Gross gaming revenue (GGR) at state-owned Finnish gambling monopoly Veikkaus dropped 3.6% to €1.03bn ($1.12bn) in 2023 against challenging regulatory headwinds in Finland. This marked another year of revenue decline, with the 2022 total dipping 3.0% compared to 2021.

Veikkaus’ performance in 2023 was backdropped by a number of seismic regulatory changes. In June, the then-newly formed Finnish government confirmed that it would end Finland’s current gambling monopoly system “no later than 2026”. This would be replaced by a new licensing system.

The new process would see Veikkaus split into several different companies, which would form part of the same group.

In September, Veikkaus warned that staff layoffs would be incoming as part of the monopoly’s end.