Finland's state monopoly operator Veikkaus has released its financial data for the first half of 2025. The overall performance continues to be under pressure, with both revenue and profits declining, but the results are "within expectations," according to officials.
The report shows that sales revenue was 466.4 million euros (approximately 547.9 million US dollars), a decrease of 4% year-on-year. Other operating income and lottery taxes also declined, with the former decreasing by 300,000 euros to 1.1 million euros, and the latter by 2.4 million euros to 55.3 million euros.
In terms of profitability, operating profit was 220.6 million euros, a decrease of 10.6% year-on-year; the total profit for this fiscal year was 229.6 million euros, a decrease of 9%.
Looking at the business segments:
Lottery game revenue: 246.1 million euros, down 4% year-on-year;
Slot machine revenue: 71.3 million euros, down 4.2% year-on-year;
Online casino and sports betting revenue: down 3.7% year-on-year;
Gaming as a Service (GaaS) revenue: bucked the trend, increasing from 0.9 million euros to 2.5 million euros.
Despite the pressure on the data, Veikkaus still maintains an absolute dominant position in the Finnish gambling market. Lotteries and offline gambling account for 68.8% of total revenue, while online gambling and sports betting account for 31.2%. However, as Finland gradually moves towards market de-monopolization, Veikkaus's leading position is being challenged. Some industry insiders even accuse it of "anti-competitive behavior" during the market formation process.
Meanwhile, new players are actively positioning themselves. Hippos AGT Oy announced that it will launch the AGT brand after the market is de-monopolized, which will introduce more competition into the Finnish gambling market.
Regarding the latest performance, CEO Olli Sarekoski stated:
“Veikkaus's performance in the first half of the year met expectations. Compared to the end of 2024, the long-term decline in total gambling revenue has been curbed. We must continuously enhance our capabilities in a highly competitive environment, which means not only optimizing systems but also strengthening competitiveness in an open market.”
