Lottery Drives 53,1% of Veikkaus Revenue Ahead of 2027 Shift
The group’s total revenue reached €936.6m, with lottery accounting for just over half of sales. Betting and online casino GGR came in at €292.4m, picking up toward the end of the year, while slot machine and land-based games fell to €142.1m after retail reductions. The upcoming shift will open the market to private operators and move Veikkaus into direct competition outside its monopoly setup.
At product level, Lotto generated €116m in GGR, supported by higher jackpots and a new draw format. Eurojackpot brought in €156m, down on the previous year due to lower jackpot cycles. Scratch cards rose to €29.6m from €22m, helped by new lower-price products and seasonal offers.
Land-based revenue continues to decline. Slot machines and physical games dropped as Veikkaus reduced machine numbers across retail locations. For suppliers and retail partners, this means fewer opportunities in physical distribution.
Veikkaus is already restructuring around that shift. The business is being split between monopoly activities and a future licence-based unit focused on betting and online casino.
International expansion is part of that response. Through Fennica Gaming, Veikkaus is building a B2B business, with content now live in 17 countries. Growth in this unit picked up during 2025, supported by new partnership deals.
The reform changes the setup for the whole market. New operators will be able to enter Finland under a licence system, increasing competition in betting and online casino. Affiliates will see more brands competing for traffic, while suppliers will gain new routes into the market. For Veikkaus, the shift is clear – it moves from a protected model to competing on equal terms with private operators.
TGJ Take
Lottery is still doing most of the work for Veikkaus, but that won’t matter much once the market opens in 2027. The real competition will be in betting and online casino, where new operators will push hard on product and pricing. For operators, Finland is one of the last regulated markets in Europe that is opening, but it won’t be an easy entry. Affiliates should watch which brands are preparing early, as timing will matter more than scale. Veikkaus has time to adjust, but right now its strongest segment is not the one that will decide its position after the reform.
