Jarkko Nordlund
As Finland prepares to launch its open iGaming market in January 2027, stakeholders have questioned whether legacy monopoly operator Veikkaus will have the firepower to compete with private operators that have navigated Finland’s gray market for years.
But Jarkko Nordlund, Veikkaus’ EVP of iGaming and Betting, is confident the company can rewrite its destiny and emerge as the market leader. To support its ambitions, the operator initiated a major strategic turnaround in 2023. This began when Nordlund joined the company with a rich career in entertainment behind him, including stints leading production and music giants MTV and Sony Music in the Nordics. GGB Contributing Editor Nicole Macedo spoke with Nordlund as part of a broader piece on Veikkaus’ preparations for Finland’s soon-to-liberalize market. Look for the piece in sister publication iGaming Business in July.
GGB: What is Veikkaus’ position in the market today?
Nordlund: Veikkaus has been in Finland, established by the sport association, for 80-plus years. The brand’s position in the market is strong. And of course we have become a part of society.
Previously, our profits had been divided (among land-based, lottery and iGaming), but from January 2024 we have been internally preparing to operate as we would in the open market. Finland’s regulatory framework is quite a similar setup to what they’ve done in Sweden and Denmark with Svenska Spel and Danske Spil. We estimate the law will be passed, and the governmental process to enact it will begin before summer vacation, so maybe this month (June). But the whole market needs more specific clarification on bonusing, and what kind of marketing is allowed.
If you take the lottery out, the market size in Finland is around €1 billion, and we are approximately 30 percent of the total market. The competition at the moment is a bit unfair because we can’t cross-sell, we can’t use bonuses, and there’s a huge list of what we can’t do (as a monopoly and licensed operator).
What are you expecting in terms of competition in the open Finnish market?
The competition will be fierce when the market opens, so we must be very competitive. Our aim is to challenge the mentality of our current position, so we need to secure market leadership. Everyone is waiting for Veikkaus to fail, and it’s my personal mission to prove everyone wrong.
How are you preparing to compete against private operators?
We are concentrating most on the consumer experience and making that better, and that will then be powered by the brand. Our brand is super strong; it’s domestic and reliable. But then we also have to work on being more entertaining. Because Veikkaus is a state-owned monopoly, the consumer might believe we can’t offer competitive odds. Now, ice hockey is the No. 1 sport in Finland, and we’ll surprise the market by having the best odds.
You have said previously the company is carrying out a huge technology overhaul to help prepare it for the open market. What is being carried out?
We have a huge tech investment program ongoing right now. We just selected a new PAM provider. We changed our sportsbook provider to OpenBet. We are launching new apps and websites, and we are implementing Optimove (as our new CRM platform).
What has been your approach to recruitment during this overhaul?
We have hand-picked international expertise to come to work for us. Then we are recruiting from Netflix, Bolt and those digital companies. And then we have a good balance of old Veikkaus because of its knowledge of the industry.
