Finland considers Veikkaus IPO as part of 2027 gambling market liberalisation

• Finland may transition its state-owned gambling operator, Veikkaus, to a public company in 2027.
• The potential IPO is linked to the planned market liberalisation.
• Under the new law, several private operators will enter the Finnish market, bringing real regulated competition to Veikkaus for the first time.

Finland is considering the transition of its state-owned gambling operator, Veikkaus, to a publicly traded company following proposed gambling reforms scheduled for 2027.

While no formal IPO plans are in place, discussions within the government indicate that Veikkaus could become part of Finland’s stock market landscape as part of wider liberalisation efforts.

Background on the potential IPO

The Finnish government’s review of state assets has raised the possibility of Veikkaus’s partial privatisation, with officials confirming that the operator has been “circulating as a potential name” for a future IPO.

However, current legislation restricts any move towards an IPO, as the Lotteries Act grants Veikkaus a monopoly over all legal gambling activities in Finland. This monopoly prevents any share offering until the legal framework is amended, which is planned to happen in 2027 when new licensing laws will come into effect.

Market liberalisation reform

The reforms aim to establish a licensing system similar to that in Sweden, ending the era of a state monopoly and opening the market to private operators. Finland’s planned legislation will legalise online gambling, sports betting, casino games, and virtual betting for private companies holding B2C licences.

Some gambling activities, like lotteries and land-based games, are expected to remain under Veikkaus’s exclusive control.​

The new law is also set to regulate licences for B2B software providers, expected to begin in 2027, and enable several private operators to enter the Finnish market.​

Billion-euro market value

A partial sale of Veikkaus through an IPO would introduce private investors and reduce the Finnish state’s ownership stake. Veikkaus could be listed on the Helsinki Stock Exchange, joining other Finnish entities undergoing restructuring as part of a government plan to raise capital and optimise state ownership.​

While the government has not confirmed specific IPO plans, some estimates suggest Veikkaus’s market value could range between €4 and €10 billion.

Industry experts highlight that any potential sale would mark a significant shift in Finland’s gambling landscape, raising questions about foreign ownership and regulatory oversight.​

Mixed financials in 2025

Despite the positive outlook, Veikkaus has reported mixed financial results for the first half of 2025.

Revenue declined by 3.6% compared to the previous year, reaching €466.4 million, amid domestic pressures such as regulatory delays and shifts in consumer behaviour.​

Additionally, political hesitation and legislative ambiguities have caused uncertainties that could delay the market liberalisation timetable. The government’s cautious approach reflects concerns over potential social impacts and foreign investment dependencies.​

Future outlook

The move toward a regulated, licenced market in Finland represents a major advancement in the country’s gambling regulation, with reforms set to launch in January 2027.

If realised, the potential IPO of Veikkaus could significantly impact Finnish markets, offering new investment opportunities while reshaping the structure of the local gambling industry.​

As debate continues, regulators, investors, and industry stakeholders watch closely for legislative progress and the long-term implications of opening Finland’s gambling sector to private and internationalnal players.