Finnish gaming monopoly posts decline in turnover

The company posted turnover of €3.1 billion in 2018, down 2.4% when compared to the previous year’s results.

Finland.- Finland’s gaming monopoly operator Veikkaus reported its 2018 full financial results, which indicate that the company suffered a slight decline in both profits and turnover. In order to improve the situation, the company is hoping to develop its digital offering in the next three years.

Veikkaus reported that turnover decreased 2.4% to €3.1 billion in 2018, and the largest share was generated by the Lucky Games segment, which totalled €1.1 billion or a 37.8% of the total. Lotto, the most popular game in the country, reported turnover of €340.4 million, representing a 1.3% decline.

Moreover, slots and instant games, both online and land-based, bingo and instant win games also saw turnover fall 5.9% to €1.1 billion. Online and land-based sports betting, toto and pools experienced a 4.8% fall to €799.4 million.

The company reported that profits totalled €1.01 billion in 2018, which represents a 0.7% decrease when compared to the previous year. Veikkaus believes that there is a shift to land-based offering to digital, and therefore they have committed to develop that segment in order to shift the results in the next three years. 

Veikkaus president and chief executive Olli Sarekoski said: “Succeeding in the competition and ensuring our ability to channel gaming also provide the basis for the exclusive right and its continuation. We want to be able to provide games responsibly even in the future, minimising game-related harm and channelling gaming revenue to the benefit of Finnish people.”