Veikkaus Revenue Grows as Finnish Gambling Reform Nears

Veikkaus ended the first six months of 2026 with higher revenue and profit. The Finnish operator generated €471.3 million in sales revenue, while profit for the period reached €234.2 million.

The timing is important for the company. Finland is less than a year away from opening much of its online gambling market, and Veikkaus is already separating the business that will face competition from activities that will remain under exclusive rights.

Online Gambling Provides Most of the Increase

The first-half figures were slightly stronger than a year earlier, with digital channels accounting for a growing share of the business. Key H1 results included:

Sales revenue of €471.3 million, compared with €466.4 million in H1 2025;
Profit of €234.2 million, up from €229.6 million;
Operating profit of €227.7 million;
A 64.5% digital share of group gross gaming revenue.

Digital lottery and land-based GGR increased 9.1% year on year. Online betting and iCasino GGR rose 5%. Total betting and iCasino GGR came to €151.6 million, against €146.5 million in the same period last year.

Lottery and land-based gaming remained the largest part of Veikkaus, generating €317.9 million in GGR. Growth there was limited, leaving betting and iCasino as the stronger contributor to the overall increase.

Fennica Gaming Expands Outside Finland

Veikkaus also recorded faster growth at Fennica Gaming, its international B2B subsidiary. Fennica generated €10.3 million in revenue during the first half. That was 80.6% higher than the €5.7 million reported a year earlier.

The subsidiary entered Italy, Canada, Mexico, the Czech Republic, Iceland and two German states during the period. Its expansion gives Veikkaus another revenue source outside its home market.

The group had close to 2.7 million registered customers at the end of June.

Exclusive Licence Comes With €1 Billion Cost

Finland will open betting, online casino games and several other gambling verticals to licensed competition on July 1, 2027. Veikkaus will keep exclusive rights over lotteries and certain land-based products. The estimated compensation for that 10-year licence is around €1 billion.

A significant share of the payment is due on a front-loaded basis in 2026. That puts additional pressure on cash generation before the new gambling system starts.

Business Structure Changes Before Competition

Veikkaus has created two subsidiaries for the future market. One will operate the activities covered by exclusive rights. The other will compete in Finland’s licensed gambling sector.

The company has already applied for both licences and is changing parts of its internal organisation. Fifteen existing roles are expected to end, while 17 new positions are planned. Veikkaus has also joined Rahapeliala ry, Finland’s gambling industry association, as operators prepare for the new framework.

The latest figures suggest Veikkaus is entering the transition with better momentum than a year ago, particularly online. But H1 still reflects a market where the company faces no licensed domestic rivals in betting and iCasino. From 2027, the comparison will change. The key question will be whether its current digital growth can hold once customers have a wider choice of regulated operators.