The Finnish government is set to dismantle the monopoly that Veikkaus holds in online casino games and sports betting. The licence-based market is expected to open from July 1, 2027, while licence applications began on March 1, 2026.
This timeline has placed the future of Veikkaus firmly onto the political agenda. Veikkaus has channelled gambling proceeds into public finances for decades, but the reform will change how that role works once private operators can compete for Finnish online customers.
Sale Talk Moves Into the Reform Debate
The debate goes beyond how Finland plans to regulate new market entrants. Another question for the government is whether it should remain the owner of a gambling company that will soon compete in a market regulated by the same state.
Jari Vähänen, who formerly worked at Veikkaus, said foreign gambling companies had shown interest in parts of the business. According to him, Veikkaus could be valued at up to €4.5 billion, based on a multiple of its annual gaming surplus.
His valuation breaks down the company into two large components. Online casino and sports betting could be valued at around €1 billion to €1.5 billion. The rest of the monopoly business, such as Lotto and gaming terminals, might be worth around €3 billion.
Parties Split Over State Ownership
Finnish political parties do not have a single line on Veikkaus. Some opposition voices have signalled support for a sale, arguing that the state may no longer have a strategic reason to own a gambling operator after liberalisation.
The Centre Party and Social Democratic Party have both shown openness to reviewing the company’s future. Liike Nyt has gone further by supporting full privatisation and a stock market listing.
Other parties are more cautious. Government coalition voices have pointed to the need for a broader review before any decision. The Left Alliance has opposed a sale, pointing to Veikkaus’ long role as a state revenue source.
Player Data Could Shape the Valuation
Veikkaus’ customer base could become one of the most important factors in any deal. Its legacy player database, which Vähänen has put at up to 2.5 million customers, could become one of the most sensitive issues in any sale.
Access to that pool of players could strengthen the online business. The lack of access might reduce the value of the digital division.
The company has already made preparations for the upcoming reform. The company’s online business will be competing with the private operators, while lottery games and gaming machines are expected to remain under Veikkaus’ monopoly.
Finland Faces a Timing Problem
The state does not have to act right away. Officials have previously suggested that any major ownership change may be more realistic closer to 2030 when Veikkaus demonstrates what it can achieve in the reformed market environment.
This postponement carries risks, however. Should Veikkaus’ earnings continue to weaken before or after liberalisation, its overall valuation could come under pressure. An early move could see the government selling too soon, before it has enough evidence of Veikkaus’ competitive strength.
From a Finnish perspective, the issue of Veikkaus is currently part of a broader reform story. The licensing policy will decide who gets into the market. Meanwhile, ownership policy will decide how far the state remains involved in Finland’s competitive gambling market.
