Veikkaus is preparing for a new era, and the preparations will continue this autumn. Preparations are underway to change the gambling system, with a section of the market opening to competition at the beginning of 2026, as laid down in a Government Programme entry.
As a result, some of the digital gambling operations online become part of the international license-based gambling market. However, according to the plans, Lotto and the physical slot machines will remain under Veikkaus’ monopoly.
“Preparing for the shift in the gambling industry and going international are key to Veikkaus’ growth strategy,” Olli Sarekoski, President and CEO of Veikkaus, said.
According to Mr Sarekoski, Veikkaus will make strong investments in new business.
“We are building a future where Veikkaus is Finland’s leading gambling company and a significant operator in the international market,” he said.
Veikkaus’ aim is to achieve a sustainable and lucrative business model that will guarantee the company’s competitiveness even in the future. This will also entail changes to the organisational structure, which will be further discussed in the upcoming cooperation negotiations that will be launched in September.
The negotiations will cover almost the entire organisation, and a total of 825 members of Veikkaus’ personnel. The negotiations may lead to the termination of employment relations of a maximum of ca. 240 people and to material changes to the terms of employment of a maximum of 195 people will change.
The objective is also to reduce the number of gambling locations from 65 arcades to 40–50 arcades. The cooperation negotiations will also concern the potential closure of Casino Tampere.
Veikkaus is aiming at an operating model enabling it to focus on its core business. The goal is to be able to respond to the changes affecting Veikkaus’ mission and operating environment, as well as the gambling industry in general.
“We want to be competitive in the upcoming license-based market and viable in the monopoly market. That is why we need to make operational changes that cover the whole company,” Mr Sarekoski said.
The ongoing transition in the gambling industry, together with the change in the system will take Veikkaus into a new era.
“It will bring with it many parallel changes. We will go through the whole organization from the perspective of lucrativeness and growth. We will also have to make difficult decisions. For some, these changes may mean the termination of their employment relation. We will be caring for and looking after them,” Mr Sarekoski added.
Better Collective Announces Intention to Dual List its Shares on Nasdaq Copenhagen
Better Collective has announced its intention to carry out a listing of the Company’s shares on Nasdaq Copenhagen (Dual Listing) in addition to the current listing on Nasdaq Stockholm. If carried out, the Dual Listing is expected to occur during the fourth quarter of 2023. The Dual Listing is subject to publication of an exemption document (summary) by the Company, approval by Nasdaq Copenhagen of a listing application, fulfillment of other customary listing conditions, as well as prevailing market conditions. No offering of shares will be carried out in connection with the Dual Listing, and the contemplated Dual Listing will not have any impact on the total number of shares outstanding in the Company.
Jesper Søgaard, Co-founder & CEO of Better Collective, said: “Being a Danish-incorporated company and with our headquarters in Copenhagen, dual listing in Denmark is a natural next step for Better Collective. Since the Swedish IPO in 2018, we have significantly grown the business adding value for our shareholders, while putting forward a new vision to become the leading digital sports media group. Combined with the fact that we experience an increased interest in our company from both current and potential institutional investors in Denmark, we believe now is the right time to dual list in Denmark.”
Jens Bager, Chairman of the Board of Better Collective, said: “Better Collective has delivered significant growth both before and after the IPO in 2018. The company is stronger positioned today than ever before and has embarked on an ambitious journey to become the leading digital sports media group. The listing in Sweden five years ago has been instrumental in contributing to the development of the business as it stands today, and now it is natural to dual list in Denmark where the company has its headquarters. The entire management team led by the founders of the company has managed to build a resilient business and not least a strong organization that will enable Better Collective to further elevate its footprint within the digital sports media world. Now we look forward to initiating dialogue and inviting more Danish investors to take part in that journey.”
Spillemyndigheden Introduces “Player ID” for Retail Betting
The Danish gaming regulator, Spillemyndigheden, has announced that from 1 October it will be compulsory for players to provide a “Player ID” when placing bets at a physical retailer, such as kiosks or betting shops. The ID must be used when the player places bets in physical shops.
There are no requirements for how individual gambling operators design their Player ID. This means that the gambling operators themselves decide whether their Player ID is a virtual ID, e.g. in an app, or whether they issue a physical card.
In order for a player to receive a Player ID, it must be linked to a gambling account with the gambling operator, where the winnings are paid out. Among other things, the Player ID allows the player to set a deposit limit. At the same time, the ID ensures that the player does not lose their winnings, for example if a betting slip is lost.
The Player ID means that a player who has excluded themselves from gambling with ROFUS after 1 October 2023, is also blocked from gambling in physical stores.
Norway Regulator Monitors Banks Over Illegal Gambling Transactions
The Norwegian Lottery Authority (Lotteritilsynet) will monitor nine banks in the country to ensure compliance with a ban on processing transactions with unlicensed operators.
National laws state banks in Norway cannot allow deposits into and withdrawals from sites without a licence. This is in accordance with Section 5 of the Norway Gambling Act.
Lotteritilsynet did not say whether the banks in question breached this ban, nor did it reveal their identities. However, the regulator did confirm it will put in place “supervision of compliance” for each of the nine banks.
The regulatory body has the power to order banks to block transactions to and from specific accounts and companies.
In the briefing sent to each bank, Lotteritilsynet has requested information on the measures in place to stop transactions with unlicensed sites. The banks must also present any internal processes for compliance with the ban.
Lotteritilsynet lawyer Rannveig Gram Skår said: “For a long time, we’ve focused on dialogue with Norwegian banks and financial institutions. For the first time, we have chosen to open a more thorough inspection of compliance.
“We know that the payment intermediary ban is an important tool to protect the Norwegian sole proprietorship model. The purpose of the model is to prevent gambling problems and other negative consequences of gambling.”
The banks have three weeks to respond to the initial requests from Lotteritilsynet.
“We largely expect to see that the banks have effectively complied with our decisions,” Gram Skår said.
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