Veikkaus Group has officially announced a return to its “growth trajectory” following a robust performance in the first quarter of 2026. In a recent update, CEO Olli Sarekoski highlighted that the state-owned operator’s strategic pivot toward international expansion and the digital iGaming sector is yielding significant results, marking a clear departure from the transitional struggles of previous years.
The Q1 results suggest that the operator has successfully stabilised its domestic operations while aggressively scaling its B2B presence in global markets, a move necessitated by Finland’s impending shift from a monopoly to a multi-license system.
Veikkaus Strategic Recovery: Analyzing the 2025 Market Preparation Results
The return to growth in early 2026 follows a period of heavy restructuring. The groundwork for this resurgence was laid during the previous fiscal year, as detailed in the Veikkaus Group 2025 results and market preparation, which focused on streamlining costs and modernising the company’s digital infrastructure.
Sarekoski noted that the group’s “international business” is no longer just a secondary project but a core driver of profitability. By offering its proprietary gaming technology and high-quality content to operators in regulated markets across Europe and North America, Veikkaus is diversifying its revenue streams away from a purely Finnish player base. Commenting on the transition, Sarekoski stated:
Growth comes especially from international markets and the iGaming business, which we have been emphasising in our strategy for quite some time. Traditional draw games, such as Lotto, have also continued their stable development and support the overall result significantly. The turnaround for the better was seen last autumn. Investments in B2C licensed operations have now started to produce concrete results, and the first quarter further confirmed that our new strategy is working and is taking us onto a sustainable and controlled growth path – exactly as we have aimed.
The positive Q1 report also coincides with a critical change in the company’s executive suite. To manage the complex financial transition toward a competitive market, Veikkaus appointed Ilkka Kosola as CFO. Kosola’s mandate is specifically focused on navigating the financial implications of Finland’s new gambling laws, ensuring the company remains the market leader even as international giants enter the Finnish space.
Q1 2026 Growth Drivers: Digital Dominance and International B2B Expansion
The transition from a domestic monopoly to a competitive international player is reflected in Veikkaus’ shifting revenue mix. By prioritising high-margin digital products and leveraging its proprietary technology through B2B partnerships, the group has insulated itself against the traditional risks associated with a changing regulatory landscape. This resurgence is built upon three primary strategic pillars that defined the first quarter of 2026:
- Digital Dominance: Over 60% of total revenue now comes from digital channels, with mobile gaming seeing double-digit year-on-year growth.
- B2B Expansion: The group’s subsidiary, Fennia Gaming, has secured three new major supply contracts with tier-one European operators.
- Domestic Stability: Despite the anticipation of market opening, domestic player retention remains high due to enhanced loyalty programs and responsible gaming tools.
Veikkaus’ Move Toward Open Competition
As the Finnish government finalises the legislative framework for the 2027 market opening, Veikkaus is positioning itself to be the “domestic powerhouse” in a competitive field. The operator’s ability to post growth in Q1 2026 provides a vote of confidence for stakeholders who were concerned about how the state-owned entity would fare without its monopoly protections.
With a modernised tech stack and a seasoned leadership team, Veikkaus appears to have transitioned from a protected monopoly into a lean, digitally focused international competitor.