Veikkaus reports H1 2025 revenue decline amid Finland’s gambling market shift

• Veikkaus Group’s actual sales revenue fell 3.6% to €466.4 million in the first half of 2025, with operating profit down 10.6%
• Delayed launch of Milli lottery game due to regulatory approval and lower Eurojackpot prize levels contributed to declining domestic performance
• International subsidiary Fennica Gaming achieved nearly triple revenue growth, securing licences in Ontario, Greece, and the UAE

Finland’s state-owned gambling monopoly Veikkaus has posted declining financial results for the first half of 2025, as the company prepares for the country’s planned transition to a multi-licence gambling system by 2027. The results highlight ongoing challenges in the domestic market while revealing significant international growth opportunities.

Veikkaus Group reported actual sales revenue of €466.4 million for January-June 2025, representing a 3.6% decline from €483.8 million in the corresponding period of 2024. Operating profit decreased more sharply by 10.6% to €220.6 million, whilst profit for the financial period dropped 9.0% to €229.6 million.

The parent company Veikkaus Ltd experienced similar performance challenges, with gross gaming revenue from gambling operations falling 3.9% to €463.9 million compared to the previous year. Operating profit for the parent company decreased 2.7% to €242.7 million.

Several factors contributed to the revenue decline in Veikkaus’s domestic operations. The launch of the new lottery game Milli was delayed from its planned schedule due to regulatory approval taking effect later than expected. Additionally, jackpot levels, particularly in Eurojackpot, were lower than the previous year, impacting lottery revenue.

According to the company’s press release, changes in general consumer behaviour and a decrease in purchasing power also affected Veikkaus’s business performance. These market dynamics reflect broader economic pressures impacting consumer spending on gambling activities.

Despite domestic challenges, Veikkaus’s international subsidiary Fennica Gaming demonstrated strong performance, with comparable revenue nearly tripling in January-June compared to the same period last year. The subsidiary’s growth was supported by the transfer of Veikkaus’s game studio operations under Fennica Gaming during the first half of 2025.

Fennica Gaming expanded its regulatory footprint significantly, obtaining B2B gaming vendor licences for Ontario in Canada, Greece, and the United Arab Emirates. The company now operates across three different continents, positioning itself for continued international growth.

The results come as Finland prepares for significant regulatory changes to its gambling market. The country is expected to introduce a partial multi-licence system for gambling in 2027, ending Veikkaus’s current monopoly position in certain segments. This transition represents a fundamental shift in Finland’s approach to gambling regulation.

Veikkaus has been investing significantly in both international and domestic business development to ensure competitiveness ahead of the regulatory changes. The company’s strategic focus on international expansion through Fennica Gaming appears designed to offset anticipated domestic market pressures from increased competition.

The gambling operator paid €55.3 million in lottery tax during the review period, which was €2.4 million less than the corresponding period in the previous year. This reduction reflects the lower domestic revenue performance during the first half of 2025.

At the end of June, Veikkaus had 2,625,000 registered customers, representing an increase of approximately 25,000 customers during the first half of the year. All Veikkaus games have been subject to authentication requirements since 1 January 2024, as part of enhanced player protection measures.