CFO Regina Sippel, yhteydenotot Veikkauksen mediapalvelun kautta, puh
29th August 2023| By Zak Thomas-AkooFinnish state-owned gaming monopoly Veikkaus reiterated its support for the introduction of a licensing model for gambling, as the business reported a stable H1. During the half-year, Veikkaus said it was in favour of the introduction of a licensing model. The monopoly believes that this is the most effective way to channel consumers from unlicensed to licensed offerings. “The most important thing is that more gambling can be channeled into licensed offerings than before and we think that the license system best supports this goal and the development of more responsible gambling,” said Veikkaus CEO, Olli Sarekoski, introducing the H1 report. Sarekoski added that Veikkaus is “strategically prepared” to develop its business regardless of what gambling regulation system is in place. “However, change requires renewal and development from both Veikkaus and the people of Veikkaus,” he said. veikkaus reiterated its support for ending its gambling monpolyVeikkaus reports slight year-on-year revenue growth in H1For the six-month period ending 30 June, Veikkaus recorded €519.3m in revenue, a 1.0% increase from the €515.9m the company reported in the same period the previous year. This includes its main B2C business. Veikkaus’ B2B subsidiary Fennica Gaming reported €300,000 in turnover for the six months. Fennica Gaming supplies online lottery products to operators in Europe. Veikkaus’ online casino segment drove the increase, growing 9.4% to €93.2m in H1. The monopoly put this down to a series of successful game launches. “Veikkaus’ result and performance during the first half of the year were as expected and we can be satisfied with these as a whole,” said CFO Regina Sippel. “The first half of the year was positive, especially in Veikkaus’ digital channel.”Business sees rising costs on all frontsDespite the increase in revenue, the business saw increased costs which ate into any potential rise in profits. All expenses rose compared to the previous year, but some costs grew faster than others. In particular, the costs of the lottery tax rose 48.1% to €25.9m, from €17.5m. The company’s other business expenses category, which includes development costs, increased from €51.7m to €60.5m. The costs of Veikkaus’ employee benefits rose a more modest 10.2% to €46.0m. Meanwhile, materials and services remained comparatively stable on €61.1m, up from €59.3m. The company’s depreciation and amortisation costs also grew, from €16.5m to €17.1m. Increased expenses eat into profitsAfter taking into account the increased costs, the business’ operating profit fell 6.2% to €310.2m from the €330.8m reported year-on-year. Due to €1.7m received in financial investments, as well as factoring in just €21,700 in financial costs, the business reported a total profit of €311.9m. As a state-owned corporation, it did not pay tax on its profits. Veikkaus optimistic about Fennica prospectsThe operator highlighted the growth of Fennica during the period. The subsidiary – which was launched in May 2022 – reported €300,000 in revenue for the period, leading to a €3.4m loss. Veikkaus said this was in line with expectations. Fennica managing director Timo Kiiskinen highlighted the business’ products. “Fennica Gaming’s corporate clients have been very satisfied with the quality of games developed by Veikkaus and the modern technology and reliability of the game engine and platform,” he said. End of Finnish monopolyThe Finnish government currently plans to end Veikkaus’ gambling monopoly by 2026 as part of a bid to increase the country’s channelisation rate, which is low compared to peer countries. Under the planned new system, private companies would be able to apply for a licence to offer sports betting and online casino. The government said it plans to divide Veikkaus into a number of separate companies within the same group. This would reverse a 2017 merger between betting brand Veikkaus, slot business Raha-automaattiyhdistys and horse race betting operator Fintoto. The government intends to establish a national self-exclusion system, empower the regulator with sufficient resources and put in place new measures to combat money laundering and sports integrity. The government released a report in April, which argued the current system needed to be updated . It said this could either be achieved by the introduction of a licensing model or through the strengthening of the gambling monopoly. Topics:
Regina Sippel, Veikkaus CFO commented: “The year 2021 was challenging business wise. Due to the coronavirus epidemic, Veikkaus’ slot machines and game arcades were closed for about four months at the beginningg of the year, and several employees were laid off for that period.
Despite the drop, Veikkaus CFO Regina Sippel has expressed optimism about the operator’s future, noting that the overhaul of the country’s gambling system is a “great chance” for the company and it will continue to invest in business development and customer experience.
Regina Sippel appointed Veikkaus CFO
At the beginning of 2022, a new Lotteries Act was adopted in Finland, enabling Veikkaus to launch international B2B operations. This was a big step, also welcomed by the members of the board of the new company: Mr. Olli Sarekoski , President and CEO of Veikkaus Oy, Mr. Ari Aarnihuhta Veikkaus’ CIO, Ms. Regina Sippel , Veikkaus’ CFO, and Ms. Hanna Kyrki , General Counsel at Veikkaus.
Vår uppgift är att kanalisera spelande till våra trygga kanaler. Att vi gör vinst kommer på köpet”. säger Regina Sippel, CFO för Veikkaus.
The Finnish gambling industry is on the cusp of major changes, with the current monopoly system set to end by 2026. Veikkaus will be restructured into separate entities within the same group, a shift that presents both challenges and opportunities for the company. Veikkaus CFO Regina Sippel views these regulatory changes as a chance to innovate and improve the company’s services.
According to H2 Gambling Capital's estimate, Veikkaus accounted for around 54% of the Finnish digital gambling market for the year, marking a 3 percentage point increase.
Regina Sippel, CFO of Veikkaus, expressed satisfaction with Veikkaus’ profits and performance in 2023, particularly highlighting the success of online games.
Veikkauksen pelien kysyntään, Veikkauksen CFO Regina Sippel sanoo.
Xx Regina Sippel är van att vara i hetluften och trivsi ett högt arbetstempo. 2019 klev hon in i Veikkaus som ekonomidirektör, CFO.
Veikkauksen CFO Regina Sippel sanoo
Jobbiga år före Veikkaus. Innan Regina Sippel började på Veikkaus jobbade hon länge inom resebranschen. Först på Tjäreborg som bland annat vd och därefter som ekonomidirektör för Thomas Cook Northern Europe. Enligt henne lär man sig hantera kriser i resebranschen.
Veikkaus Appoints Regina Sippel as its New CFO
Veikkaus uteblivna intäkter har väckt stor samhällsdebatt det senaste året. Den nya lotterilagen skulle ge möjlighet att hitta nya intäktsmöjligheter utomlands. ”På sikt kan vårt dotterbolag ge några goda miljoner euro i vinst”, säger Regina Sippel, CFO för Veikkaus.
Veikkauksen talousjohtaja Regina Sippel sanoo tiedotteessa.
Veikkaus CFO Regina Sippel commented on the results, stating, "Veikkaus’ result and performance during the first half of the year were as expected, and we can be satisfied with these as a whole. The first half of the year was positive, especially in Veikkaus' digital channel."
Regina Sippel (Veikkaus Oy:n CFO)
CFO Regina Sippel and Managing Director of Fennica Gaming Timo Kiiskinen, inquiries via the Veikkaus media service, tel. 09 4370 7000.
Kari Savolainen Regina Sippel (talousjohtaja, Veikkaus)
Operating profit also fell by 20.4%, amounting to €246.9 million, affected by significant investments and an increase in the lottery tax, which rose from 5% to 12%.
Regina Sippel, CFO of Veikkaus, noted that "the upcoming change in the gaming system is a great opportunity for Veikkaus.
Regina Sippel , Veikkaus CFO, and Ms
“Kuluttajien käyttäytyminen fyysisissä myyntipisteissä ei kuitenkaan ole palannut samalle tasolle kuin ennen koronapandemiaa, kuten käy ilmi Veikkauksen pelisaleihin tehdyistä vierailujen määristä. Lisäksi vuonna 2021 käyttöön otetut pakolliset häviörajat peliautomaateille ovat vähentäneet peliautomaattipelaamisen volyymiä. Ukrainan sota ja siitä johtuva kuluttajien epävarmuuden lisääntyminen ja ostovoiman heikkeneminen ovat myös vaikuttaneet kysyntään Veikkauksen peleissä”, selittää Veikkauksen talousjohtaja Regina Sippel.
vuosi, Veikkauksen CFO Regina Sippel sanoo
– Jouduimme tekemään vuonna 2020 koronaepidemian vuoksi isoja, nopeita ja kipeitäkin päätöksiä henkilökunnan, asiakkaiden ja asiamiesten terveyden suojelemiseksi. Veikkaukselle, kuten monille muillekin yrityksille, koronavuosi oli haastava, mutta toisaalta myös positiivisten ja merkittävien vastuullisempaa peliympäristöä rakentavien ratkaisujen vuosi, Veikkauksen CFO Regina Sippel sanoo.
Veikkaus slot machines.” – Regina Sippel, Veikkaus CFO
âThe year 2021 was challenging businesswise. Due to the coronavirus epidemic, Veikkausâ slot machines and game arcades were closed for about four months at the beginning of the year, and several employees were laid off for that period,â says Regina Sippel, Veikkausâ CFO.