Veikkaus to Renegotiate Contracts as Finland Readies Licensing Model

Veikkaus, Finland’s gambling monopoly, commented on the country’s upcoming shift to a licensing model. As the operator previously warned, the change would likely lead to job cuts. As a result, Veikkaus is set to renegotiate contracts with almost 620 employees.

Veikkaus to Renegotiate Up to 620 Contracts

Finland announced its intention to shift from the monopoly model just recently. While Veikkaus said it welcomed the change, the operator also warned that it would likely result in job cuts.

The operator is now set to renegotiate contracts with between 580 and 620 of its employees. Veikkaus pointed out that the negotiations could potentially result in up to four redundancies, as well as between 10 and 37 material changes to employment contracts.

A year ago, Veikkaus said that it expects between 185 and 215 employees to lose their jobs. Back then, Veikkaus also modified the terms of dozens of contracts and closed its Casino Tampere property, as well as 19 game arcades.

Veikkaus Is Preparing for the Market Changes

The cuts herald the implementation of the licensing model. Veikkaus, which would continue operating as one of the licensees, is hard at work optimizing its business in order to best prepare for the significant change.

To that end, the company seeks to restrict its business and adopt a product-based model. While this has mostly seen Veikkaus reduce redundancies, the company also promised that the shift toward a multi-license market could also cause positive changes, such as new roles and jobs.

In any case, Veikkaus intends to maintain its edge and use the competition to grow. The company plans to continue investing in its business and remain a leading operator even after Finland introduces a competitive model.

Heli Lallukka, EVP, people & culturе at Veikkaus, said that her team wants to turn Veikkaus into a company that is a major operator both in Finland and beyond. Lallukka added that Veikkaus wants to be a company Finns can be proud of.

For reference, Finland is set to officially launch its multi-license model in 2027, ending Veikkaus’ monopoly. Gambling operators will be able to apply for licenses starting in 2026. From 2028, Finland would also introduce B2B licenses, as well as a dedicated gambling regulator that will be tasked with overseeing the market.