Veikkaus CEO Olli Sarekoski Highlights €936M Revenue and Fennica Gaming Growth as Finland Moves Toward a Multi-Licence Market in 2027
Veikkaus Group reported €936.3m in revenue for 2025 as the Finnish state operator accelerates digital growth and international B2B expansion ahead of Finland’s planned gambling market liberalisation.
Group operating profit reached €431.6m, while net profit totalled €447.2m, slightly exceeding the company’s internal targets. Veikkaus will distribute €466.4m to Government Ownership Steering and €578.3m to the Finnish state for the year.
Despite a modest decline in overall gross gaming revenue earlier in the year, CEO Olli Sarekoski said performance strengthened in the second half of 2025, particularly across the company’s international operations and betting and iCasino division.
Sarekoski said, “Our result for 2025 slightly exceeded the target, and the decline in gross gaming revenue was curbed in the second half of the year. Our direction is now the right one. The latter half of the year was particularly strong for both our international business and the Betting and iCasino business.”
International B2B growth accelerates
A key growth driver came from Fennica Gaming, Veikkaus’ international B2B subsidiary, which expanded its Games-as-a-Service operations and distribution partnerships during the year.
The division’s turnover nearly doubled in 2025, reflecting Veikkaus’ strategy to diversify revenue beyond its domestic monopoly market while developing Fennica Gaming as a scalable international B2B supplier platform.
The operator expects recently signed distribution agreements to support continued international expansion in the coming years, providing an additional revenue stream as Finland prepares to open its domestic gambling market to competition.
Digital adoption strengthens domestic position
Within Finland, Veikkaus reported 2.7 million registered customers by the end of 2025, representing an increase of around 70,000 new players during the year.
Digital channels now account for 61% of gross gaming revenue, underscoring the operator’s continued shift toward online gambling as the regulatory environment evolves. Finnish regulators have simultaneously tightened oversight of online gambling promotion, including cases where influencers risk €30K fines for promoting unlicensed gambling.
Finland approves multi-licence gambling system
In December 2025, the Finnish Parliament approved a new Gambling Act introducing a partial multi-license system, allowing private operators to apply for licences to offer sports betting and online casino games in the market, following earlier legislative scrutiny and legal clarification requests outlined in our report on why Finland reassessed its Gambling Act over clarity concerns with the reform later receiving final confirmation after President Alexander Stubb approved Finland’s shift toward a commercial gambling market.
The new licensing system is expected to launch in summer 2027, giving Veikkaus roughly two years to restructure its operations and prepare its betting and iCasino business to compete in an open market.
Outlook
Veikkaus’ business divisions – international B2B, betting and iCasino, and lottery and land-based gaming have reached a performance level that supports expected growth in 2026.
In the near term, the operator’s focus will be on scaling international B2B revenue while preparing its domestic operations for competitive licensing, positioning Veikkaus to defend market share once Finland’s gambling market opens to private operators.
Source: Veikkaus
