have a strong position in Finland and an excellent brand internationally,” she said. “We are confident that we will continue to be a stable, responsible and competitive player with strong market leadership in Finland even under the new system.”
From monopoly to the marketplace
The transition to a licensed model is designed to bring foreign operators, long active in Finland’s grey market, into the regulated sphere. For Veikkaus, it means confronting open competition, but Laaksonen argues the company has effectively been competing for years.
“Although Veikkaus has a monopoly on organising gambling in Finland, we have been in a competitive situation for a long time. Finns also consume the services of unauthorised operators in Finland online,” she explained to SiGMA News. Rather than fearing new entrants, she described a sense of relief that “finally all licensed operators will be subject to the same gaming rules. At the moment, the situation is such that other operators are not bound by certain liability regulations and they also do not pay taxes to Finland.”
This levelling of the regulatory field is significant. Offshore, illegal gambling has risen steadily, with more than €500 million gambled through foreign providers in early 2025. Veikkaus hopes that channelisation will improve once all competitors, domestic and international, play by the same rules.
Yet how much of that leakage can actually be recovered remains uncertain. “It is almost impossible to assess the matter,” Laaksonen admitted. “But of course our goal is to channel Finnish gambling to us as comprehensively as possible. The new system provides good tools for this, as licensed operators are subject to the same rules.”
Defining what it means to “win” after 2027
Veikkaus officials have said repeatedly that the company intends to be “ready to win” when the market opens. For Laaksonen, that ambition is rooted in fundamentals.
“Strong market share,” she said. “It is possible to achieve this with the help of a good brand, excellent customer experience and our skilled employees.”
Finland’s gambling overhaul will leave lotteries and physical slot machines under Veikkaus’ exclusive control, but online casino games and sports betting, the most lucrative and fastest-growing segments, will become open to competition. This has already pushed Veikkaus to modernise its operations, reorganise teams and recruit new digital specialists.
Internally, the company has argued that it must learn to behave like a commercial operator without abandoning its public-sector roots. “We have long proven that we can compete,” Laaksonen said. “The world is changing, and so is the gambling industry, but we want to be at the forefront and set the direction and example for others in the industry.”
That balancing act will become even more delicate if political discussions about a potential future initial public offering gather pace. Government officials have floated the idea of listing Veikkaus on the stock exchange after 2027. On that point, Laaksonen offered no endorsement: “Veikkaus has no comment on the matter. The company fully implements the will of its owner, the Finnish state, and holds regular discussions with it about strategy.”
When asked whether reduced state ownership could reshape the company’s mission, she remained firm: “Speculating on possible changes in ownership and their effects is not Veikkaus’s job, and the company does not want to take a position on the matter.”
Betting on international growth
While Veikkaus prepares for fiercer competition at home, its international arm, Fennica Gaming, is emerging as a crucial pillar of its long-term plans. The subsidiary develops digital casino content and technology for operators abroad, and it is expanding rapidly.
“Fennica Gaming has done an excellent job,” Laaksonen said. “It already offers its services comprehensively to different parts of the world and is growing all the time. The company’s importance and role in the Group’s strategy is significant. Our mission is to be a respected and successful international money gaming group by 2030.”
Asked whether global revenues could eventually compensate for domestic pressures, she rejected the idea of trade-offs: “We want to be a strong player both domestically and, through Fennica, in international markets. These things are in no way mutually exclusive, but on the contrary, they support each other.”
International expansion is becoming increasingly important as Veikkaus’ domestic revenue continues to slip amid economic pressures, delayed product launches and rising competition from foreign sites. But the company sees its overseas growth not as an escape but as a reinforcement, a way to ensure that it remains competitive, innovative and capable of leading in a newly liberalised market.
Pressure and possibility
The end of Finland’s gambling monopoly marks a historic turning point for Veikkaus. After decades of operating as the nation’s sole provider, it now wants to reshape itself into a contender, leaner, more digital and more outward-looking.
The reforms carry risk. Competition will be intense, offshore play may not vanish, and political debate over the company’s future ownership is only beginning. But in the view of its senior leadership, the new era brings opportunity as much as upheaval.
“We are prepared for all kinds of scenarios and trust our own expertise and actions,” Laaksonen concluded.
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