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Read Full BioVeikkaus, Finland’s government-owned betting operator, has launched its new sports betting platform with OpenBet ahead of big changes in the country’s gambling industry.
The partnership was announced on the World Lottery Association (WLA) website in a press release. The statement notes that “The long-term partnership marks a major milestone in Finland’s evolving gambling landscape, offering an enhanced omnichannel experience across digital and retail channels in anticipation of the country’s upcoming regulatory changes in 2027.”
Veikkaus is a member of the WLA, and OpenBet now provides services to 21 lotteries worldwide.
Jarrko Nordlund, EVP for iCasino and Sports Betting at Veikkaus, said: “As we prepare for increased competition within the market, working alongside the industry’s most trusted, innovative, and scalable providers is key to enhancing our product and technological capabilities.
“Launching with OpenBet’s platform heralds a new era of sports betting within Finland, taking it to new heights and offering players a modernised experience they will truly appreciate.
“OpenBet’s desire to innovate further and bring more groundbreaking concepts to the Finnish market really excites us and underpins our decision to establish a close, long-term partnership with the company.”
Online Gambling Monopoly Ending In 2027
Plans to open up Finland’s gambling market from the current monopoly held by the government-owned Veikkaus have gathered pace since a legislative project was launched in October 2023.
The Ministry of the Interior announced last year that new licenses would be issued to operators no later than January 2026.
This summer, parliament is expected to pass a Gambling Bill that was introduced in March this year to formalize the plan.
Assuming no major objections, Finland will begin accepting license applications in January 2026. New operators will be able to launch in the market in January 2027.
The changes have been proposed as it is estimated that, despite having a monopoly on legal gambling in the country, Veikkaus only holds around 50% of the market. The other 50% is held by offshore operators.
Minister of the Interior Mari Rantanen commented on the new regulations, stating, “The aim of the bill has been to find a regulatory solution in which regulation combating gambling harms is balanced with the fact that gambling companies want to apply for a license, and that online gambling would be directed to a regulated gaming offering.”
Veikkaus Supports Regulated Competition
Veikkaus has been surprisingly welcoming to the idea of opening the market to licensed competitors. CEO Olli Sarekoski praised the idea as a way to tackle the rise of unlicensed operators. He stated, “If the system change is headed towards a license system, then the move away from unregulated platforms “happens faster rather than slowly”.
The lack of resistance is an admission that the platform is already losing out to offshore betting sites.
Velipekka Nummikoski, Veikkaus’s Deputy CEO, commented, “In Finland, we formally have an exclusive rights system, but if we look at digital gaming, Veikkaus’ market share is only half. You can already ask if we really have an exclusive system anymore.”
How Much Revenue Did Veikkaus Generate In 2024?
Veikkaus generated just over $1 billion in revenue from gambling in 2024, with about 60% of that from online sources. The remaining 40% came from land-based casinos, lotteries, and slots.
Offshore operators are estimated to have generated around the same as the online figures, roughly $639 million.
The new system will place a 22% tax on gaming revenue as well as license fees for operators. This is slightly higher than Finland’s Nordic neighbors. Sweden currently places an 18% tax on its licensed platforms. Denmark opened with a 20% rate, but increased that to 28% in 2021.
Privately run gambling companies will be able to apply for licenses to offer sports betting and online casino gaming. Land-based casinos, lotteries, and slots will remain under the exclusive control of Veikkaus.
In addition to the partnership with OpenBet to innovate its sportsbook, Veikkaus also partnered with Playtech last year to launch its live casino.
