Finnish operator Veikkaus Oy counting the cost of coronavirus

Home » Finnish operator Veikkaus Oy counting the cost of coronavirus

In Finland and online and land-based gaming operator Veikkaus Oy has reportedly detailed that it expects its profit for the whole of 2020 to fall by up to €300 million ($353.1 million) year-on-year as a direct result of the coronavirus pandemic.

According to a report from the news domain at iGamingBusiness.com, the state-owned firm made this revelation after recording a decline of 33.6% year-on-year in its overall profit for the six months to the end of June to €332.7 million ($391.5 million) with its associated gross gaming revenues having decreased by 28.1% to €607.2 million ($714.4 million).

Significant shuttering:

iGamingBusiness.com reported that the Finnish operator was forced to shutter all of its land-based venues for a 15-week period from March 13 and only began reviving operations four days before the conclusion of the half-year term. The source also detailed that this move pushed the firm’s six-month revenues from casino games down by 46% year-on-year to €243.2 million ($286.1 million) with earnings from its extensive slot estate coming in 58.8% lower at €137.8 million ($162.1 million).

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Reduced returns:

Veikkaus Oy reportedly moreover recorded a first-half fall of 9.1% year-on-year in revenues from its other gambling activities to €105.4 million ($124 million), which had encompassed a slightly-slumped contribution of €101 million ($188.8 million) from its collection of online casino games.

iGamingBusiness.com reported that the Helsinki–headquartered firm moreover saw its first-half revenues from sportsbetting collapse by 21.9% year-on-year to €58.1 million ($68.3 million) although takings from its range of toto products rose marginally to surpass €28.9 million ($34 million). To make matters worse and the business purportedly incurred €79.2 million ($93.2 million) in additional costs and witnessed returns from its lottery arm shrink by 4.3% to €305.9 million ($359.8 million).

Unobtainable objective:

Regina Sippel, Chief Financial Officer for Veikkaus Oy, reportedly proclaimed that the operator now looks likely to miss the just over €1 billion ($1.1 billion) full-year profit recorded in the nation’s budget for 2020 despite having chalked up comparable 11.8% and 21% increases in its share of domestic iGaming revenues and the number of online players respectively.

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Reportedly read a statement from Sippel…

“Like many other operators, Veikkaus Oy had an exceptionally challenging spring. Due to the coronavirus pandemic, our contribution to society will fall significantly below previous levels.”


online casinoigaminggaming revenueshelsinkiveikkaus oycoronavirusregina sippel

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