Finnish Gambling Monopoly Veikkaus’ H1 Turnover Down 6 Percent

Finnish Gambling Monopoly Veikkaus’ H1 Turnover Down 6 Percent

The first six months of 2019 have not been great for the state-run Finnish Gambling monopoly Veikkaus. It has been embroiled in controversies and had been facing criticisms for being lax in implementing social responsibility measures.

In its recent financial report, Veikkaus has posted a six percent decline in overall turnover during the first six months of 2019. The gambling monopoly reported a decline in turnover across most of its games. The company posted a turnover of €1,496.4 million for the first half. Turnover of lottery games was also down 6 percent year-on-year to €630.2 million.

Recently, Veikkaus announced that they are planning to reduce the number of slot machines over the next few years.

According to the reports in the local media, Veikkaus CEO Olli Sarekoski has confirmed that the gambling monopoly will cut the number of slot machines following the new legislation which calls for slot machines to have the identification verification technology.

Moreover, amidst calls for changes to the monopoly status of the Finnish state-run gambling company Veikkaus, Veikkaus executive vice-president Velipekka Nummikoski has charged back and said that any changes to the current gambling licensing structure would dramatically impact the funding for social causes and would also lead to an increase in gambling-related harms.

There have also been concerns over Veikkaus fuelling gambling addiction in the country by being irresponsible with gambling advertising. Veikkaus spends over 50 million Euros each year on advertising gambling products.

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