Veikkaus backs Finland’s gambling monopoly exit as 1,500 companies target the market

Finland is ending its gambling monopoly from 1 July 2027, and Veikkaus is not fighting the change. Chief executive Olli Sarekoski says the real issue is the channeling rate: in 2024, half of total gaming volume was already going outside the official market, so the monopoly was no longer doing the job it was meant to do.

1. Veikkaus, Finland’s state-owned lottery, betting and gaming company, says the monopoly model has been undercut by offshore supply for years. Sarekoski told SBC News there are “apparently 1,500 gaming companies targeting Finland,” which, in his view, means Finland effectively does not have a monopoly in practice.
2. The company and the government reached the same conclusion: the monopoly was struggling to compete with thousands of offshore, unlicensed platforms that Finnish consumers could access easily. Sarekoski said a “clear majority” of gaming activity was outside the monopoly system, and that the bulk of serious harm was also coming from outside the official market.
3. From 1 July 2027, Finland will end the monopoly it has held over gambling activities for decades. Veikkaus will keep the monopoly over lottery products and land-based gaming, while online betting and gaming will open to competition.
4. Veikkaus was formed in 2012 through the merger of Veikkaus, Fintoto, and the Slot Machines Association (RAY). The new market is expected to draw over 50 betting companies, and one of the names already preparing for launch is the Swedish-Finnish joint venture ATG Hippos.
5. Sarekoski argues Veikkaus already has the right kind of experience for an open market because it has spent years competing against offshore operators. He said Veikkaus has about three million registered customers in a country of 5.7 million, and compared the current setup to driving at 80kmph while offshore firms have “no speed limit”; from 1 July 2027, he said, everyone will be on a 120kmph limit.

For PSPs, acquirers, and banks, the important part is not just the licensing reset. Finland is moving from a blocked-or-tolerated monopoly model to a competitive online market, while keeping lottery and land-based gaming outside that competition. That split tells you where the payment volume is likely to move — and where the regulatory friction will stay.