Finnish State Sells Gambling Software to 17 Countries — While Monopoly Collapses at Home

The Double Life

Veikkaus lives a paradox. At home in Finland, the company clings to a monopoly that is crumbling by the year — holding just 23.4% of the online casino market and 28% of betting. Offshore operators control the rest. The monopoly argument — that gambling must be kept under state control for player safety — is the foundation of Finnish gambling policy.

But abroad, Veikkaus tells a completely different story. Through its subsidiary Fennica Gaming, the Finnish state operates as a commercial B2B supplier of gambling software on the open market. Fennica Gaming develops and sells eInstants and iCasino products to operators in 17 countries across three continents.

The contradiction is striking: a state monopoly that justifies its existence with player protection at home, while simultaneously selling gambling technology to commercial operators abroad.

Fennica Gaming in Numbers

Metric	2025	Development
GaaS revenue	€4.4M	~+100% YoY
Countries	17	3 continents
Products	eInstants + iCasino	Own platform
Markets (selection)	Canada (Québec), Belgium, Sweden, Netherlands	N. America, Europe

Fennica Gaming's GaaS (Gaming as a Service) revenue nearly doubled in 2025, reaching €4.4 million. The subsidiary now operates in markets across North America and Europe, supplying gambling software to both state-owned and commercial operators.

Compensation for the Domestic Collapse

The timing of Fennica Gaming's growth is no coincidence. As Veikkaus bleeds market share domestically, the subsidiary's international expansion represents one of the few growth narratives the group can point to.

Metric	2020	2025	Change
Veikkaus GGR (total)	€1,260M	€936M	−26%
Retail GGR	€714M	€342M	−52%
Digital market share	~70%	39%	−31 pp
Fennica GaaS revenue	—	€4.4M	New revenue stream

Veikkaus has lost over a quarter of its total revenue and more than half its retail GGR in just five years. Digital market share has collapsed from roughly 70% to 39%. Against this backdrop, Fennica Gaming's €4.4 million is modest — but it represents a strategic bet on a post-monopoly future.

Group Vulnerability

A closer look at Veikkaus' financials reveals a notable discrepancy between parent company and group results — approximately €19 million — suggesting that the group structure, including Fennica Gaming, introduces both costs and revenue streams that do not appear in the parent company's books alone.

Metric	2025
Revenue (GGR)	€936.3M
Operating result	€431.6M
Group profit	€447.2M
Total assets	€767.7M
Cash	€415.9M
Equity	€577.4M
Investment (total)	€53.7M
Product development	€30.7M
State payment	€578.3M
Employees	1,194

Veikkaus remains a highly profitable company, generating €431.6 million in operating profit and paying €578.3 million to the Finnish state. But the trend is clear: revenue is declining, and the group is investing €53.7 million — including €30.7 million in product development — to prepare for a future where the monopoly no longer exists.

B2B Licence 2028: Fennica as Domestic Supplier?

Finland's new gambling legislation introduces mandatory B2B licences from July 2028. Any company supplying gambling software, platforms, or technical infrastructure to licensed operators in Finland will need a separate B2B licence.

This creates an intriguing possibility: Fennica Gaming, already operating as a B2B supplier internationally, could position itself as a system supplier to the 40–50 operators expected to apply for Finnish licences. The subsidiary already has the product portfolio, the technical platform, and — crucially — a deep understanding of the Finnish market.

The industry association BOS has flagged the potential competitive advantage that state ownership could confer. A B2B supplier owned by the state — the same state that sets the regulatory framework — raises legitimate questions about level playing field and market neutrality.

The Nordic Parallel

The Fennica Gaming story has a clear Nordic precedent: Sweden's ATG. Originally a monopoly for horse racing betting, ATG transformed into a commercial actor after Sweden's gambling market was re-regulated in 2019. Today, ATG operates as a joint venture with Finnish Suomen Hippos, supplying betting products across borders.

The trajectory suggests that state-owned gambling companies, when confronted with market opening, often pivot from monopoly operators to commercial B2B suppliers. Fennica Gaming may be Veikkaus' version of this transformation — already underway before the monopoly has formally ended.

“Fennica Gaming is Veikkaus' best-kept secret. While everyone focuses on the monopoly collapse, the subsidiary is quietly building a global B2B business. The irony that the Finnish state sells gambling software to open markets while maintaining a monopoly at home should not go unnoticed.”

— Tommi Korhonen, CEO, Bonusetu.media