Veikkaus reports declining revenue in third quarter
News on 26 Oct 2018
News on 26 Oct 2018
Finland’s gambling monopoly Veikkaus revealed Friday that its revenue fell during the third quarter, motivating management to increase competitiveness. The company reported:
* Turnover down 2.4 percent at Euro 2.36 billion, with revenue flat at Euro 725 million;
* Digital contributed 42.3 percent of turnover, with retail at 57.7 percent
* Lottery revenue grew 33.4 percent to Euro 222.8 million since the start of 2018.
President and CEO Olli Sarekoski reported:
“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 Euro 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.”
