Veikkaus Returns to Growth in First Half as Digital Revenue Climbs

Veikkaus Group returned to a growth path in the first half of 2026, reporting higher sales revenue and profit as its Finnish digital channels and its international B2B subsidiary expanded, the state-owned Finnish gambling operator said in its January–June interim report announcement published on September 3, 2026.

The Group’s actual sales revenue for January to June 2026 was €471.3 million, up from €466.4 million in the same period a year earlier. Operating profit rose to €227.7 million from €220.6 million, and profit for the financial period reached €234.2 million, compared with €229.6 million in the first half of 2025.

Veikkaus said the improvement in revenue and profit was driven in particular by growth in its digital business. Gross gaming revenue from digital channels increased by 9.1% in the Lottery and Land Based Gaming business and by 5.0% in the Betting and iCasino business. At the end of June, the number of Veikkaus’ registered customers stood at 2,672,000, an increase of approximately 50,000 compared with the corresponding period a year earlier.

Digital Channel Lifts Finnish Operations

Chief executive Olli Sarekoski said the half-year performance developed positively and in line with the company’s expectations. He said investments in digital business and technical capabilities were delivering results in the current operating environment, and that the growth of the company’s online store in its Finnish businesses had exceeded the general market development in Finland.

In the first half of the year, 64.5% of Veikkaus Ltd’s gross gaming revenue came from the digital channel, with 35.5% from physical points of sale. The digital channel’s share increased by 3.6 percentage points from a year earlier. Veikkaus said gambling is shifting strongly towards the digital channel both in Finland and internationally.

The parent company, Veikkaus Ltd, recorded gross gaming revenue of €469.5 million for the period, up from €463.9 million a year earlier. The company paid a total of €56.1 million in lottery tax to the State, €0.9 million more than in the corresponding period in the previous year.

Fennica Gaming Posts Sharp B2B Growth

The company’s international expansion also accelerated during the period. Revenue at Fennica Gaming, the subsidiary engaged in international B2B operations that also produces games for Veikkaus’ Finnish businesses, increased by 80.6% in January to June to €10.3 million, up from €5.7 million a year earlier.

Sarekoski said Fennica Gaming’s growth continued in international markets as the company progressed with new channel partnerships and customer relationships. In the first half of the year, Fennica Gaming expanded its operations into several new markets: Italy, Canada, two German states, Mexico, the Czech Republic and Iceland. Veikkaus said Italy is Europe’s largest lottery market and one of its largest regulated gaming markets, making the entry an important milestone, while Canada is strategically significant as provinces expand online gaming. Fennica Gaming now operates across three continents, on 21 markets and in three game categories.

Licence Applications Filed Ahead of 2027 Market Opening

The results arrive as Veikkaus prepares for a structural change in its operating model. Finland’s gambling market will move to a licence-based system on July 1, 2027, ending the monopoly under which Veikkaus has operated. In May 2026, the company established two separate subsidiaries for the future market — one focused on exclusive operations and the other on the competitive licence-based market — and submitted licence applications for both.

Veikkaus said preparations for the market opening are progressing according to plan. By the end of June, around 50 other companies had applied for licences, a figure Sarekoski said was in line with the company’s expectations.

The interim report also disclosed the cost of Veikkaus’ continued exclusivity. The company will pay market-based compensation for the exclusive operations, a significant part of which, according to current information, will fall due for payment on a front-loaded basis during 2026. The total amount of the compensation is approximately €1 billion for the ten-year licence period.

Under the reform, Veikkaus’ exclusive right to offer gambling services will end for betting games and for online slot machine and casino games in the summer of 2027. The company will retain its exclusive right to lottery games, scratch cards, and physical slot machines and casino games. Finland’s Parliament approved the new Gambling Act on December 16, 2025, and the Act was ratified in January 2026. Under the framework, gambling companies were able to apply for licences from March 1, 2026, with licensed operations in the new market set to begin on July 1, 2027.

The reform also shifts oversight of the sector. Supervision of gambling activities will transfer from the National Police Board to a new Licensing and Supervisory Authority, and licence holders will be required to ensure that the gambling services they provide cause as little gambling-related harm as possible.

Sarekoski said Veikkaus has strong prerequisites to succeed in the new licence-based market, adding that the company is continuously developing its services and products to provide an entertaining and safe gaming environment, with technology and internationalisation as key factors.

Veikkaus, headquartered in Helsinki and owned by the Finnish state, employed an average of 1,222 people during the first half of 2026, up from 1,195 in the same period a year earlier. The Group reported cash and cash equivalents of €353.9 million at the end of the reporting period, with a balance sheet total of €503.3 million. The company said it continues active preparation for the upcoming multi-licence market and increasing competition, both in Finland and internationally.