Finnish Gambling Monopoly Veikkaus to Lay Off 240 Employees, Reduce Operations

Fana Colette

Updated by Fana Colette

Digital PR Specialist

Last Updated 14th Mar 2024, 07:22 AM

Finnish Gambling Monopoly Veikkaus to Lay Off 240 Employees, Reduce Operations

Finland's state-owned gambling operator Veikkaus is set to lay off 240 employees and reduce its operations as it prepares for the opening up of the country's gambling market.

Layoffs Precede Opening Up of Market

The company, which has a monopoly on gambling in Finland, announced the layoffs on Tuesday. It said that the changes are necessary to make it more competitive in the new market, which is expected to start operating in 2026. Veikkaus said that it will also reduce the number of its gaming halls from 65 to around 40-50. 

The change could also lead to the closure of its Casino Tampere. The company said that it is providing severance packages and other support to the affected employees. 

The opening up of the gambling market in Finland is a controversial issue. Some people believe that it will lead to an increase in gambling addiction, while others believe that it will give consumers more choice and better protection. The government is still working out the details of how the new licensing system will work. It is not yet clear how many licenses will be issued, or what the requirements will be for companies to obtain a license.

The opening up of the gambling market is likely to have a significant impact on the Finnish economy. The government estimates that it could generate an additional €100 million in tax revenue each year.

Veikkaus CEO: Changes Necessary to Be Competitive in New Market

Olli Sarekoski, the CEO of Veikkaus, said that the changes are necessary for the company to be competitive in the new market. "We are building a future where Veikkaus is Finland's most successful gambling company and a major player in the international market," he stated. Sarekoski said that the company is also planning to invest heavily in its online business and expand into new markets.

"We are confident that these changes will make us a stronger and more competitive company," he said.

The changes at Veikkaus are the latest sign of the growing competition in the global gambling market. In recent years, there has been a trend towards deregulation, which has allowed more companies to offer gambling services. 

This has led to a more competitive market, which has put pressure on incumbent operators like Veikkaus. It remains to be seen how the changes at Veikkaus will impact the Finnish gambling market. However, it is clear that the company is facing a number of challenges as it prepares for the opening up of the market.

Meet The Author

8 Years
Fana Colette
Fana Colette
Digital PR Specialist Digital PR Specialist

Fana is a writer and content specialist who specializes in the dynamic world of international publishing. For the past few years, her area of particular interest has been in the evolution of gaming laws due to her legal background. You can catch her sailing or swimming at the nearest beach when she's not keeping up with the most recent iGaming developments or honing her poker abilities.

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