Veikkaus Restructuring Under the Gambling Act
Veikkaus's exclusive rights, its move into the competitive market, and the state's ownership position
Last verified: 2026-09-28
The Gambling Act requires Veikkaus Group to apply for a licence to keep its exclusive-rights business and lets it separately compete for gambling licences in the newly opened market, with internal functions kept clearly separate and Veikkaus no longer required to stay wholly state-owned.
Veikkaus Restructuring Under the Gambling Act
Overview
Veikkaus Oy was formed on 1 January 2017 when Fintoto, Raha-automaattiyhdistys and the former Veikkaus Oy merged into a single, wholly state-owned company. Under the Gambling Act reform, Veikkaus Group must apply for a licence to keep its exclusive-rights business (money lotteries, pools, physical slot machines and casino games) and may separately apply for gambling licences in the newly competitive market; the company already describes its Betting and iCasino division as its future licence-based subsidiary and its lottery and slot-machine businesses as the future monopoly subsidiary.
To prevent the group's exclusive-rights position from distorting competition, functions such as gambling websites, player accounts and customer registers must be kept clearly separate between the exclusive and competitive-market businesses, and their financial relations must be organised on market terms. Veikkaus need no longer be wholly state-owned under the reform, though the state's holding does not change immediately, the state retains control in all circumstances, and giving up part or all of the holding would require Parliament's approval; the Prime Minister's Office remains responsible for state ownership steering of the whole group. The exclusive licence holder pays the state a fee set by the Government based on its gambling proceeds, and the licence stays valid only while that fee is paid.
Formation of Veikkaus Oy in 2017. [1]
Requirement to apply for licences and separate the exclusive and competitive businesses. [2]
Veikkaus Group's own description of its future subsidiary structure. [3]
Key facts
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Finland's current gambling system rests on the Lotteries Act (arpajaislaki, 1047/2001): the wholly state-owned Veikkaus Oy holds the exclusive right to operate gambling games in Mainland Finland.
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Veikkaus Oy was formed on 1 January 2017 when Fintoto Oy, Raha-automaattiyhdistys and the former Veikkaus Oy merged into one wholly state-owned gambling company.
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The Åland-based operator PAF is outside the Veikkaus monopoly system in Mainland Finland; the reform allows PAF to apply for a Finnish licence, and the Ministry says the lottery tax and corporate tax paid by PAF would be remitted to Åland.
Sisäministeriö (Ministry of the Interior), Valtioneuvosto / Finlex
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Veikkaus Group must apply for a licence for its exclusive operations and may also apply for gambling licences in the competitive market; the exclusive operator and the competitive-market company must keep functions such as gambling websites, player accounts and customer registers clearly separate within the group and organise their financial relations on market terms.
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The exclusive licence holder pays the state a fee whose amount the Government sets on the basis of its gambling proceeds, and the exclusive licence stays valid only while the fee is paid; all licence holders also pay an annual supervision fee to cover the supervisory authority's costs.
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Marketing of the Veikkaus monopoly business will follow the same provisions as the competitive market with certain exceptions; Veikkaus still may not market physical slot machines and casino games or the venues where they are played, except within the monitored arcades and casinos.
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Veikkaus Group reported sales revenue of EUR 936.3 million for 2025 (2024: EUR 959.1 million), operating profit of EUR 431.6 million, close to 2.7 million registered customers at year-end, and 61% of its Finnish gross gaming revenue from digital channels; these are company-reported figures.
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Veikkaus Oy need no longer be a wholly state-owned company under the reform; the state's holding does not change immediately, the state keeps control in all circumstances, and any later decision to give up part or all of the holding requires Parliament's approval.
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Veikkaus Group's Betting and iCasino business division is described by the company as its future licence-based subsidiary, and its lottery games and slot machines business as the future monopoly subsidiary; the Prime Minister's Office remains responsible for state ownership steering of the whole group.
Sources
- Valtioneuvosto / FinlexPrimary source — HE 16/2025 vp: Hallituksen esitys eduskunnalle uutta rahapelijärjestelmää koskevaksi lainsäädännöksi — https://data.finlex.fi/api/media/government-proposal/904588/mainPdf/main.pdf
- Sisäministeriö (Ministry of the Interior)Primary source — Questions and answers on gambling system reform — https://intermin.fi/en/projects/reform-of-the-gambling/questions-and-answers
- Veikkaus OyPrimary source — Parliament approved the new Gambling Act — https://www.veikkausgroup.com/en/news-and-media/company/parliament-approved-new-gambling-act