Will Finland sell Veikkaus, its state-owned gambling operator?
Different stances have emerged among Finland’s political parties while estimates suggest Veikkaus could reach a valuation of €4.5bn.
Finland.- With Finland’s online gambling licensing process open ahead of the launch of a competitive regulated market on July 1, 2027, the future of Veikkaus remains unclear.
The state-owned operator currently has a monopoly on all commercial gambling in Finland. Under the new framework, it will keep its lottery and retail gaming monopoly but will face regulated competition in the online sector for the first time. The transition has sparked intense debate over whether the state should see this as the moment to reduce or end its control over the operator.
For now, Veikkaus is being split into two companies, undoing the merger of Veikkaus, RAY and Fintoto completed in 2017. One company will continue to operate the monopoly products while the other will operate online gambling and the company’s growing B2B offerings. However, there are stark political divisions on how these companies should be controlled going forward.
The Finnish broadcaster Yle has reported industry consultant and former Veikkaus executive Jari Vähänen as saying that Yle that “a couple” of foreign gambling operators have expressed interest in buying Veikkaus. Legislators in Finland’s governing parties have taken a cautious line on whether they would consider a sale, but some opposition lawmakers are open to or even directly in favour of a Veikkaus sale.
The Social Democrats (SDP) and Centre Party have both signalled openness. The SDP’s Mikkel Näkkäläjärvi told Yle that the state now has “no particular strategic interest in owning a gaming company.” Centre Party MP Mika Lintilä agreed that Veikkaus was “no longer a strategic company for the state in the same way as before.”
The economically liberal populist party Liike Nyt (Movement Now) has gone further, calling for Veikkaus to be fully privatised and floated on the stock market. By contrast, the Left Alliance is opposed to any sale, with MP Timo Furuholm highlighting Veikkaus’ reliability as a revenue source for the state.
Parties in the current coalition government continue to take a cautious stance. The National Coalition Party has said that a full review of state enterprises and activity would be needed before any decision. The Swedish People’s Party (SFP), represented by ownership steering minister Joakim Strand, declined comment to Yle to avoid conflicts of interest.
The Finns Party and Christian Democrats warned against using a one-off sale to cover recurring spending and highlighted the importance of gambling harm prevention.
How much would Veikkaus be worth?
Vähänen estimated that Veikkaus could be worth €4.5bn, based on a 10x multiple of its €450m annual surplus. He suggested digital operations could fetch €1–1.5bn, while the monopoly lottery and slot machine business might be worth around €3bn.
He cautioned, however, that Veikkaus’ returns have halved in five years, and uncertainty around licensing could further erode value. He noted that its valuation would depend on whether it can hang on to its 2.5 million-strong player database.
“If they can’t bring those customers with them, the value of Veikkaus’ licensed business will be much lower. But if they start operations with 2.5 million customers, they will dominate the market,” he said.
Operators known to be applying to launch on the Finnish online gambling market include Hippos ATG and Paf. Meanwhile, Veikkaus recently named Ilkka Kosola as its next Chief Financial Officer. He will take the helm of the company’s finances at the end of September. The company highlighted his experience building digitally enabled finance functions and integrating technologies such as AI into financial operations.
Veikkaus aims to expand its international presence as it adapts to the changes at home. It already sells games abroad via its B2B studio Fennica Gaming, which operates in 17 markets across three continents. However, the operator’s recent 2025 report suggests that it now plans to position Veikkaus itself as a global gaming brand.
“In line with our vision, we want to evolve from a national gaming company into a successful player also on the international stage and strengthen our competitiveness in an increasingly global market,” the report says. “Our goal is to be a respected and successful international money gaming group by 2030.”
