Finland’s state monopoly operator Veikkaus Group has returned to growth in the first half of 2026, ahead of a major market transition set for mid-2027.
The company is preparing to pay approximately €1bn over a decade-long period to retain an exclusive licence covering key product categories in the restructured Finnish gambling market.
Licensed gambling operations under the new Finnish framework will officially begin on 1 July 2027, marking a significant shift away from the current monopoly model.
While Veikkaus will lose exclusive rights over betting and online casino games, it will retain exclusivity over lottery and slot machine games, scratch cards, and physical table games.
A significant portion of the €1bn market-based compensation fee is expected to be paid on a front-loaded basis before the end of this year, adding financial pressure to the transition period.
Consolidated results for the six months ending 30 June showed actual sales revenue rose to €471.3m, a marginal increase from €471.1m recorded in H1 2025, while net profit climbed 2% year-on-year to €234.2m from €229.6m.
Lottery performance was a key driver of growth, with gross gaming revenue from that segment reaching €254.5m, up from €246.1m in the same period last year.
The strong lottery figures were supported by the operator’s new Milli game and higher-than-average Lotto jackpot levels compared to the previous year’s comparison period.
Digital channels continued their upward trajectory, with digital-only lottery GGR rising 9.1% year-on-year and now accounting for 64.5% of Veikkaus’ total GGR, up 3.6% on the prior year.
Betting and iCasino GGR also grew, reaching €151.6m compared to €146.5m in H1 2025, with digital-only GGR in that segment expanding by 5% year-on-year.
Fennica Gaming, the international lottery and gaming B2B subsidiary of Veikkaus Group, delivered an explosive revenue surge of 80.6% year-on-year, generating €10.3m compared to €5.7m in H1 2025.
The subsidiary made major strategic moves in Canada and Italy, with Italy representing one of Europe’s largest lottery markets and Canada showing early iGaming regulatory momentum across several provinces.
Fennica has also expanded its footprint across Germany, Mexico, the Czech Republic, and Iceland, reflecting an increasingly aggressive international growth strategy.
Looking further ahead, Veikkaus is planning to enter the international B2C gambling space by the end of the decade, signalling ambitions that extend well beyond its domestic market.
