Tag: Scandinavia

Veikkaus continues to prepare for the upcoming change in the Finnish gambling system. It has been recorded in the Government Programme that Finland will adopt a partial multi-license system as of 1 January 2026.

“The upcoming changes in the system are a great opportunity for Veikkaus, but they also bring many changes to us at Veikkaus. Our personnel structure will be revised, and we will be focusing on our core business, working to strengthen our knowhow there,” Heli Lallukka, Veikkaus’ Executive Vice President of HR, said.

The change negotiations, which were launched at the beginning of September, and which concerned a total of 825 employees, have now been finalized. Veikkaus’ organisational structure will undergo changes that will support their strategy-based goals, i.e., to be the market leader in Finland in the future and an internationally competitive, growing gambling company.

“In the coming years, we will be making significant investments to strengthen our competitiveness. We already have top-level professionalism in the field, but in the future, we will also need knowhow from outside of the company. For example, we can offer uniquely brilliant career paths and multiple opportunities in the tech sector at present, as well as in the future,” Ms Lallukka said.

As part of the change, Veikkaus’ business operations are divided into three sections. SVP Nora Vähävirta will oversee the domestic business, which includes the games of chance, slot machines, and the company’s own arcades. SVP Jarkko Nordlund’s responsibilities in the domestic business will be the online casino and betting. The third sector covers the international business, led by SVP Jonas Reuter.

As a consequence of the change negotiations, about 185-215 Veikkaus’ employees will lose their jobs, whereas about 110-150 employees will see their terms of employment change materially.

The launch of the change negotiations was publicised about two months ago in September. At that point, it was estimated that a maximum of 240 employment relations would be terminated, whereas 195 employees would face changes in their terms of employment.

“Following constructive dialogue with the personnel representatives, we ended up with smaller final figures,” Ms Lallukka said.

The exact dates of the employment relations to end, as well as the material changes to the terms of employment, will be determined by the end of the year. Among the factors affecting them will be the employees’ decisions on whether they will accept the positions and titles offered, as well as potential internal transfers within the company.

Another outcome of the change negotiations will be that Casino Tampere will be closed after 9 December, together with 19 game arcades will be closed down on 22 December 2023.

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.”

Gambling marketing in Finland is now under the close monitoring of the National Police Board as World Rally Championship event (WRC) and its side events started.

The National Police Board anticipates that certain gambling service providers outside the Finnish system, based on exclusive rights, may seek to utilise the event for marketing purposes. The National Police Board has informed event organisers of the supervision campaign and requested them to inform the teams, drivers and side event organisers accordingly. The police will observe possible marketing of gambling services during the event.

Veikkaus Oy has the exclusive right to provide and market gambling services in mainland Finland. The main objective of this system is to prevent misuse and crime associated with gambling and to prevent and reduce the adverse economic, social and health effects caused by participation in gambling.

Senior Adviser Johanna Syväterä of the National Police Board said that all marketing material that violates the Finnish Lotteries Act, including the logos of gambling service providers outside the Finnish system of exclusive rights, must be removed or hidden from sight so that spectators cannot see them.

“Attempts to market the brands of international gambling service providers and their games may appear during the event, in the form of logos printed on marketing materials. Moreover, marketing may appear along the rally route, on competitors’ clothing and fan merchandise, on video screens and light panels, in the background screens for interviews, and brochures, stickers and other giveaways,” said Senior Adviser Johanna Syväterä.

In addition to direct and indirect advertising, marketing involves other sales promotion activities, which, according to the preparatory materials of the Finnish Lotteries Act, include sponsoring, in connection of which the gambling service provider’s name or other identifier is visible.

“Sponsorship can be estimated to be a particularly interesting marketing method for gambling service providers because it reaches a designated, specific target group whose level of interest in sports betting, for example, may be above average. In addition, positive images associated with the sponsored person or sports can be associated with the brand,” said Syväterä.

The goal of the Finnish gambling system is to prevent and reduce the harm caused by gambling. Regardless of this, a considerable number of people in Finland, and those close to them, suffer from severe financial, social and health-related harm associated with gambling. In a research report published by the Finnish Competition and Consumer Authority earlier this year, it is stated that problematic gambling is more common outside the system of exclusive rights, which the FCCA estimates to have attracted approximately EUR 520–590 million of gamblers’ money in 2021.

The National Police Board can impose an administrative fine for any intentional violation of the marketing ban of gambling services. The amount of the administrative fine is determined on the basis of net sales or taxable revenue. For a business, the administrative fine is EUR 10,000 at minimum and EUR 5,000,000 at maximum. For a natural person, the administrative fine is EUR 500 at minimum and EUR 40,000 at maximum.

“The primary purpose of enhanced supervision is to prevent unlawful marketing effectively in advance. We hope that informing the event participants in advance will suffice as a preventive measure so that no unlawful marketing occurs at the event. If, for some reason, this is not the case, we are prepared to act quickly on this,” Senior Adviser Johanna Syväterä said.