Finland’s state-owned gambling operator Veikkaus reported a decline in profit during 2025, though the company still surpassed its financial targets for the year. The results came as the group invested more heavily in business development and prepared for significant regulatory changes expected to reshape the Finnish gambling market.

The company recorded total revenue of €936.3 million for 2025, compared with €959.1 million the previous year. Operating profit reached €431.6 million, down from €461.6 million, while profit for the financial year stood at €447.2 million compared with €471.5 million in 2024.

Despite the drop, the company stated that the outcome slightly exceeded the internal goals it had set for the year. Veikkaus will distribute €466.4 million to Government Ownership Steering and €578.3 million to the Finnish state for 2025.

Investments and Game Payouts Affect Annual Performance

Veikkaus said several factors contributed to the lower profit levels. The group increased spending on business development initiatives while also continuing preparations for the expected transition to a partially competitive licensing market in Finland.

Performance within the Lottery and Land Based Gaming division also affected results. Lottery jackpots during the year were lower than average, which reduced revenue from those games. At the same time, payouts in Keno were higher than usual, further affecting the group’s overall earnings.

Even with these pressures, the company reported signs of improvement toward the end of the year. Growth began to return in several parts of the business, particularly in international operations and digital gambling products.

Olli Sarekoski, CEO of Veikkaus, commented on the financial results and the progress seen during the year. He said: “Veikkaus Group’s result for 2025 slightly exceeded the target, and the decline in gross gaming revenue was curbed in the second half of the year. Our direction is now the right one. The latter half of the year was particularly strong for both our international business and the Betting and iCasino business. All three business divisions have now reached a performance level that provides a basis for expecting growth in 2026.”

International Expansion Gains Momentum

One area that showed notable progress in 2025 was the group’s international business. Fennica Gaming, Veikkaus Group’s subsidiary focused on business-to-business operations outside Finland, reported strong growth during the year.

The company’s Games as a Service segment nearly doubled its turnover. Fennica Gaming also signed several new distribution and channel partnership agreements that Veikkaus expects will support expansion in the coming years.

Within Finland, the company also reported improvement in its online gambling operations toward the end of the year. The betting and online casino division, which is expected to become a licensing-based subsidiary under future regulations, saw growth in both gross gaming revenue and market share during the final months of 2025.

Preparing for Finland’s Multi-License Gambling Market

Veikkaus also spent much of the year preparing for changes to the country’s gambling legislation. In December, the Finnish Parliament approved a new Gambling Act that will introduce a partial multi-license system.

Under the planned model, private operators will be able to apply for licenses to offer sports betting and online casino games to Finnish players. The reform marks a shift from the current structure in which Veikkaus holds a monopoly on most gambling activities.

The new licensing framework is expected to take effect in the summer of 2027. Veikkaus said its current customer base and digital infrastructure will play an important role when the market opens.

The number of registered Veikkaus customers increased by about 70,000 during 2025, bringing the total close to 2.7 million by the end of the year. Digital platforms also accounted for a growing share of activity, with online channels generating 61% of the group’s gaming revenue in Finland.

Sarekoski said the company supported the legislative reform and views the upcoming changes as an opportunity. “Veikkaus strongly supported the reform, which directs gaming to licensed offerings, reduces the role of the offshore market and creates a market where all operators are subject to the same rules and have equal opportunities. The forthcoming change is a major opportunity for Veikkaus.”