Finland’s state-owned gambling operator Veikkaus returned to growth during the first half of 2026, supported by stronger digital activity and rapid expansion at its international B2B subsidiary Fennica Gaming.
Veikkaus Group generated €471.3 million in actual sales revenue during the six months to 30 June, compared with €466.4 million in the same period of 2025. Operating profit increased to €227.7 million from €220.6 million, while profit for the period rose approximately 2% to €234.2 million from €229.6 million.
Digital channels were the main contributor to the improvement. They accounted for 64.5% of Veikkaus’ gross gaming revenue during H1, leaving 35.5% generated through physical sales channels. The company had about 2.7 million registered customers by the end of June.
GGR from Veikkaus’ Lottery and Land Based Gaming division reached €317.9 million, slightly above €317.5 million a year earlier. Within the division, digital GGR increased 9.1%.
The Betting and iCasino segment recorded €151.6 million in GGR, up from €146.5 million in H1 2025, with its digital business growing 5% year-on-year. Lottery games alone generated €254.5 million in GGR, compared with €246.1 million during the previous first half, helped by digital lottery growth and stronger Lotto jackpot levels.
Fennica Gaming accelerates international expansion
Veikkaus’ international B2B subsidiary Fennica Gaming delivered considerably faster growth than the group’s domestic operations.
Fennica generated €10.3 million in H1 revenue, an increase of 80.6% from €5.7 million a year earlier. During the period, the company expanded into Italy, Canada, two German states, Mexico, the Czech Republic and Iceland. It now supplies games in 21 markets across three continents.
The expansion forms part of Veikkaus’ wider effort to build an international gambling business as competition in its home market approaches.
Finland prepares to end Veikkaus’ online monopoly
Finland will introduce its new licensing system on 1 July 2027, ending Veikkaus’ exclusive position in areas including betting, online casino games, online slots and online bingo.
Veikkaus will continue to hold exclusive rights over lottery games, scratch cards, physical slot machines and land-based casino games. The Finnish government has confirmed that licensed private operators will be permitted to enter the competitive parts of the market from July 2027.
Veikkaus established two separate subsidiaries in May 2026 to prepare for the reform and submitted applications covering both its future exclusive activities and operations in the competitive licensed market.
The operator expects to pay approximately €1 billion in market-based compensation across the 10-year period for its retained exclusive licence. A substantial share is expected to be paid upfront during 2026, adding another financial consideration as Veikkaus prepares for the biggest restructuring of Finland’s gambling market in decades.