Veikkaus reiterates confidence in open Finnish market as H1 earnings dip

Summary

State-owned Veikkaus saw revenue and net profit decline in H1 2025 as it invested heavily to prepare for Finland’s planned liberalised iGaming market in January 2027. Sales revenue for the six months to 30 June totalled €466.4m, down about 3.6% year-on-year, with group GGR at €463.9m (down 3.9%). Lottery, slots/table games and iGaming all fell by roughly 3.7–4.3% individually. Operating profit eased to €220.6m and pre-tax profit to €229.6m, reflecting higher costs tied to transformation work and delayed product launches.

Veikkaus emphasised its focus on strengthening digital capabilities, leveraging data and AI, and overhauling its online product and backend — hiring senior iGaming talent and shifting game-studio operations into Fennica Gaming. The new lottery release Milli went live in June but a delayed regulatory sign-off dented H1 performance. Bright spots included Fennica Gaming, whose revenue jumped 166.9% to €2.5m after taking on game-studio operations and securing several B2B licences abroad.

Key Points

H1 2025 sales revenue: €466.4m, down ~3.6% vs. H1 2024; group GGR €463.9m (-3.9%).
Lottery revenue fell to €246.4m (-3.9%); slot/table games €71.3m (-4.3%); iGaming €146.5m (-3.7%).
Veikkaus invested significantly in digital transformation to prepare for a multi-licence market opening in January 2027.
The Milli lottery launch was delayed by slower-than-expected regulatory approval, hurting H1 sales momentum.
Fennica Gaming revenue rose 166.9% to €2.5m after consolidation of game-studio operations and new B2B licences.
Operating profit fell 10.7% to €220.6m; pre-tax profit down 9% to €229.6m, reflecting higher operating costs.
Leadership highlights use of data and AI, product overhaul and new hires to remain competitive in an open market.

Context and relevance

This matters to operators, regulators and suppliers focused on the Nordic market. Finland’s shift from a monopoly to a multi-licence regime is a major structural change for the region; Veikkaus’ investments now signal how an incumbent plans to compete. The H1 dip is largely strategic — front-loaded spending, product timing and regulatory delays — rather than a sudden collapse in demand.

For vendors and B2B suppliers, Fennica Gaming’s rapid international growth and new licences show where partnerships and export opportunities could emerge. For competitors and market entrants, Veikkaus’ active product and backend overhaul indicates the level of capability they’ll face when the market opens.

Why should I read this?

Short and blunt: if you follow Nordic iGaming, this is relevant. Veikkaus is spending now to fight later — the numbers dip, but the playbook for 2027 is clear. We skimmed the detail so you don’t have to: key hits, why they matter and what to watch next.

Source

Source: https://igamingbusiness.com/finance/half-year-results/veikkaus-h1-finland-open-igaming/