Tag Archives: Veikkaus

Veikkaus expands operational scope with launch of Fennica Gaming B2B subsidiary

Veikkaus Oy’s international B2B division Fennica Gaming has officially launched, as the company progresses with its expansion plans enabled under Finnish legislation. The Finnish state-backed betting monopoly’s new division will provide game services and products internationally to corporate customers across betting and gaming.  Fellow Scandinavian state monopolies Norsk Tipping (Norway) and Svenska Spel (Sweden) have become the first businesses to …

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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 …

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Finnish payments blockings lambasted by EGBA as ‘missed opportunity’ for reform

The decision by Finnish authorities to implement payment blocks for online gambling has been condemned by the European Gaming and Betting Association (EGBA) as a ‘missed opportunity for overdue reform’. A government proposal to block payment service providers (PSPs) from accepting gambling transactions by amending the Lottery Act was passed by the Finnish parliament on Tuesday 14 December. The rationale …

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Veikkaus ordered to reduce workforce headcount 

Veikkaus OY, Finland’s state-sanctioned gambling monopoly, has confirmed that it will reduce its workforce capacity by approximately 200 employees.  The headcount reduction has been approved by corporate governance, continuing to streamline the Veikkaus operations as a result of new government demands placed on the monopoly. This week, Veikkaus began consultations with 800 staff members with regards to undertaking redundancies, restructuring …

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Veikkaus makes online loss limits permanent to ‘prevent harm and indebtedness’

Veikkaus, Finland’s gambling monopoly, has made the temporary online gambling loss limits introduced during the pandemic a permanent feature of the country’s gaming regulation. As a result of the now permanently-entrenched measures, Finnish online bettors will only be able to lose a maximum of €500 (£429/$596) per day – half the original daily limit of €1,000 – whilst playing online …

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Norway ‘losing control of online market’ due to rejection of state monopoly

The prevalence of a state monopoly has led to Norway ‘losing control of its online gambling market’ according to Maarten Haijer, Secretary General of the European Gaming and Betting Association (EGBA). Under the current system, Norway’s two operators – Norsk Tipping and Norsk Rikstoto – are both state-owned, with the former responsible for lotteries and sports betting, whilst the latter …

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Veikkaus records a 2020 slip as covid shuts down Finnish arcade venues

Veikkaus, Finland’s state-owned gambling monopoly has published its full-year 2020 results,  disclosing total corporate profits of €680.2m, down 33 % from the previous year. Veikkaus cited that the decrease was primarily due to the disruption caused by the COVID-19 pandemic as slot machines were closed entirely or in part for a total of around five months. Lottery tax was €151.4m, …

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EGBA raises questions over Finland’s Veikkaus monopoly

Maarten Haijer, Secretary General of the European Gaming and Betting Association (EGBA), has raised doubts over the effectiveness of Finland’s gambling monopoly, Veikkaus. Writing for the EGBA, Haijer called on the Finnish government to ‘fix’ its gambling policy, highlighting that the maintenance of this monopoly offers very little to both the players and the government. He explained that the current monopoly system …

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Winning Post: Easy ‘Nordic cash’ is drying up…

Regulus Partners begins November proceedings by examining the Nordic market developments. Once recognised as fruitful territory for igaming operators, heavy-handed restrictions, penalties and increased taxes have changed Scandinavia’s market outright.  ___________ Norway has become a much tougher market in which to operate over the last couple of years, especially for those not willing or able to get creative with payments …

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SBC Magazine Issue 11: Ralph Topping, SPACs and the best way to spend £100m

Kicking off Issue 11 of SBC Magazine, we have an exclusive interview with former William Hill CEO Ralph Topping, who reflected on his journey from a part-time cashier in one of Glasgow’s independent betting shops to the boardroom of William Hill. He looked back on the ways that UK betting shops have evolved in recent years and how bookmakers have …

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