Veikkaus Announces Partnership with OpenBet to Expand Betting Services in Finland

As part of the collaboration, Veikkaus will enhance its Pitkäveto and Live Bet products in collaboration with OpenBet. The build-a-bet offering will also see an expansion to include new sports, providing Finnish bettors with a broader and more engaging betting experience. OpenBet secured this partnership through a public tendering process.

The planned updates are scheduled to roll out by the end of 2024, visible at sales points and on Veikkaus.fi. Juha-Matti Mäkilä, Veikkaus' Vice President of Betting Operations, expressed the aim to maintain their position as the top choice for Finnish bettors, offering an enhanced customer experience and incorporating features from the global betting market.

Veikkaus recently underwent a restructuring, leading to significant workforce reductions. Approximately a quarter of its employees, around 185-215 out of 825, will face job losses, while 110-150 will experience changes in employment terms. The restructuring divides Veikkaus into three operational units: domestic games of chance, slot machines and arcades; domestic online casino and betting operations; and international business.

Finland’s government aims to end the existing monopoly system by 2026, replacing it with a new licensing system for online casinos and sports betting. This reform seeks to reduce gambling harms and address the shortcomings of the current policy. The European Gaming and Betting Association (EGBA) has supported this move, considering it a crucial milestone for Finland. Veikkaus also expressed its backing for the reform after announcing H1 results in August.

The government has outlined a pathway to the new system, involving the creation of proposals covering license fees, tax, and other crucial measures. The emphasis is on channeling more gambling into licensed offerings, promoting responsible gambling practices.