Veikkaus posts first-half growth ahead of Finland’s 2027 market opening

Veikkaus has returned to a growth trajectory in the first half of 2026 as Finland moves closer to a major restructuring of its gambling market. The state-owned operator reported higher sales revenue and profit for the six months to the end of June while digital channels continued to account for an increasing share of gaming activity.

The results arrive less than a year before Finland is scheduled to introduce a licence-based gambling framework on 1 July 2027. Under the new system, betting and selected online gambling activities will move from the existing monopoly structure to a regulated competitive market, while Veikkaus will retain exclusive rights over several lottery and land-based products.

Veikkaus records higher revenue and profit

Veikkaus Group reported actual sales revenue of €471.3 million for January to June 2026. The figure compares with €466.4 million in the same period of 2025, representing an increase of approximately 1%. The company also reported operating profit of €227.7 million, compared with €220.6 million a year earlier.

Profit for the financial period reached €234.2 million, up from €229.6 million in the first half of 2025. That represents growth of around 2% year on year and underlines a stronger financial performance during a period of significant structural change in Finland's gambling sector.

The improvement was supported in particular by digital activity. Veikkaus reported that its investment in digital business and technical capabilities continued to contribute to growth as customer behaviour increasingly moved towards online services.

For a company preparing for a more competitive environment, the performance is particularly significant because the transition will change the commercial dynamics of several important gaming categories.

Digital channels become increasingly important

Digital channels accounted for 64.5% of Veikkaus' gross gaming revenue during the first half of 2026. Physical points of sale generated the remaining 35.5%.

The company said the share of revenue generated through digital channels increased by 3.6 percentage points compared with the corresponding period of 2025. The development highlights the continued shift from traditional retail-based gambling towards online services.

Within the Lottery and Land Based Gaming business, digital gross gaming revenue increased by 9.1% year on year. Betting and iCasino activity also expanded, with gross gaming revenue increasing to €151.6 million from €146.5 million in the first half of 2025. Digital-only gross gaming revenue in that business grew by 5%.

The figures suggest that digital products are becoming increasingly important to Veikkaus as the company prepares for a market in which online betting and casino services will no longer be protected by a single-operator structure.

Lottery and land-based gaming remain stable

Despite the continued shift towards digital platforms, Veikkaus' lottery and land-based gaming operations remained broadly stable during the reporting period.

Gross gaming revenue from Lottery and Land Based Gaming reached €317.9 million compared with €317.5 million in the first half of 2025. The relatively modest movement indicates that these activities continued to provide a substantial base for the group's overall performance even as customer preferences evolve.

The strength of these activities may become even more strategically important under Finland's future gambling model. According to the Finnish Government, Veikkaus will retain exclusive rights for lottery-type games, scratch cards and physical slot machines and casino games after the reform takes effect.

This means the company will enter the new market with a combination of exclusive operations and business activities that will be exposed to competition.

Customer base remains substantial

Veikkaus had approximately 2,672,000 registered customers at the end of June 2026. The total was around 50,000 higher than in the corresponding period of the previous year according to the reported half-year figures.

The size of the registered customer base remains an important factor as Finland prepares to transition towards a licensing model. Registration and identification are also central elements of the new regulatory framework because they support age verification and player protection measures.

Under Finland's reformed system, gambling operators will be required to operate within a framework designed to reduce gambling-related harm and improve the proportion of gambling taking place through nationally regulated services.

Finland prepares for the 2027 licence system

The most important strategic issue for Veikkaus is now the forthcoming market reform.

Finland's new Gambling Act will open betting as well as online slot and casino games and online money bingo to competition through licences. Most provisions of the new framework will take effect on 1 July 2027. Until the end of June 2027, Veikkaus will continue to hold the exclusive right to organise gambling under the existing system.

Applications for gambling licences could be submitted to the National Police Board from 1 March 2026 during the transition period. From 1 July 2027, responsibility for licensing and supervision is scheduled to move to the Finnish Supervisory Agency.

The reform does not eliminate Veikkaus' exclusive position entirely. Instead, it creates a mixed model in which some products remain exclusive while other categories become accessible to licensed competitors.

Licence obligations and retained exclusivity

Veikkaus is expected to operate under an exclusive licence for the activities that remain within its protected portfolio. The Finnish Government has stated that the company will retain exclusivity for lottery-type games, scratch cards and physical slot machines and casino games.

At the same time, betting and online casino operations will be exposed to competition from other approved operators once the new framework becomes effective. This creates a materially different commercial environment from the one in which Veikkaus has historically operated.

The Finnish regulatory framework is also intended to strengthen oversight. The National Police Board currently supervises gambling activity and will remain responsible for the transitional licensing process until the end of June 2027. The supervisory structure will then change when the new market formally opens.

A stronger position ahead of market change

The first-half performance gives Veikkaus a relatively solid financial position before the next phase of Finland's gambling reform.

Revenue growth was modest at group level, but the underlying digital figures were more pronounced. Digital lottery activity grew by 9.1% while betting and iCasino gross gaming revenue also increased. The continued expansion of digital channels indicates that Veikkaus is adapting to changing consumer behaviour at the same time as it prepares for greater competition.

For the company, the next stage will not simply involve protecting its traditional position. It will also require adapting its commercial operations to a market where some categories are open to licensed competitors while its remaining exclusive products continue to carry significant responsibility.

Outlook for Veikkaus

Veikkaus' first-half 2026 results provide an important snapshot of the company shortly before Finland enters a new regulatory era. Higher sales revenue, stronger profit and continued digital growth indicate that the operator has maintained positive momentum during a period of transition.

The significance of the results extends beyond the financial figures. The 2027 reform will reshape the competitive landscape for betting and online casino services in Finland while preserving Veikkaus' exclusive position in selected lottery and land-based products.

For Veikkaus, the coming months will therefore be defined by preparation, regulatory compliance and continued digital development. Its ability to manage the transition effectively could be as important as the financial gains recorded in the first half of 2026.

Conclusion

Veikkaus enters the second half of 2026 with evidence of renewed growth, a large registered customer base and an increasingly digital business model. The company's €471.3 million in sales revenue and €234.2 million profit for the period provide a stronger starting point as Finland approaches its most significant gambling market reform in decades.

The introduction of licensing on 1 July 2027 will create new competitive pressures in betting and online gambling while leaving Veikkaus with exclusive responsibility for important lottery and land-based categories. The result will be a more complex operating environment in which financial performance, regulatory discipline and digital capability will all matter.

Rather than marking an end to Veikkaus' established role in Finnish gambling, the reform represents a transition towards a different model. The first-half results suggest the company is entering that transition from a position of financial stability and continued digital momentum. The next test will be whether that momentum can be sustained as the market itself changes.

FAQs

What were Veikkaus' sales revenue figures for the first half of 2026?
Veikkaus Group reported actual sales revenue of €471.3 million for January to June 2026, compared with €466.4 million in the first half of 2025.

Did Veikkaus' profit increase in the first half of 2026?
Yes. Profit for the financial period rose to €234.2 million from €229.6 million a year earlier, representing an increase of approximately 2%.

How much of Veikkaus' gross gaming revenue came from digital channels?
Digital channels accounted for 64.5% of Veikkaus' gross gaming revenue during the first half of 2026.

How many registered customers did Veikkaus have?
Veikkaus had approximately 2,672,000 registered customers at the end of June 2026.

When will Finland introduce its new licensing system?
The new licence-based gambling market is scheduled to begin on 1 July 2027.

Will Veikkaus lose its monopoly?
Veikkaus will lose its exclusive position in betting and selected online casino and slot games, but it will retain exclusivity over lottery-type games, scratch cards and certain physical gaming products.

Who will supervise gambling in Finland?
The National Police Board will oversee the transitional period through June 2027. From 1 July 2027, licensing and supervision will move to the Finnish Supervisory Agency.

What happened to Veikkaus' digital lottery business?
Digital gross gaming revenue in the Lottery and Land Based Gaming business increased by 9.1% year on year during the first half of 2026.

Did betting and iCasino revenue increase?
Yes. Betting and iCasino gross gaming revenue increased to €151.6 million from €146.5 million in the corresponding period of 2025.

Why is the 2027 reform important for Veikkaus?
The reform will introduce licensed competition in key online and betting categories while preserving Veikkaus' exclusive rights in several lottery and land-based products, fundamentally changing its operating environment.