Tag Archives: finland

Veikkaus ordered to reduce workforce headcount 

Veikkaus OY, Finland’s state-sanctioned gambling monopoly, has confirmed that it will reduce its workforce capacity by approximately 200 employees.  The headcount reduction has been approved by corporate governance, continuing to streamline the Veikkaus operations as a result of new government demands placed on the monopoly. This week, Veikkaus began consultations with 800 staff members with regards to undertaking redundancies, restructuring …

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Veikkaus records a 2020 slip as covid shuts down Finnish arcade venues

Veikkaus, Finland’s state-owned gambling monopoly has published its full-year 2020 results,  disclosing total corporate profits of €680.2m, down 33 % from the previous year. Veikkaus cited that the decrease was primarily due to the disruption caused by the COVID-19 pandemic as slot machines were closed entirely or in part for a total of around five months. Lottery tax was €151.4m, …

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Winning Post: Easy ‘Nordic cash’ is drying up…

Regulus Partners begins November proceedings by examining the Nordic market developments. Once recognised as fruitful territory for igaming operators, heavy-handed restrictions, penalties and increased taxes have changed Scandinavia’s market outright.  ___________ Norway has become a much tougher market in which to operate over the last couple of years, especially for those not willing or able to get creative with payments …

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Veikkaus calls for early introduction of Finnish age verification measures

Veikkaus has called on Finland’s government to bring forward the implementation date for new measures regarding compulsory authentication across gaming arcades. Currently, mandatory ID checks are to commence at the beginning of 2023, but the Finnish gambling monopoly is urging an amendment to the Lottery Act to bring the rulings into force next year. The firm has also documented its own …

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Veikkaus revamping business around responsible gambling objectives

Finnish gambling operator Veikkaus is revamping its operations to put more emphasis on responsible gambling.  The company plans to reduce its 18,500 slot machines by 40% over the next six years as it looks to address concern over the extent of gambling harm in the country.  The move comes despite Veikkaus announcing a 2.1% drop in gross gaming revenues so …

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Finnish ombudsman seeks to break-up Veikkaus control by state departments

Political debate on how to reform Veikkaus continues, as Finland’s Consumer Ombudsman urges the government to overhaul the gambling monopoly’s operational procedures and governance structures. Speaking to media, Krisi Leivo, Director General of Finland’s KKV Consumer Authority, stated that Veikkaus profits should be directly controlled by the state. Leivo believes that Veikkaus would be a more beneficial state asset if the monopoly …

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Christer Fahlstedt: Paf – True responsibility is a test of all industry values

Leading Åland Island-based operator Paf, Chief Executive Christer Fahlstedt has implemented betting’s most transparent social responsibility mandate questioning standard practices that have governed incumbents operations to date.  Paf’s leadership directive hit news headlines home and abroad, however, Fahlstedt tells SBC that facing the industry’s most urgent agenda, his executive team has simply accepted its responsibility challenge head-on… ______________ SBC: Christer thanks …

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Veikkaus Finland confirms Regina Sippel as inbound CFO

Continuing its executive team restructure, Finnish gambling monopoly Veikkaus has confirmed the inbound appointment of Regina Sippel as new Chief Financial Officer (CFO). A fresh industry executive, Sippel joins Veikkaus leadership team from LSE listed UK travel group Thomas Cook, where she served as CFO of the travel operator’s Northern Europe division. Sippel will be tasked with leading the financial …

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Veikkaus reforms ethics council in response to public pressure

Finland’s under pressure gambling monopoly Veikkaus will re-establish an independent ethics council to make sure that it fulfils its social responsibility mandate across all operating verticals. The ethics council confirmation came after the state-owned operator introduced a raft of new gambling protection measures this week, including significantly reducing the number of slots across its leisure portfolio. Furthermore, adhering to new legislative …

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Digital challenge sees Veikkaus complete stage-1 of corporate transformation

Veikkaus, Finland’s state-owned gambling operator has detailed the successful completion of the initial phase of its ongoing ‘transformation programme’. At the start of 2019, Veikkaus governance announced that it would undertake ‘significant operational restructure’ of its ‘restaurant gambling division’, having identified a number of ‘cost reduction areas’. Competing against a ‘trend of fierce online gambling competition’, Olli Saarikoski, President and …

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