Finland’s main opposition parties are split on whether the state should sell Veikkaus, the national gambling operator, as the country prepares to open its online market to licensed private operators on 1 July 2027.
Party Positions Diverge
The Social Democratic Party and the Centre Party have both signalled that a sale deserves consideration once the licensed market is in place. Liike Nyt has gone further, calling for full privatisation and a stock exchange listing. The clearest opposition to any divestment comes from the Left Alliance, which argues that Veikkaus remains a dependable source of public revenue.
Mikkel Näkkäläjärvi, SDP Party Secretary, said:
“the state has in this situation no particular strategic interest in owning a gaming company”
Government coalition parties have taken a more cautious line. The National Coalition Party said a civil-service review is needed before any decision can be made. The Swedish People’s Party declined to comment, noting that minister Joakim Strand holds responsibility for ownership steering. The Finns Party and the Christian Democrats stopped short of backing or rejecting a sale outright, but cautioned against directing any one-off proceeds toward recurrent public spending. Both parties also said gambling-harm prevention must remain central to whatever ownership decision is eventually reached.
Valuation Draws Private Interest
Commercial interest in a potential transaction is already visible. Jari Vähänen, an industry consultant who previously held a senior role at Veikkaus, said several gaming companies had approached him to ask whether the business might become available. He valued the entire Veikkaus group at up to €4.5 billion, based on a 10-times multiple applied to the company’s annual gaming surplus of €450 million. On his estimate, the digital operation alone could be worth between €1 billion and €1.5 billion, with the remaining monopoly business accounting for roughly €3 billion.
Jari Vähänen said:
“A couple of gaming companies have contacted us and wondered whether Veikkaus might be for sale”
Vähänen also flagged risks to that valuation. He said the outcome depends significantly on whether Veikkaus can carry its existing customer base into the licensed regime, placing the size of the legacy database at up to 2.5 million customers. Starting the open-market phase with that base would give Veikkaus an immediate scale advantage over new entrants. He also noted that the company’s returns have nearly halved over five years, which limits the time available to resolve the ownership question. A prolonged delay increases the risk of further value erosion once competition begins.
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Veikkaus Splits and Prepares
Veikkaus has already separated into two businesses to ready itself for the transition. The online arm has been restructured to operate as a competitive entity once private operators enter the market, supported by a multi-year technology and product overhaul. Part of that effort involved switching its sportsbook platform from DraftKings to OpenBet. In March 2025, Jarkko Nordlund, EVP of casino and sports betting, said the company was working to secure a strong position ahead of the licensed market opening.
Timeline Points to 2030
Government ownership officials have signalled that a near-term sale is not in prospect. Maija Strandberg, director at the Government Ownership Steering Department, pointed to 2030 as a more realistic horizon and said several preconditions would need to be met first, including legislative changes, sound corporate governance and a market environment that supports a transaction. She added that Veikkaus’ historical profits should not be taken as a guarantee of future performance, given that the company will have to prove itself in a competitive setting.
Nordic regulators have already shown a willingness to act on compliance failures at state-linked operators, a context that adds further complexity to any ownership transition. Whether Finland moves toward privatisation, a partial listing, or continued state ownership, the question is now firmly on the political agenda with a licensing deadline less than two years away.
Source: Veikkaus / Finnish Government Ownership Steering Department
