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Finland – Restructuring to allow Veikkaus a greater focus on responsible gambling

By - 11 July 2019

Despite a good start to 2019 and with the new land-based Casino Tampere set to open in 2021, fierce competition from online casinos has prompted Finnish-state-owned operator Veikkaus to slash 360 employment positions.

The company is taking a tough stance on responsible gaming too with a new compulsory identification expected to reduce profit from slot machines by €100 to €150m annually. This will affect the lottery tax paid by Veikkaus by €12 to €36m. Peluuri, a service run by Veikkaus, is primed to help people struggling with gambling problems. Last year, 46.1 per cent of all gambling on Veikkaus sites took place identified.

Olli Saarikoski, President and CEO of Veikkaus, said: “At the beginning of the year, we had to make difficult decisions at Veikkaus, with the objective of revising our cost structure and enhancing our operations. Veikkaus’ year 2019 had a good start in terms of business. The result was affected especially by a Lotto jackpot, which rolled over for six weeks in a row. February also brought with it the biggest jackpot won in Lotto’s entire history, €15.5m.”

“Our objective is to ensure Veikkaus’ future in the tightening digital competition, where gaming is shifting strongly towards the digital channel,” he added. “As a result of the structural changes in retail trade, our point-of-sale network has also been reduced considerably in the past few years. By acting in a cost-efficient way, we can make sure that Veikkaus will be able to offer excitement and experiences to the customers even in the future and continue to be a good employer to a large number of gaming industry professionals.”

“There has been a lot of public debate over gambling problems. It is good that the responsibility of our operations and the reliability of our games are still seen as significant values. Veikkaus keeps monitoring the development of gambling-related problems regularly and developing measures to control problem gambling. At present, Veikkaus is preparing for comprehensive identification on decentralised slot machines, which will be introduced in 2022, enabling the players, for example, to set limits on their own gaming.”

“The monopoly status is based, in part, on Veikkaus’ competitiveness. We want to be able to provide games responsibly, minimising gaming-related harm even in the future, in order to channel the gaming revenue to the benefit of Finns,” added Mr. Saarikoski.

Veikkaus is a company owned entirely by the Finnish State, with a special mission. The company generates over one billion euros a year for the common good. The income is spent on culture, sports and other charitable and social causes. Veikkaus holds the exclusive right to operate all gambling in Finland and employs 1,700 gaming industry professionals. The company operates over 20,000 Slot machines nationally and runs the only casino in Helsinki.

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