Finland’s Veikkaus Gaming Monopoly Facing Mass Layoffs
Finland’s Veikkaus gaming monopoly of late reported revenue of €519.3 meg ($564.3 million) for the number 1 half of the year, a 1% year-on-year increase. The advance doesn’t follow as just word for employees, though, as 240 – virtually I billet – of the workforce will presently follow come out of a job.
Despite the growth inwards revenue, Veikkaus saw a pearl inward its operating benefit inwards the first-class honours degree half of the year. It lost 6.2% from a twelvemonth ago, falling to €310.2 trillion ($337.1 million). As opposed to most businesses, though, state-controlled Veikkaus doesn’t pay off taxes on its profits.
The declination is a potential prevue of what’s coming, and the gaming operator proclaimed the layoffs via a press release on Tuesday. It added that another 195 employees human face “significant changes,” but didn’t specify what this meant. It only when warned that the company’s full accompaniment of 825 employees is going to receive an upheaval.
The restructuring comes as Veikkaus is nigh to get into a unexampled phase angle of operations. After finally admitting this past tense June that the monopoly is a failed model inward the gaming industry, Finland is preparing to clear upward the market.
Finland Gaming Gets an Overhaul
In accordance with changes being considered by Finland’s government, voice of the country’s gaming market place will unfastened at the first of 2026. This will wipe out the monopoly Veikkaus has enjoyed and change its role inwards the securities industry considerably.
In the future, voice of Veikkaus’ online gaming stage business will follow transferred to the international licensed gaming market. The drawing and physical expansion slot operations, on the other hand, are relieve intended to be kept under Veikkaus’ control.
The troupe testament also likely come down the number of its gaming halls from 65 to around 40–50. The change could also take to the closure of its Casino Tampere.
CEO Olli Sarekoski said inward the printing press release that preparing for changes inwards the gaming manufacture and internationalisation is a “really of import part” of Veikkaus’ growth strategy. He added that Veikkaus plans to enthrone inward a new business concern and wants to be Finland’s most successful gambling companion and a major participant inward the international market.
The goal is an operating pattern that allows Veikkaus to focal point on its core group business. The changes coming to Veikkaus tight a new geological era and changes in which the entire organization will live reviewed from the point of panorama of profitability and growth.
That brush up will hold backing from several new faces. Veikkaus also announced that it is inwards the treat of onboarding young executive-level hires to train for the transition.
Among these young recruits are Jarkko Nordlund, Tuomo Puumala, Reija Laaksonen and Jonas Reuter. They all make a diverse ground that spans everything from political economy to gaming.
Operators Waiting inwards the Wings
Breaking Veikkaus’ monopoly started still before this year’s parliamentary elections and the formation of the electric current government activity inwards April. The monopoly posture was seen as a victor in the past, but it became apparent that the changing gaming ecosystem made it obsolete.
Finnish studies dictated that as much as half of the iGaming activity was taking localise through and through offshore sites. As a result, these operators were able to take in important income without license fees, taxes or enough responsible for(p) gaming controls.
It’s unclear exactly how the young online gaming posture testament looking at after 2026 – the details are ease existence finalized. However, the workings theory is that several online cassino and sports betting licenses may suit available.
The hereafter has already attracted a lot of interest from worldwide gaming companies. Seven large companies offering online gaming have developed an organization to bear on for the entry of a licensed gaming system inwards the Finnish market. Rahapeliala ry (Finnish for Gambling Association) was founded past the online gaming companies Betsson, ComeOn Group, Entain, Flutter, Kindred Group, LeoVegas and William Hill.
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