In 2024, Finnish players spent approximately €1.07 billion on gambling through Veikkaus, the state-owned monopoly operator. This figure reflects a 7.3% decline in sales revenue compared to the previous year, totaling €956.2 million, as reported in Veikkaus’ full-year results published in March 2025.
Revenue Decline Attributed to Tax Increases and Regulatory Changes
Veikkaus’ operating profit also saw a significant drop of 19.6%, amounting to €466.8 million. The company attributed this decline to substantial investments and an increased lottery tax, which rose from 5% to 12% in 2024, resulting in a €114.2 million contribution to the Finnish state .
Additionally, new regulations affecting ticket-based and scratchcard games required updated certifications, impacting gross gaming revenue. These changes, coupled with shifts in consumer behavior and decreased purchasing power, contributed to the overall downturn.
Digital Gaming Surpasses Physical Sales
Despite the revenue decline, Veikkaus reported growth in its digital gaming sector. Approximately 60% of gross gaming revenue came from digital sources, while 39.8% was generated through physical points of sale . The company also expanded its registered customer base by 80,000 users, reaching a total of 2.6 million by the end of 2024.
Veikkaus has been investing in its digital channel, with games developed by its in-house gaming studio contributing significantly to online casino and eArpa service revenues.
International Expansion Through Fennica Gaming
Veikkaus’ B2B subsidiary, Fennica Gaming, experienced international growth in 2024, expanding into three new continents. The company provides online lottery and slot services in markets including the US, France, UK, and Sweden. Fennica Gaming reported sales of €3 million, marking a 181% increase year-on-year, although it posted a loss of €8.6 million .
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Anticipated Market Liberalization in 2026
Finland plans to open its online gambling market to private competitors in 2026 or early 2027. Under the new system, Veikkaus will receive a license to operate a separate business arm in competition with private licensees while retaining exclusivity in retail slots and lottery operations.
Veikkaus CFO Regina Sippel expressed optimism about the upcoming reforms, stating, “The reform of the gambling system is a great opportunity for Veikkaus, and we have done long-term work to prepare for the future”.
Challenges from Unlicensed Operators
Veikkaus continues to face challenges from international gambling platforms, such as online casinos in Australia. Estimates suggest that Finnish players spent approximately €550 million on unlicensed gambling in 2024 . This competition has eroded Veikkaus’ market share, particularly in non-lottery categories.
As Finland moves toward market liberalization, Veikkaus aims to strengthen its position through digital innovation and responsible gaming initiatives. The company has implemented mandatory customer registration for all games and increased its efforts in care communications to promote safer gambling practices.