Finland’s state-owned gaming operators—Veikkaus, Fintoto, and Raha-automaatttiyhdistys, or RAY—will be merged into one organization, reports SBC News.
The consolidation was ordered by Finland’s Cabinet Committee on Economic Policy in September. It is designed to maintain shared practices and standards and create a stronger industry as international online gaming companies offer more competition. The merger should be complete by late 2016.
Finland’s gaming industry generated about $1.7 billion in revenues in 2014, SBC reported.
Media reports indicated that the merger could lead to staff cuts, and only a third of the current management teams in all three organizations will be retained. No CEO has been named, but Sweden’s Nordicbet is laying odds on who will get the job: the favorite is Juha Koponen of Veikkaus, followed by RAY’s Velipekka Nummikoski and Fintoto CEO Pertti Koskenniemi. Former Casino RAY GM and business development manager Heikki Rinta-Panttila has resigned.