Veikkaus to invest between €4 million and €8 million in Digital Reshuffle to blunt competition from offshore operators
Veikkaus, Finland’s state-run gambling operator, is planning to invest up to €8 million into adding new online casino games as part of an ongoing refurbishment of its operations and in a bid to meet growing demand for diverse Internet gambling offering.
At present, Veikkaus is the only operator authorized to provide gambling services, both at brick-and-mortar facilities and online, on the territory of Finland. Despite calls from industry stakeholders, the government of the Scandinavian nation has over the years remained firm on its stance that the monopoly model provides the best protection to Finnish gamblers and would remain in place.
However, the existing regulations in the country have not really deterred international companies from servicing local customers. Finland’s state-run operator has now decided to strike back and attempt to blunt competition from those offshore companies by upgrading its offering.
Finnish newspaper Hämeen Sanomat reported earlier today that Veikkaus is set to invest between €4 million and €8 million on new online casino games. It is also understood that the Finnish gambling monopoly has commenced negotiations with major providers of online casino content. New titles are expected to be rolled out in the next few months.
Keeping Gambling Money in Finland
Veikkaus adding new online casino games comes as part of the company’s strategy to create a competitive product that will draw Finnish customers and keep them away from unregulated international operators.
Finland’s unregulated online gambling market has exploded in recent years, statistics show. According to gambling consultancy H2 Gambling Capital, Finns gambled more than €286 million on international websites last year. The size of the nation’s unregulated sector is expected to surpass the €300 million mark this year.
Commenting on the addition of new games, Veikkaus Head of Casino Games Jan Hagelberg has told local media that new titles, mostly online slots, will go live in the coming months. In addition, the gambling monopoly plans to invest up to €8 million in the next few years to upgrade and diversify its online gaming content.
Veikkaus’ first partners in its new endeavor became known last fall. The operator forged content distribution partnerships with Yggdrasil Gaming and NetEnt. Both companies hail from neighboring Sweden and are among the top suppliers of content for the online gambling industry.
As Veikkaus is preparing to shift more of its attention to its digital offering, the company will also reshuffle its land-based operations. News emerged earlier this year that the operator would cease its table games operations in restaurants across Finland. The move is set to result in 400 employees being laid off.