Finnish gaming monopoly sees profit decline

kaus, Finland’s state-owned gaming operator, has recorded a loss in turnover citing one-off merger costs for the decline and claiming increased membership will put them back on track to meet their revenue projections. As it stands the combined turnover decreased by 0.5% and the combined profits fell by 3.3% according to the company’s interim report.

The merger has seen the company surpass the milestone of reaching over two million registered members. The company also saw growth in its slot machines, instant games and skill games. The slot machine and Instant games sectors posted a turnover of €801.6m (4.2%) in the period between January and August while skill games achieved a turnover of €541.5m (5.2%). Fixed odds games also posted solid growth during the year (16%). Despite these positive results the company was still unable to make a profit in its first interim report.

President and CEO Olli Sarekoski said: “The period under review got a great climax, as we passed the milestone of two million registered loyal customers. That represents about one third of the adult Finns engaging in Gaming.”

The company stayed positive as they ended the report by stating: "Veikkaus believes that the projected profit for 2017, recorded in the State Budget, €1.014bn, is achievable."