Finnish gambling monopoly Veikkaus remains unwavering in its resilience, asserted its online executive vice president, as the organization readies itself for competition within Finland's gambling sector.
Going Against the Odds: Veikkaus' Making a Stand in Finland's Gambling Market
In our chat with Jarkko Nordlund, EVP for Veikkaus' upcoming online business spin-off, he shares a firm resolve to challenge the naysayers. With a significant role in the digital arm destined to cater to Finnish consumers in the open gambling market, Nordlund's mantra is clear: "They're waiting for Veikkaus to falter. It's my personal crusade to shatter those expectations."
As the Finnish market opens its doors to private contestants in January 2027, the long-standing monopoly operator is gearing up to claim its spoils. Nevertheless, Veikkaus has faced a downturn in both revenue and profits over the past few years, with group revenue (consisting of B2C and B2B operations) plummeting 7.2% year-on-year in 2024. Similarly, operating profit took a 19.5% hit in 2024, primarily due to ongoing investment in digital business expansion.
Critics argue that Veikkaus struggles to keep pace with grey market competitors. To prove its mettle in the home turf, the company embarks on a comprehensive technological and product overhaul. Nordlund explains that they are in the midst of transitioning to new Player Account Management (PAM), sports betting, and Customer Relationship Management (CRM) platforms. In addition, new mobile applications are set to debut in the coming weeks.
"We haven't fully leveraged our technological and product potential, yet the competition is intense. When the market opens, we must be incredibly competitive. Our objective is to upend the mindset that perpetuates our current position," Nordlund points out.
Attracting Top Industry Professionals to Veikkaus
Last July, Veikkaus announced the recruitment of former Kindred director Andreas Reimblad to head up its sportsbook revamp. A committed quest for seasoned talent from across the industry is underway to bolster the digital business. The latest addition to the team is Fatemeh Daneshzadeh, former product excellence manager for Kindred, who joined Veikkaus as VP of digital channels in April.
Nordlund aims to bring on board more experienced industry experts but isn't limiting himself to gaming. "We've recruited premier talent from the sector. Then we're recruiting from Netflix, Bolt, and the like—digital companies with a strong foothold," he says.
The final roster will fuse current Veikkaus employees with fresh talent, embodying the best attributes of the entertainment industry. This hiring spree followed a warning in September that Veikkaus would revise the contracts of 620 staff members due to an internal restructuring to fortify the online business against grey market competitors.
At the time, Heli Lallukka, EVP of HR, stated, "Our goal is an operating model that allows us to prioritize our core business. The planned changes will enable us to address alterations in Veikkaus' main mission and operating environment, as well as shifts in the overall gambling industry."
- By the year 2027, Veikkaus aims to compete fiercely with private competitors in Finland's open gambling market, hoping to shatter expectations set by naysayers.
- Despite a decline in group revenue and operating profit in 2024, Veikkaus is investing heavily in digital business expansion, including new Player Account Management (PAM), sports betting, and Customer Relationship Management (CRM) platforms, as well as mobile applications.
- In an effort to boost its competitive edge, Veikkaus is recruiting top industry professionals, not only from the gaming sector but also from digital companies such as Netflix and Bolt, aiming to create a roster that embodies the best attributes of the entertainment industry.
- The recruitment drive follows an internal restructuring at Veikkaus, which included revising the contracts of 620 staff members to fortify the online business against grey market competitors.
