Veikkaus Group posted €936.3 million in actual sales revenue for the full year 2025, down 2.4% from €959.1 million in 2024, as lower jackpot levels, slot machine reductions, and continued offshore competition weighed on performance. Operating profit fell 6.5% to €431.6 million. The results mark the third consecutive year of revenue decline for Finland’s state-owned gambling monopoly, though the company’s CEO described 2025 as a turning point, citing an improvement in digital market share and a stabilisation of the long-running revenue slide.
Group Financial Summary
Top-line and bottom-line metrics both retreated year-on-year, with the operating margin compressing to 46.1% from 48.1% in 2024. Profit before taxes came in at €447.3 million, down from €471.6 million. The three-year trajectory shows a more pronounced decline in profitability than in revenue, with the operating profit margin contracting from 55.5% in 2023 to 46.1% in 2025.
| Key Indicator (€m) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Actual Sales Revenue | 936.3 | 959.1 | 1,033.1 |
| Operating Profit | 431.6 | 461.6 | 573.6 |
| Operating Margin (%) | 46.1% | 48.1% | 55.5% |
| Profit Before Taxes | 447.3 | 471.6 | 578.5 |
| Profit for the Year | 447.2 | 471.5 | 578.5 |
| Lottery Tax Paid | 111.8 | 114.2 | – |
| Total State Revenue (profit + tax) | 578.3 | 591.9 | – |
The decline in lottery tax paid, from €114.2 million to €111.8 million, reflects the drop in GGR from games subject to the 12% lottery tax. Total state revenue, comprising profit distributions and lottery tax, fell to €578.3 million from €591.9 million.
Revenue by Product Segment
Lottery games remained the dominant revenue line at 53.1% of total actual sales revenue, though the absolute figure fell to €497.4 million from €509.9 million. Online casino and betting combined accounted for 31.2% of revenue at €292.4 million. The international B2B unit, Fennica Gaming, was the only segment to grow, with GaaS income rising 50.9% to €4.4 million from €2.9 million.
| Revenue Segment | 2025 (€m) | 2025 (%) | 2024 (€m) | 2024 (%) |
|---|---|---|---|---|
| Lottery Games | 497.4 | 53.1% | 509.9 | 53.2% |
| Slot Machines & Physical Table Games | 142.1 | 15.2% | 148.2 | 15.5% |
| Online Casino & Betting Games | 292.4 | 31.2% | 298.1 | 31.1% |
| GaaS Income (Fennica Gaming) | 4.4 | 0.5% | 2.9 | 0.3% |
| Total | 936.3 | 100.0% | 959.1 | 100.0% |
Lottery and Land-Based Gaming
The Lottery and Land Based Gaming business area recorded €639.5 million in GGR, down from €658.1 million in 2024. The decline was driven primarily by lower jackpot levels in Eurojackpot, which fell to €155.9 million from €173.6 million, and higher-than-expected prize payouts in Keno. Lotto moved against the trend, rising slightly to €116.0 million from €115.1 million on the back of higher jackpot levels and the addition of a new supplementary draw.
Scratch cards were the segment’s standout performer, growing to €29.6 million from €22.0 million following the introduction of new €2 and €10 Ässä products and a seasonal New Year scratch card. The launch of Milli, a new daily draw game offering a €1 million jackpot, also contributed positively. Milli is Veikkaus’ largest lottery game launch since Eurojackpot in 2012.
Slot machines and physical table games declined to €142.1 million from €148.2 million. The drop in slot machine revenue was primarily attributable to a reduction in network footprint, with more than 400 machines removed from the retail network during the year. Physical table games held steady, with demand described as stable throughout the period.
| Lottery & Land Based Gaming (€m) | 2025 | 2024 |
|---|---|---|
| Lotto | 116.0 | 115.1 |
| Eurojackpot | 155.9 | 173.6 |
| Scratch Cards | 29.6 | 22.0 |
| Other Lottery Games (incl. Milli, Keno, Vikinglotto) | 166.3 | 177.2 |
| Slot Machines & Physical Table Games | 142.1 | 148.2 |
| Segment Total | 639.5 | 658.1 |
Betting and iCasino
The Betting and iCasino segment posted GGR of €292.4 million, compared to €298.1 million in 2024. Momentum through the first half of 2025 was disrupted by a summer period with fewer major sporting events and the operational impact of migrating to a new fixed-odds betting platform built with partner OpenBet. The platform transition, which expanded the range of betting events available and introduced more competitive odds, is expected to support market share recovery in 2026.
Online casino performance improved year-on-year, with the number of online casino customers reaching a record high in 2025. Growth was supported by the expanding Live Casino product and the addition of a new Live Casino provider. Over 500 new games were released on the platform during the year.
Finnish Market Context and Offshore Pressure
Finland’s total gambling market amounted to approximately €1,835 million in GGR in 2025, down roughly 0.5% from 2024. Veikkaus’ share of that market fell one percentage point to an estimated 51%, with the offshore segment, operators not licensed in Finland, accounting for approximately €903 million of the digital market according to estimates from H2 Gambling Capital.
The digital segment of the Finnish market is estimated at approximately €1,475 million, of which offshore operators account for over 60%. Participation in games provided by offshore operators increased by 2% in 2025. Veikkaus accounted for approximately 39% of the Finnish digital gambling market. This competitive pressure has been a persistent driver of the company’s revenue decline since 2022 and is central to the regulatory reform now underway. The company’s own digital share reached 61.3% of its Finnish GGR in 2025, up 1.1 percentage points, as it continued to shift customers toward identified digital play.
At year-end, Veikkaus had approximately 2,670,000 registered customers, an increase of around 70,000 over the prior year. 1.9 million of those customers played through digital channels. All gaming with Veikkaus requires identification, a requirement the company cites as a responsible gambling measure and which also supports the customer data used for its gambling harm prediction model.
International Operations: Fennica Gaming
Fennica Gaming, the Veikkaus international B2B subsidiary, expanded its footprint to 17 countries across three continents in 2025. The unit delivered eInstants content to new markets including Belgium and Quebec, Canada. GaaS income reached €4.4 million, up 50.9% from €2.9 million in 2024, as the growing base of operator relationships began to generate more meaningful revenue. The transfer of Veikkaus’ Game Studio into Fennica Gaming’s organisation in spring 2025 added game development capacity to the subsidiary’s service offering. Nearly 50 new games were developed for Fennica Gaming’s portfolio during the year.
Costs and Balance Sheet
Employee benefit costs rose to €99.0 million from €95.1 million, driven by salary increases. Other operating expenses increased to €157.5 million from €146.5 million, reflecting higher advertising and marketing spend and real estate costs. Depreciation fell to €24.8 million from €30.8 million as the fixed asset base continued to contract. Total R&D investment was €53.7 million, down from €59.7 million in 2024, with €4.8 million capitalised and €48.8 million expensed.
The balance sheet was stable at €767.7 million in total assets. Cash and short-term investments rose to €415.9 million from €338.7 million, partly reflecting the ending of advance payments to beneficiary ministries under the previous Lottery Act structure. Total shareholders’ equity fell to €577.4 million from €607.9 million after €477.7 million in settlements to the state under the Lottery Act.
Regulatory Transition and 2027 Outlook
Finland’s Parliament approved the new Gambling Act in December 2025, ending Veikkaus’ exclusive rights to online casino games and sports betting with effect from 1 July 2027. Veikkaus will retain its monopoly over lottery games, scratch cards, land-based slot machines, and physical table games. The licensing window for new operators opened on 1 March 2026, with the National Police Board administering applications ahead of the market launch.
In preparation for the competitive market, Veikkaus has divided its domestic business into two areas corresponding to the product split that will apply under the new regime: “Lottery and Land Based Gaming,” which remains under monopoly, and “Betting and iCasino,” which enters competition. The company has also invested in generative AI for product development, with all employees given access to self-service AI tools during 2025. A major ERP implementation is underway, with most functionalities scheduled for deployment in the first half of 2026, at a total 2025 cost of approximately €10 million.
The reform of the gambling system is a historic change for Veikkaus and at the same time a major opportunity. The new system challenges us to renew ourselves and provides better conditions for building competitive business in a transparent market.
CEO Olli Sarekoski framed the multi-licence transition as an initiative Veikkaus itself had championed since 2022, arguing that a competitive licensed market would improve channelisation away from offshore operators and reduce the structural disadvantage the company currently faces competing against unlicensed services operating in Finland without restriction. The new Act formally marks the end of one of Europe’s last remaining state gambling monopolies.
With the licence application process now open and the 2027 market launch 16 months away, the key near-term metric to watch will be whether Veikkaus can sustain its 51% market share position once private operators enter the Finnish digital market. The company’s current 39% share of the digital segment underlines how much ground it has already ceded to offshore competition, and how much the new framework is designed to recapture.
Source: Veikkaus Group
