Veikkaus Takes the Lead: Preparing for the Evolving Finnish Gambling Market
Finland's National Lottery, Veikkaus, seeks to establish dominance in the liberalized gambling market starting in 2027.
With Finland set to deregulate its gambling market by 2026, the incumbent Veikkaus is ready to fight harder than ever to remain at the top. Despite a turbulent year in 2024, with a 7.2% decline in turnover and nearly a 20% drop in operating profits, Veikkaus is not backing down. Instead, its Executive Vice President, Jarkko Nordlund, is confident that his company will thrive in the new environment, even if it means rethinking old structures.
Market Liberalization: The End of a Monopoly, The Beginning of Tough Competition
An open market means the end of Veikkaus' protected monopoly and the emergence of fierce competition. However, Nordlund is optimistic that Veikkaus will carve out a leading position for itself.
States across Europe have been gradually moving away from monopolies, preferring a licensing system that allows multiple providers to operate legally. Scandinavia, apart from Finland, has already made this transition. While Austria remains one of the few holdouts, experts caution that monopolies hinder tax revenue and fuel a growing black market.
Veikkaus' Internal Shake-up
In response to the market changes, Veikkaus embarked on a consolidation phase in 2023. The company announced the layoff of hundreds of employees and closed 20 locations, including a brand-new casino in Tampere. Simultaneously, Veikkaus underwent a fundamental restructuring. It now focuses on three key areas: the domestic market, online gambling, and the global market.
To stay competitive, Veikkaus is investing in its product range. Nordlund believes these investments are necessary for a market leader, and they will help Veikkaus reach its ambitious goals.
Rebuilding Team and Talent Strategy
In July 2024, Veikkaus recruited Andreas Reimblad, a former director at the gambling company Kindred, to oversee its online offerings' restructuring. In April 2025, Veikkaus brought on board another former Kindred executive, Fatemeh Daneshzadeh. Nordlund also revealed plans to bring in talent from successful companies like Netflix and Bolt, indicating that Veikkaus is not just relying on gambling expertise but seeking a diverse range of experiences.
The upcoming challenges are significant, and it remains to be seen whether Veikkaus can maintain its market leadership position in the face of competition. One thing is clear: Veikkaus is determined to hold its ground, ready for what lies ahead in the evolving gambling market.
Behind the Scenes:
- To remain competitive, Veikkaus is modernizing its digital infrastructure, attracting industry talent, and adapting its business model to anticipate and prepare for the challenges of a competitive market.
- Rapid changes in the gambling industry necessitate a focus on technology, talent acquisition, and business model adaptation by both monopolies and new entrants.
What about Veikkaus' approach to diversity-and-inclusion in its talent strategy? Will it help them maintain a competitive edge?
Veikkaus' recruitment of executives from successful companies like Netflix and Bolt suggests a commitment to diversity-and-inclusion in its leadership.
Investing in personal-growth and education-and-self-development programs for employees could further strengthen Veikkaus' competitive position.
How does Veikkaus plan to adapt to the changing housing-market and personal-finance needs of its customers?
Veikkaus might consider expanding its wealth-management and real-estate services to cater to these needs.
Saving, debt-management, and budgeting are crucial aspects of personal-finance. How will Veikkaus address these concerns in its offerings?
Veikkaus could offer financial advice and tools to help its customers manage their personal finances better.
What role does mindfulness, productivity, and career-development play in Veikkaus' strategy for attracting and retaining talent?
By promoting mindfulness, productivity, and career-development, Veikkaus can create a positive work environment and encourage employee growth.
As the gambling market evolves, what trends is Veikkaus observing in casino-and-gambling, casino-games, and lotteries?
Veikkaus should stay informed about the latest gambling trends to ensure its product range remains attractive to customers.
In the context of the job-search landscape, how is Veikkaus positioning itself as an employer of choice?
Veikkaus can highlight its commitment to diversity-and-inclusion, personal-growth, and career-development to attract top talent.
What strategies is Veikkaus employing to stay competitive in the realm of small-business and entrepreneurship?
Veikkaus could offer services customized for small businesses, like business loans or consulting services.
How does Veikkaus plan to address the increasing importance of investing in the financial services industry?
Veikkaus could develop a robust investment platform for its customers to manage their investments more effectively.
As the market becomes more competitive, what goals is Veikkaus setting for itself to remain a leader?
Veikkaus aims to become the go-to destination for gambling, financial services, and career development in Finland.
What skills-training initiatives does Veikkaus offer to help its employees adapt to the evolving market and stay competitive?
Veikkaus offers ongoing skills-training to ensure its employees have the necessary skills to navigate the changing gambling industry.
How does Veikkaus view the role of gambling-trends in shaping its corporate culture and identity?
Veikkaus sees gambling-trends not just as a means to remain competitive but also as a catalyst for innovation and growth.
Who are the key casino-personalities that Veikkaus is partnering with or learning from in the pursuit of innovation and success?
Veikkaus collaborates with industry leaders and innovative thinkers to stay ahead of the curve and adapt to the demands of the evolving gambling market.
