Veikkaus to Undergo Restructuring ahead of the Upcoming Reforms

Veikkaus, a Finnish entertainment body currently acting as a gambling and lottery monopoly, is preparing for major system changes that will see a licensing model introduced in the country. Soon, Finland will begin the process of expanding its gambling industry, effectively putting an end to Veikkaus’ hegemony over the market.

Finland’s government decided to terminate Veikkaus’ monopoly and reform the local gambling market. The move has Veikkaus’ backing and will diversify Finnish gambling by welcoming more operators and greenlighting new gambling products.

While Veikkaus approves the expansion of the market, the company will start to prepare for the upcoming changes by initiating a transformation program that will likely begin this autumn. The reforms will bring Veikkaus’ operations in line with the multiple amendments to Finland’s gambling regulation.

Amid the drastic changes, Veikkaus will have to part ways with a large part of its workforce (around 240 employees). The transformation program will also introduce changes to the employment terms of another 195 workers. The monopoly will also reduce its number of retail arcades from 65 to between 40 and 50.

Veikkaus is also mulling over the idea of closing its Tampere casino.

Veikkaus’ monopoly is set to expire in 2026, allowing international gambling companies to enter the Finnish market. As mentioned, Finland will use a licensing model, letting in companies that have demonstrated their reliability and commitment to responsible gambling.

The transition was also welcomed by a number of political entities, such as the Centre Party, the National Coalition Party and the Labour Institute for Economic Research.

CEO Sarekoski Is Optimistic about the Changes

Olli Sarekoski, Veikkaus’ chief executive officer, addressed the upcoming company reforms, saying that they seek to prepare the company for the bigger changes to the Finnish gaming market. To that end, Veikkaus is evaluating its entire business, exploring potential growth opportunities.

The CEO admitted that some of the decisions will be tough. He regrets that the company will have to part ways with a number of workers but believes that will ultimately be for the best. Sarekoski promised to offer support to the ones affected by the changes.

Sarekoski believes that internationalization is key to Veikkaus’ growth. He hopes that the company will one day cement itself as a major gambling operator in Finland and beyond. He concluded that the upcoming changes would open a new chapter for Veikkaus.

In other news, two months ago, Veikkaus bolstered its product offering with content from Pragmatic Play.