Multiple private firms have expressed interest in acquiring parts of Veikkaus, Finland’s state-owned gambling company, according to industry consultant Jari Vähänen.
Finland’s gambling market is set to transition to a licensed regime on 1 July 2027, prompting renewed debate over whether Veikkaus should be partially or fully sold.
Veikkaus has for decades channelled profits into public coffers but will lose its exclusive rights to online casino games and sports betting under the new system.
The company has split into two businesses to prepare for market liberalisation, with its online arm actively restructuring to compete against incoming private operators.
A survey by Finnish national broadcaster Yle revealed fragmented political opinion on a potential Veikkaus sale, with opposition parties generally more open to divestment.
SDP Party Secretary Mikkel Näkkäläjärvi remarked that “the state has in this situation no particular strategic interest in owning a gaming company.”
Centre Party’s Mika Lintilä similarly suggested that Veikkaus was “no longer a strategic company for the state in the same way as before.”
The Left Alliance stood alone in opposing any sale, with MP Timo Furuholm underscoring Veikkaus’ proven reliability as a revenue source for the Finnish state.
Government coalition parties showed greater caution, with the National Coalition Party calling for a comprehensive civil-service review assessing market dynamics and societal impact.
The Finns Party and Christian Democrats neither fully supported nor opposed divestment, warning against using a one-time sale to cover recurring government spending.
Speaking to Yle on 22 May, Vähänen, formerly a senior executive at Veikkaus, confirmed that foreign operators had made direct contact regarding a potential acquisition.
“A couple of gaming companies have contacted us and wondered whether Veikkaus might be for sale,” Vähänen told Yle during the interview.
Vähänen estimated the entire Veikkaus business could be valued at up to €4.5 billion, based on a 10x multiple of its annual gaming surplus of €450 million.
Digital verticals including online casino and sports betting could be worth between €1 billion and €1.5 billion, while the remaining monopoly business could reach approximately €3 billion.
Vähänen cautioned that Veikkaus’ financial returns had nearly halved over five years, warning that prolonged uncertainty could further erode value once licensing takes effect.
He has also highlighted the strategic importance of Veikkaus’ legacy player database, which includes up to 2.5 million registered customers.
“If they can’t bring those customers with them, the value of Veikkaus’ licensed business will be much lower. But if they start operations with 2.5 million customers, they will dominate the market,” he said.
Vähänen has publicly advised the government to sell its interest, arguing that state ownership in a competitive gambling market represents a significant conflict of interest.
“State ownership of a gambling company operating in a competitive market is at least a questionable solution,” he wrote in his draft response to the initial liberalisation framework in 2024.
In March, Veikkaus EVP of casino and sports betting Jarkko Nordlund said the company had undergone a major technology overhaul, including switching its sportsbook platform from DraftKings to OpenBet.
Government Ownership Steering Department director Maija Strandberg indicated in April that a near-term sale was unlikely, pointing to 2030 as a more probable timeline for any divestment.
Strandberg identified three preconditions for a sale: legislative changes enabling divestment, sound corporate governance, and a market environment conducive to a successful transaction.
Veikkaus has also experienced a continued revenue decline, with gaming lawyer Antti Koivula noting the company had lost roughly 40% of gross gaming revenue over approximately five years.
