Veikkaus had a busy 2024 as it geared up for Finland’s gambling system reform set for 2027. The company focused on expanding digital gaming and international business while dealing with challenges in the domestic market. Veikkaus 2024 gambling system preparations also included investments in responsible gaming and compliance.
Veikkaus Group’s actual sales revenue fell 7.2% to EUR 959.1 million in 2024. The decline was driven by regulatory changes and increased lottery tax.
Mandatory authentication for all games, including scratchcards from January 2024, contributed to the decline in revenue but improved responsible gaming efforts.
Operating profit dropped by 19.5% to EUR 461.6 million, while profit for the financial year decreased 18.5% to EUR 471.5 million. Higher investments and a 12% lottery tax contributed to the decline.
Parent company Veikkaus Oy’s gross gaming revenue was EUR 956.2 million, down 7.3%. The company’s profit was EUR 475.9 million, a decrease of 18.3%.
The Finnish state received total returns of EUR 591.9 million from Veikkaus, including profit and lottery tax. The tax amounted to EUR 114.2 million, EUR 62.6 million more than in 2023.
Digital gaming grew, with 60.2% of gross gaming revenue coming from online channels, up 5.4 percentage points. Physical sales accounted for 39.8%.
Veikkaus had about 2.6 million registered customers by the end of 2024, with an increase of 80,000 new users.
The shift towards digital gaming continued, with offshore operators taking an estimated EUR 550 million from the Finnish market. Veikkaus accounted for about half of the domestic online gambling sector.
- In 2024, as planned, we implemented the Veikkaus strategy and invested in both business development and international growth, explained Veikkaus CFO Regina Sippel.
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