Interim report Q3/2018: Veikkaus aims at strengthening its competitiveness in the middle of a changing operating environment
President and CEO Olli Sarekoski:
“Gaming is undergoing a strong shift towards the digital channels. Although Veikkaus holds the exclusive right to operate gambling games in Finland, the gambling provision in the digital channels takes place in a competitive market in practice. The Finnish gambling market totalled an estimated EUR 1 460 million (+0%) in terms of GGR in the period between January and September. Veikkaus’ share of the total market was ca. 89 percent. The development of the regulatory environment, among other things, has led part of the gaming to take place with foreign operators.
The new Veikkaus, which begun its operations at the beginning of 2017, has made a good start. Merging the operations has required a great deal of the company’s resources, but we have still managed to develop our financial result according to plan. The number of Veikkaus’ registered loyal customers went up to over two million during the period under review.
- The year 2016 was the last year of operations of the Finnish gaming operators Fintoto, Finland’s Slot Machine Association, and Veikkaus. At the beginning of 2017, a new gaming company was launched, as the gaming operations of the three previous operators merged into a single company called Veikkaus.
- The new Veikkaus Oy is owned entirely by the Finnish State and has the exclusive right to operate all gaming in Finland. The gaming revenue continues to be used for good causes, to support social and health care organisations, art, sports, science, youth work, as well as the equestrian sports and horse breeding.
- The total Finnish gaming market amounted to ca. EUR 3 530 million in terms of turnover during the year under review. This meant a growth of three percent as compared with the previous year. Foreign competition targeted especially digital gaming; it was estimated that the share of cross border gaming out of the total market remained under 8 percent.
- Fintoto’s financial statements 2016; RAY’s activity report, financial statements, and CSR and annual report 2016; and the old Veikkaus’ annual report and financial statements 2016 can be found at a www.veikkaus.fi/company.
The Finnish gaming operations will be shouldered entirely by a single company, as the activities of the current three operators Fintoto, Finland’s Slot Machine Association RAY, and Veikkaus merge in 2017.
Veikkaus’ President and CEO Olli Sarekoski:
"Veikkaus’ year 2018 has started according to expectations; we have focused on the adoption of the new responsible gaming tools that were launched at the end of 2017. Last December, Veikkaus introduced tools for online gaming control, which are unique in the international setting. They include uniform money transfer and loss limits that are compulsory to all. We have received positive response from our customers concerning the gaming restrictions, and well over one million customers have set their personal money transfer limits.
Veikkaus’ Board of Directors has appointed a new Executive Team for the company this week. At the same time, Veikkaus’ organization is also being revised.
Veikkaus’ financial result for the year 2017 turned out as expected, amounting to EUR 1 021.3 million. During its first year of operations, Veikkaus invested especially in the smooth functioning of the gaming operations, integration of the game systems and ways of operating, as well as the development of responsible gaming tools. The new Veikkaus was born when the three former gaming operators Veikkaus, RAY, and Fintoto were integrated at the beginning of 2017.
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