Despite its dominant position in Finland’s gambling market, Veikkaus, the state-owned monopoly operator, has faced a significant decline in gross gaming revenue (GGR). Over the past five years, GGR has plummeted by 40%.
In its H1 2024 report, Veikkaus attributed this decline to a combination of factors, including the migration of some players to offshore operators and the introduction of new legislative restrictions. However, the company has managed to increase its active player base by 15,000 to approximately 2,500,000 during this period.
The Finnish government, which holds a stake in Veikkaus, has been actively working to safeguard the company’s position. While there are plans to open the market to private operators in 2027, Veikkaus will maintain its monopoly in the offline segment. The government’s future involvement in Veikkaus after the launch of the licensed marketplace remains uncertain, with many experts advising against it.
Experts predict that Veikkaus will be able to retain a market share of around 20–25% in the online casino segment and approximately 10% in the sports betting segment post-legalization. This suggests that legal operators will pose a serious challenge to both Veikkaus and offshore operators.
If Veikkaus’ market share falls below these estimates, it could face a severe crisis, with the potential long-term consequences remaining unclear.
