Veikkaus

Mandatory Identification

The current decade marks a fundamental shift in Veikkaus’s operational model, driven by strict regulatory changes and a new international strategy. On January 1, 2024, the operator implemented full mandatory identification for all games, ensuring 100% of gaming activity is authenticated.

Coinciding with this measure, the distribution of gambling proceeds was restructured, with all profits now directed straight to the Finnish state budget rather than being earmarked for specific beneficiaries.

Simultaneously, the group has diversified beyond its domestic monopoly. In January 2022, it launched Fennica Gaming, a subsidiary dedicated to the B2B market. This entity focuses on licensing Veikkaus’s proprietary gaming technology and content to international operators.

This strategy was reinforced in March 2025, when the company’s internal Game Studio was transferred entirely to Fennica Gaming to centralize development and global sales. Domestically, the period saw the opening and subsequent closure of Casino Tampere (2021-2022) at the Nokia Arena.

The Great Merger

The modern structure of the Finnish gambling market was finalized on January 1, 2017. This date marked the official merger of Finland’s three previously separate operators: Veikkaus (betting and lottery), RAY (slots and table games), and Fintoto (horse racing betting). The integration process unified the fragmented market under the single Veikkaus brand, creating a comprehensive gambling monopoly.

Following the merger, the company focused on unifying player accounts and deploying advanced responsible gaming tools across the new platform.

Prior to the amalgamation, the decade was defined by product expansion and mobile adoption. In 2012, Finland joined the transnational Eurojackpot lottery, and the operator launched its first dedicated mobile applications to cater to the shift toward smartphone usage.

Digital Pioneers and The Internet Era

Veikkaus is recognized historically as an early adopter of digital commerce. In 1995, the company launched its first consumer-facing website. Two years later, in 1997, it became the first national gaming company globally to offer self-service online gambling, setting a precedent for state lotteries worldwide. By the end of the 1990s, the digital portfolio had expanded significantly.

In the physical sector, the 1990s saw the establishment of Finland’s first official casino, Casino RAY, which opened in Helsinki in 1991. The early 2000s continued this growth with the launch of Keno in 2002, which quickly became the operator’s second most popular product. In 2006, the introduction of the Veikkaus Card laid the early infrastructure for the authenticated gaming environment that exists today.

Foundations in Paper and Mechanics

Although now a technology driven enterprise, the group’s roots lie in physical media and mechanical gaming. The original betting agency, Oy Tippaustoimisto Ab, was founded in 1940 by national sports federations to fund athletic activities.

Parallel to this, the slot machine sector was formalized with the founding of RAY (Raha-automaattiyhdistys) in 1938, created to consolidate operations previously run by charitable organizations.

The 1970s proved to be a defining era for the lottery vertical with the introduction of Lotto in 1970, which transformed the revenue scale of the business. In 1975, the Finnish state acquired all shares of the company, securing government control over national gambling revenue.

Throughout the 1980s, the portfolio expanded to include scratch cards, while RAY began the internal manufacturing of video games and electronic slot machines.