With gaming revenues falling the Finnish market is currently in a


state of transition as changes are due to be implemented to put an end to the total monopoly situation. Te Finnish gambling market was worth €1.51bn in terms of GGR in 2023 made up of Veikkaus Oy’s GGR and the amount Finns spend on digital gambling games provided by other operators.


and in 1933 the state intervened and issued a decree giving charitable organisations the exclusive right to operate slot machines. Tis resulted in competition between various organ- isations and so a new decree was issued in 1937 which specified that a new association should be set up and given the exclusive right to carry on gaming operations, whilst using its gaming revenue to fund the promotion of public health. And so Finland’s Slot Machine Association Raha-Automaat-


tiyhdisty (RAY) was launched a year later in 1938 and was es- tablished by eight charitable organisations together with repre- sentatives of the Finnish state. RAY began its operations in April 1938 and also began to manufacture its own machines at this time. Meanwhile, Veikkaus Oy, the Finnish National Lottery was set up in 1940 to control the football pools and the lotteries and Fintoto Oy, the third monopoly group, was set up in 2001 to govern horse racing pari-mutuel betting whilst providing funds for the Finnish Trotting and Breeding Association Suomen Hippos. Te three companies controlled the various markets until May 2016 when under a reform of the Lottery Act it was decided to establish a new company and merge the three state companies. All the shares of Fintoto were acquired by Veikkaus and RAY was transferred to the company as an asset deal whilst the shares of the old Veikkaus were transferred as a contribution in kind. Te reformed company was named Veikkaus Oy and began business on January 1 2017.


CHANGES AHEAD With gaming revenues falling the Finnish market is currently in a state of transition as changes are due to be implemented to put an end to the total monopoly situation. Te Finnish gambling market was worth €1.51bn in terms of GGR in 2023 made up of Veikkaus Oy’s GGR and the amount Finns spend on digital gambling games provided by other operators. In 2023 the digital gambling market was worth just over €1bn. By the first half of 2024 the Finnish gambling market was


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worth €790m with Veikkaus having a 60 per cent share of the market approximately. Meanwhile, the company’s gross gaming margin was not at expected levels for the first half of 2024. Op- erating income for Veikkaus Oy was €482.8m, down seven per cent January to June compared to 2023 first half year income whilst profit was down 18 per cent to €255.6m.


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