Veikkaus Returns To Growth In H1 2026 Ahead Of Finland's Licence Shift
Veikkaus Group returned to growth in the first half of 2026, according to results the Finnish state monopoly operator published on September 3, 2026.
Actual sales revenue rose to €471.3million, from €466.4m a year earlier, while profit for the period climbed 2% to €234.2m, from €229.6m.
The company's chief executive, Olli Sarekoski, said the improvement was in line with expectations.
"Veikkaus' first half of the year has developed positively and in line with our expectations: we have returned to a growth path," Sarekoski said, adding that investment in digital business and technical capabilities is "delivering results in the current operating environment".
Digital Channels Drive The Turnaround
Digital business was the clearest source of the improvement. Veikkaus said 64.5% of its gross gaming revenue in the first half came through digital channels, up 3.6 percentage points year over year, with the remaining 35.5% generated through physical point-of-sale.
Gross gaming revenue from digital channels grew 9.1% in the lottery and land-based gaming business and 5% in betting and iCasino. The number of registered customer accounts reached close to 2.7 million by the end of June.
Lottery and land-based gaming revenue held broadly flat at €317.9m, against €317.5m a year earlier, while betting and iCasino revenue rose to €151.6m from €146.5m, with digital-only revenue in that segment up 5% year over year.
Fennica Gaming's International Push
Veikkaus' international B2B subsidiary, Fennica Gaming, grew revenue by 80.6% year over year to €10.3m, up from €5.7m.
"Fennica Gaming's growth has continued in international markets, and the company has progressed with new channel partnerships and customer relationships in line with our plans," Sarekoski said.
In the first half of 2026, Fennica expanded into Italy, Canada, Mexico, the Czech Republic, Iceland and two German states, taking its footprint to close to 20 countries across three continents.
Paying For Exclusivity Ahead Of The Licence Shift
Finland is moving to a licence-based gambling market on July 1, 2027, ending decades of state monopoly over most forms of gambling.
Veikkaus will keep exclusive rights to lottery games, scratch cards, slot machines and physical table games under a new exclusive licence, but will lose its monopoly over betting and online casino games to newly licensed operators.
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Securing that exclusive licence carries a market-based compensation fee of around €1billion, payable over the ten-year term, with a significant portion expected to fall due by the end of this year.
In May 2026, Veikkaus set up two separate subsidiaries to prepare for the new structure and submitted licence applications covering both its exclusive operations and the competitive, licence-based market.
"Veikkaus has excellent prerequisites to succeed also in the new licence-based market," Sarekoski said, pointing to continued investment in online casino products and player-facing technology as preparation continues.
What To Watch
With around ten months left before Finland's licence-based market opens to competing operators, Veikkaus' first-half figures give an early read on how the incumbent is positioned heading into a market it will soon have to share.
Further financial and licensing updates are expected as the July 2027 launch date approaches, and will be covered on Gambling.com News as they land.
