Veikkaus Oy’s Financial Profit in 2022 Remained on Previous Year’s Level

April 13, 2023 | Financial

FINLAND (April 12, 2023) — The Veikkaus Oy subsidiary Fennica Gaming was founded in January, so 2022 was the first year that Veikkaus operated as a corporate group. In spite of the challenging operating environment, the financial profit of the parent company Veikkaus Oy remained in 2022 at the level of the previous year, reaching EUR 680.0 million.


Veikkaus in 2022:

  • Veikkaus Group’s actual sales revenue in 2022 was EUR 1,070.8 million, while the financial profit was EUR 670.7 million. The actual sales revenue includes both the gross gaming revenue from gambling activities and turnover from other business activities.
  • The total revenue generated by Veikkaus for the state was EUR 716.3 million. This includes both the financial profit and the lottery tax.
  • The gross gaming revenue of parent company Veikkaus Oy for the 2022 financial year was EUR 1,070.6 million (decrease of 2.7% from 2021).
  • Veikkaus Oy’s operating income at EUR 680.3 million, remained at the same level as the previous year’s. The same applied to the financial profit, which stood at EUR 680.0 million.
  • In 2022, 49.7% of Veikkaus’ gross gaming revenue came from the physical points of sale and 50.3% from the digital channel.
  • Authenticated gambling accounted for 79.5% of all Veikkaus Oy’s games (increase of 3.5 percentage points).

Veikkaus was able to initiate its international business operations at the beginning of the year after the entry into force of the new Lotteries Act. The first year of operation of the subsidiary Fennica Gaming saw promising initial results on the attractiveness and functionality of the company’s games in different markets.

“Fennica Gaming is expected to grow into a significant part of Veikkaus’ business,” says Fennica Gaming’s Managing Director Timo Kiiskinen.

Gaming activities of Veikkaus Oy: consumer uncertainty influenced gaming activity

The year under review was the first full year since the start of the coronavirus epidemic when all of Veikkaus’ gaming halls and its two casinos were open throughout the year. Almost all slot machines were also in normal use throughout the year, which is why the gross gaming revenue from Veikkaus slot machines, at EUR 164.6 million, saw an increase of 15.1% on the previous year.

“Consumer behaviour at the physical points of sale has not, however, returned to the same level as before the coronavirus pandemic, as can be seen in the figures for visits to Veikkaus gambling halls. In addition, the mandatory loss limits introduced in 2021 for slot machines have reduced the volume of slot machine gambling. The war in Ukraine and the resulting increase in consumer uncertainty and reduced purchasing power have also affected demand for Veikkaus games,” explains Veikkaus’ Chief Financial Officer Regina Sippel.

The gross gaming revenue from Veikkaus’ most popular game, Lotto, decreased by 7.9% in 2022 to EUR 149.8 million. At the same time, the gross gaming revenue from Eurojackpot increased by 18.9% to EUR 151.1 million. This growth was due in particular to the Eurojackpot reform, through which the second weekly draw was introduced for Tuesdays. This reform also increased Eurojackpot’s maximum jackpot from EUR 90 million to EUR 120 million.

In 2022, the gross gaming revenue of the Betting Games group was EUR 123.8 million (-16.9%). This decrease in gaming revenue was partly due to the mandatory annual loss limit of EUR 15,000, which was introduced for all customers from the beginning of February. From mid-June, however, professional gamblers had the opportunity to apply for exemption from this loss limit, which reduced losses from decreased gaming revenue for the remaining part of the year.

Veikkaus Oy’s share of the Finnish digital gambling market has been in decline for many years. It stood at just over 50 per cent by the end of 2022.

New Lotteries Act enables use of data to prevent gambling-related problems

In recent years, Veikkaus has made significant investments in building a safer and more responsible gaming environment. This work continued in 2022, when preparations were made for the introduction in 2023 of compulsory authentication for ticket-based games. For the ticket-based games of Veikkaus’ own gambling halls and casinos, compulsory authentication was introduced already in November 2022. By the beginning of 2024 at the latest, authentication will also be introduced for scratch cards. At that point, compulsory authentication will cover all Veikkaus games.

The new Lotteries Act, which entered into force at the beginning of the year, enabled the use of data obtained through authenticated gambling for preventing gambling-related problems.

“Using the data, we can analyse players’ gambling behaviour and identify signs of high-risk gambling. Based on this player data, we made over 2,000 calls in 2022 to customers who may be at risk. Our desire is to give people the opportunity to stop and consider their gambling and, if needed, make use of the tools we offer for gambling management, such as gambling limits and self-bans,” explains Susanna Saikkonen, Vice President for Sustainability at Veikkaus.

For more information, visit the Veikkaus website:

Annual report, sustainability report and financial statement for 2022 

About Veikkaus Oy

We generate joy through games. We provide experiences and state-of-the-art games, while caring for our customers.We will do anything to keep gaming on the joyful side and to ensure that Finns play with moderation. Nearly all adult Finns have tried our games, and we have about two million Loyal Customers. We are involved in Finnish life in many ways.

SOURCE: Veikkaus Oy.

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