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Veikkaus has long held the monopoly on online
gambling but a report by the Ministry of Interior in 2023 showed that Finland gamblers wagered an estimated €500m every year on foreign unlicensed gaming sites meaning Veikkaus’
share of the online gambling market in Finland is around 54 per cent.
Managing Director Olli Sarekoski said in Veikkaus’ interim
2024 report: “Te decline in Veikkaus Group’s results has been influenced by many different factors. Veikkaus Oy’s gaming gross margin has decreased, among other things, due to the in- troduction of an identification requirement for all games. Te general change in consumer behaviour and the decline in pur- chasing power have also had an impact on Veikkaus business. “Several game launches have been delayed because official
permits have not progressed as expected. Operating expenses and personnel expenses have increased due to the general increase in cost levels, which has also affected Veikkaus Group’s results.
“In addition the decline in profit was also affected by significant
investments in the group’s future. Development investments were made in both domestic business and international business between companies. Investments have been made in particular to build Veikkaus’ competitiveness in the digital channel. “Veikkaus is also running a large-scale enterprise resource planning system project, the aim of which is to renew and mod- ernise several operational areas during 2024 and 2025.” In 2023 Veikkaus saw an additional 180,000 new customers
added bringing its customer base to 2.5 million registered players. Te company saw a total of €1.03bn in revenue in 2023 of which €466.8m (45 per cent) was from the retail network and €565.2m was from the digital channels. Tis was a 3.6 per cent drop on 2022 revenues. Of this revenue €585m went to bene- ficiaries, €82m in retail commissions, €52m in lottery tax and €313m went to operating costs. Veikkaus Oy profit was down 14 per cent year on year to €585m. Declines are attributed to an increase in lottery tax, Veikkaus investments, and one-time cost entries generated by
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cooperation negotiations. Veikkaus has long held the monopoly on online gambling but a report by the Ministry of Interior in 2023 showed that Finland gamblers wagered an estimated €500m every year on foreign unlicensed gaming sites meaning Veikkaus’ share of the online gambling market in Finland is around 54 per cent. And so it was announced Finland’s gambling market would be opened up to allow private companies the chance to offer casino and online gambling through regulated licences. Te end of the Veikkaus monopoly was announced in June 2023 by the Finnish government who plans to bring in a multi licensing system by 2026. Te final proposal of the Finnish Gambling Act was due to be
submitted in March and is scheduled to take effect in January 2026 with private operators expected to enter the market by mid-2026 and no later than the beginning of 2027. Te current Veikkaus Oy monopoly will continue until end of 2026. Te Government Programme is to help prevent and reduce
the adverse health, economic and social impacts caused by gambling and improve the channelling rate of the gambling system. Online casino games and sports betting are included in the licence system but lottery games and slot machines will remain under the Veikkaus monopoly system.
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