Finland eyes Veikkaus IPO as market reform progresses

Finland is working towards the potential future listing of state-owned gambling operator Veikkaus, although government officials have stated that several milestones must be reached before an initial public offering (IPO) can be considered.

According to comments made by Maija Strandberg, Director General of the Ownership Steering Department at Finland’s Prime Minister’s Office, the country is assessing the long-term possibility of taking Veikkaus public as Finland prepares for significant reforms to its gambling market.

The Nordic nation is set to transition to a licensing system for betting services in July 2027, a move that will end Veikkaus’ monopoly over online sports betting and digital slot machines. However, the operator will retain exclusive control over lottery-style games, scratch cards, physical slot machines and casino games under the new framework.

Strandberg stated that three conditions must be met before Finland considers listing the company. 

First, the required legislative reforms must be fully implemented. Second, market conditions must be deemed favourable for a listing. Third, Veikkaus must demonstrate that it can compete effectively in an open market environment.

She noted that proving competitiveness would require a sustained track record over time, with market share expected to serve as one key measurement. As a result, Strandberg indicated that any potential IPO is unlikely to be considered until close to the 2030s.

The development comes as Finland seeks to generate additional capital from state-owned assets to help fund a broader investment programme ahead of the country’s next general election in April 2027.

Veikkaus remains one of Finland’s most significant state-owned enterprises and is expected to play a central role in the country’s gambling transition as competition enters the online sector.

The latest announcement follows Veikkaus reporting €936.3m ($1.09bn) in revenue for 2025, while continuing preparations for Finland’s upcoming licensing model. 

Earlier this month, the operator also strengthened its Board of Directors with two new appointments as part of its wider transformation strategy ahead of increased market competition.