As Finland moves along the path to open up for the online gambling market specifying January 2026 as the latest deadline to launch the respective licensing system, the country’s commitment to end the monopoly gambling structure is being reflected by the changes announced by the leading gambling operator Veikkaus. According to the press release, the governmental program stimulating the market competition is mirrored by the operator’s digital business transfers to international market and the raise of redundancy concerns within the company.
Allocating Assets Ahead Of New Legislation
As reported, Veikkaus will transfer a part of its online operations to the regulated international markets while the most of its land-based assets, like lottery and slot machines, will continue to take advantage of the exclusive status in the country.Veikkaus CEO Olli Sarekoski reportedly stated: ”Preparing for changes in the gaming industry and internationalization are a really important part of Veikkaus’ growth strategy.”
The CEO reportedly continued that the company intends to funnel significant investments in the new business. He reportedly stated: ”We are building a future where Veikkaus is Finland’s most successful gambling company and a major player in the international markets.”
Changes Might Make 240 Jobs Redundant
According to the press release, the company is focused on sustainable and profitable operating models that will make the company competitive in the emerging market circumstances. As the launch of the online gambling market in 2026 is getting closer, the company plans to negotiate the changes to the organizational structure of the entire entity and a total of 825 wagering laws starting from September 2023. These changes may reportedly include the termination of employment for almost 240 people and the amended terms for max 195 employees.
Restructuring Might Close Tampere Casino
Also, Veikkaus will align with the governmental announcement of the licensing system launch by introducing the measures to increase the overall corporate responsiveness to the new gambling environment. As reported, the operator will reduce the number of land-based gaming venues from 65 to around 40 to 50 for these purposes. The move may reportedly include the closure of the Tampere casino. Sarekoski reportedly said: ”We want to be competitive in the future license market and vital in the monopoly market. That’s why we need changes in our operations that affect the entire company.”
Tailoring New Strategies for New Market Conditions
In June 2023, Finnish lawmakers decided to open up the online gambling market after the studies found that the state is losing approximately EUR 500-550 million per year due to gambling activities circumventing the monopoly system. The online gambling market is expected to start up by the beginning of 2026 and the participants will have to tailor new strategies accordingly.
The same applies to Veikkaus. ”It means many parallel changes. We go through the entire organization from the point of view of profitability and growth. We also have to make difficult decisions. For some, these changes may mean the end of the employment relationship. We care and take care of them,”Sarekoski stated in the press release.