The political process to overhaul Finland’s licensing system and end the current monopoly held by Veikkaus Oy is underway, according to the country’s Ministry of the Interior. To prepare for this transition, the Ministry has initiated a project to draw up ‘necessary legislative proposals’ for reform, particularly concerning the allocation of licences and the framework behind this. This will include …
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Veikkaus begins ‘transformation programme’ for monopoly closure
Veikkaus, Finland’s gambling and lotteries monopoly, has initiated a ‘transformation programme’ to brace itself for a significant ‘system change’ in Finnish gambling. The company anticipates that proceedings will commence this fall. Earlier this year, the Finnish government confirmed its intention to terminate Veikkaus’ monopoly privileges by 2026. This move is part of a broader strategy to restructure Finland’s gambling market. …
Read More »Veikkaus welcomes ‘good and balanced’ Finnish reforms report
Veikkaus OY has welcomed the study into the Finnish gambling market and international comparisons published by the country’s government this week. The state-backed betting, gaming and lotteries monopoly largely agreed with the Ministry of the Interior’s assessment of Finland’s gambling landscape, particularly that change is needed. In the report, policymakers estimated that around €500m to €550m in Finnish gambling revenue …
Read More »Veikkaus leadership calls for monopoly rethink
The leadership of Veikkaus, Finland’s gambling monopoly, has questioned the viability of the nation’s existing gambling framework and its engagement with consumers. H1 results saw Veikkaus continue to register a year-on-year revenue decline to €515m, results reflecting a retail and online slump for the Finnish monopoly. Of concern to CEO Olli Sarekoski, Veikkaus recorded a 5% drop in its slice …
Read More »Veikkaus to provide financial support to Finnish FA and top-flight
Finnish state gambling monopoly Veikkaus Oy has entered into a double agreement with the Football Association of Finland (SPL) and the country’s top-flight division, the Veikkausliiga. The core terms of the three-year deal will see Vekkhaus support Finnish football clubs financially, whilst the teams themselves will back the state-controlled firm’s betting and products and services. Additionally, the agreement – which …
Read More »Finnish ombudsman seeks to break-up Veikkaus control by state departments
Political debate on how to reform Veikkaus continues, as Finland’s Consumer Ombudsman urges the government to overhaul the gambling monopoly’s operational procedures and governance structures. Speaking to media, Krisi Leivo, Director General of Finland’s KKV Consumer Authority, stated that Veikkaus profits should be directly controlled by the state. Leivo believes that Veikkaus would be a more beneficial state asset if the monopoly …
Read More »Veikkaus appoints 13 new supervisory board members
Finnish gambling monopoly Veikkaus has strengthened its supervisory board after making a dozen of new appointments in a bid to elevate its responsible gambling standards. The supervisory board is due to be led by chair Jukka Gustafsson and vice chair Jani Mäkelä, and will oversee the company’s corporate governance strategy and the implementation of responsible gambling policies. “[These measures] will …
Read More »Veikkaus reforms ethics council in response to public pressure
Finland’s under pressure gambling monopoly Veikkaus will re-establish an independent ethics council to make sure that it fulfils its social responsibility mandate across all operating verticals. The ethics council confirmation came after the state-owned operator introduced a raft of new gambling protection measures this week, including significantly reducing the number of slots across its leisure portfolio. Furthermore, adhering to new legislative …
Read More »European Lotteries to descend on Betting on Football
Major operators from 17 different jurisdictions are using next month’s Betting on Football conference as the perfect opportunity to meet and discuss the future of sports betting in their sector. The European Lotteries association (EL) will host a meeting for members of its Sport Working Group in London on Tuesday 19 March, which is part of the wider Betting on …
Read More »Veikkaus plans for 400 redundancies as restaurant gambling division suffers
Finland’s Veikkaus gambling monopoly is set to undertake a significant operational restructure cutting approximately 400 staff positions, amid the downfall of its restaurant gambling division. Veikkaus’ executive team has commenced discussions with around 1,300 of its 2,000 staff identifying areas which will be at the forefront of restructuring. The majority of the staff members that are said to be affected …
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