Our story
Veikkaus has a long history as part of Finnish society. In one way or another, we are a part of everyday life for everyone living in Finland. While our roots go far back, our focus is firmly set on the future.
The 1910s
The first equestrian sports organization
Finland became an independent nation in 1917. The first years of the new state were marked by war. Once peace was restored, the leading trotting clubs established Suomen Ravirengas in 1919 as the central organization for harness racing in Finland.
The 1920s
Finland was a young independent republic and an agricultural society with a population of just over three million. The decade was a time of reconciliation and rebuilding. The economy grew, living standards improved, and elite sports were all the rage. Timeless sports heroes of the era included Paavo Nurmi and Ville Ritola.
The first slot machines and horse betting
The first slot machines appeared in Finland as early as the 1920s, when private entrepreneurs imported pajatso-style machines from Germany for public use. Before long, criticism grew over the fact that private operators were profiting from people’s desire to play, without broader societal benefit.
Horse betting begins
The Finnish Kuninkuusravit was established in Lahti in 1924. Official tote betting began on February 5, 1928, when the first tote races were held on the ice of Pohjoissatama in Helsinki.
The 1930s
Finland was still an agricultural society with a population of around 3.5 million. The decade was marked by sharp social contrasts and political extremism. The early 1930s were a time of economic depression and scarcity, but in the latter half of the decade, the economy began to grow. In November 1939, the Winter War broke out, marking the beginning of the difficult war years.
Finnish Slot Machine Association is founded in 1938
In 1933, a decree granted exclusive rights to operate slot machines to charitable organizations. However, competition between these groups quickly became problematic. A new decree in 1937 granted the exclusive right to operate slot machines to the newly established Finnish Slot Machine Association (Raha-automaattiyhdistys, or RAY), effective from April 1, 1938. The profits from games were to be used to promote public health. RAY also began producing its own machines. In its first year, RAY granted funding to 84 organizations, including support for the planning of the children’s hospital Lastenlinna. During the Winter and Continuation Wars, RAY’s support helped relocate 50,000 war children to Sweden.
Horse betting
The economic downturn of the 1930s also led to a decline in harness racing.
The 1940s
Finland was an agricultural society with a population of just under four million, deeply affected by war until 1945. During the war years, cultural products such as films, books, and popular music were extremely popular and offered much-needed escapism. After the war ended and living standards began to gradually improve, interest in cultural consumption declined sharply as people turned instead to restaurants, social gatherings, and dancing.
Oy Tippaustoimisto Ab
The impressive athletic success of the Swedes served as a strong motivator when Suomen Valtakunnan Urheiluliitto, Työväen Urheiluliitto and Suomen Palloliitto founded Oy Tippaustoimisto Ab in 1940.
It all began with a single game: the first Vakioveikkaus matches were played in September. The entry fee per column was two marks, and none other than Paavo Nurmi demonstrated how to fill in the betting slip. The first match of the opening round was a track and field meet between Finland, Sweden, and Germany. Other events included football and Finnish baseball (pesäpallo) matches.
It quickly became clear that they had struck gold. In the first round alone, 140,000 columns were filled, generating nearly 300,000 marks in revenue. In the early years, the proceeds were directed to support sports and physical education.
For public health and the rise of harness racing
Slot machines were allowed to be placed even in lower-class restaurants and eateries. The slot machine decree was amended to expand the range of activities eligible for funding. Grants could now be awarded for promoting public health, child welfare, support for people with sensory disabilities, and social vacation programs. In 1946, a total of 23 organizations received funding.
By the late 1940s, one of the largest recipients was the Finnish Red Cross, which used the support to distribute baby care packages — the early version of today’s maternity packages. Toward the end of the decade, the Lastenlinna Children’s Hospital was completed in Helsinki.
Horse betting
The first major wave of post-war migration from rural areas to cities laid the groundwork for the revival of harness racing.
The 1950s
Finland was still a largely agrarian, culturally unified nation of just over four million people, but it was rapidly urbanizing, growing more prosperous, and industrializing. The post-war reconstruction period transformed the face of the country, and population density increased significantly due to the resettlement of displaced people and the rise of the baby boom generation.
During this time, the distinctly Finnish version of tango was born, and dance pavilion culture flourished across the country.
Oy Veikkaustoimisto Ab
The Olympic year of 1952 was a major undertaking for a sport-loving Finland. Funds from Veikkaus were loaned to help finance the expansion of the Olympic Stadium, and naturally, the betting company organized a special Olympic betting game.
During this decade, the monopoly of sports as the sole beneficiary of Veikkaus funds came to an end. Arts, youth education, and science also began to receive a share of the lottery and betting proceeds.
In 1958, Veikkaus aired its first-ever television commercial, leaving viewers both surprised and intrigued by the novelty.
RAY grows and evolves
The early 1950s marked a period of significant growth and development for RAY. Pajatso machines with bets of 10 and 20 Finnish marks became a common sight in village bars and cafés across the country.
By the middle of the decade, grants were awarded to 103 organizations. Improving the general health of the nation had become RAY’s primary goal. Post-war, social vacation programs also emerged as a major focus of support, providing much-needed rest and recovery for citizens in challenging circumstances.
The 1960s
Finland transformed from a largely agrarian society into an industrial nation with a population of around 4.5 million. The decade was marked by significant migration — from the countryside to the growing urban centers of southern Finland, and abroad, especially to Sweden.
In the cultural sphere, the 1960s introduced new movements and the breaking of long-held taboos. Television, a novelty of the previous decade, rapidly became a household staple, reshaping entertainment and information consumption across the country.
A decade of reform
For most of the 1960s, Veikkaus relied primarily on its core game, Vakioveikkaus, played as a long-term bet. Toward the end of the decade, a new product — Tasapeliveikkaus — was launched, expanding the game portfolio.
Technological progress brought major changes: computers replaced punch card machines, and tasks like agent account management and settlement monitoring began to be handled digitally.
The 1960s were also a strong period for Veikkaaja magazine, whose readership grew by tens of thousands. By the end of the decade, Veikkaus had a record-breaking 11,150 sales agents across Finland receiving betting slips from eager players.
Jukeboxes and the tote decree
Finnish Slot Machine Association (RAY)
The slot machine decree was revised in 1962, officially making RAY a public-law association. At the same time, RAY was granted permission to operate jukeboxes. The organization also began auditing how its grant recipients used their funding.
A new Lotteries Act was passed in 1965. In 1967, production of 50-penny pajatso machines began, and in 1969, RAY introduced roulette games. A new slot machine decree, based on the updated Lotteries Act, was issued in 1967.
By the end of the decade, RAY’s support had contributed to the construction of around 50 retirement homes across Finland.
Horse betting
The tote decree was amended to favor players, leading to an increase in betting volumes. Harness racing continued to grow and modernize at an accelerating pace, becoming increasingly professional and popular.
The 1970s
Finland was a rapidly developing society with a population of just over 4.5 million. The decade saw major modernization efforts in legislation and the education system. Migration from rural areas to cities continued, and suburban neighborhoods in larger urban centers kept expanding.
In culture, new phenomena emerged: Suomirock (Finnish rock music), rock festivals, and the growing popularity of travelling abroad to southern holiday destinations became defining features of the era.
Lotto revolutionizes Veikkaus
The launch of Lotto transformed Veikkaus’s operations and quickly became a nationwide phenomenon. A key figure in its early popularity was lotto girl Hilkka Kotamäki, who hosted the draws from 1970 to 1975.
The first million Finnish mark jackpot was celebrated in 1973 in the town of Nivala. Toward the end of the decade, the Jokeri game was introduced as an additional number game on the sides of both Lotto and Vakio betting slips.
The company also underwent formal changes: it was renamed Oy Veikkaus Ab, and in 1975, all its shares were sold to the Finnish state.
Commercial Lotto films from the 1970s
Pajatso machines abroad, the golden age of racetracks
Finnish Slot Machine Association (RAY)
RAY began exporting pajatso machines abroad, expanding its reach beyond Finland. Following the enactment of the Amusement Machine Act in 1976, the association added amusement machines to its selection. In the mid-1970s, the first regional offices were established, and markka pajatsos were placed throughout the country.
Grants were awarded to 285 organizations, with a strong emphasis on housing and services for the elderly. Over a span of 15 years, funding from RAY contributed to the construction of 14,000 assisted living units for seniors across Finland.
Horse betting
The 1970s were a key decade in the modernization of Finnish harness racing. The number of races, spectators, and betting turnover grew at double-digit percentages for most of the decade. Modern racetracks with full facilities were built in Finland’s largest cities.
In 1973, various equine organizations were unified under Suomen Hippos, the national governing body for horse sports. A share of the state revenue from totalisator betting was redirected to fund foal premiums and breeder rewards — a change that significantly boosted domestic horse breeding.
The 1980s
Finland experienced a period of strong economic growth and prosperity. The national economy expanded rapidly, unemployment was low, and the population approached five million.
Yuppie culture flourished, leaving its mark on consumption habits, fashion, and leisure activities. The decade is fondly remembered for a wave of iconic Suomirock bands, whose hits still play frequently on the radio today.
On television, a wide range of sketch comedy shows and drama series kept audiences entertained and became staples of Finnish popular culture.
Scratch cards become a hit
Throughout the 1980s, the distribution of Veikkaus funds—and especially the decline of sports’ share to around 20 percent—remained a frequent topic of public and political debate.
It was during this decade that Finns discovered the thrill of scratch cards. Games like Ässä and Casino were introduced and quickly became favorites—remaining among Veikkaus’s most popular scratch cards to this day.
Also during this time, the national V5 horse betting game was transferred from Suomen Hippos to Oy Veikkaus Ab, marking a shift in game administration and expanding Veikkaus’s role in betting services.
Video games and a dip in horse racing economics
Finnish Slot Machine Association (RAY)
The operation of amusement machines was transferred exclusively to RAY. The organization began producing its own video games, and electronic markka pajatso machines spread rapidly across Finland. The card game Blackjack was officially added to RAY’s portfolio.
In the late 1980s, new games such as Potti (slot machine game) and Pokeri (video poker) were introduced. RAY celebrated its 50th anniversary in 1988, and the following year, in 1989, it opened its first dedicated gaming hall, Täyspotti, in Jyväskylä.
Horse betting
While trackside betting remained under the management of Suomen Hippos, the national VR game was transferred to Oy Veikkaus Ab. The earlier positive economic trend in harness racing was disrupted for several years, with financial challenges impacting the sport. It wasn’t until the economic upswing at the end of the decade that prize money began to rise again, encouraging enthusiasts to invest in high-quality horse breeding.
The 1990s
Finland had become a post-industrial society with a population of around five million. The economic boom of the late 1980s came to an abrupt end in the early 1990s, plunging the country into the deepest recession in its history.
Mobile phones, personal computers, and internet connections began to spread, but they were not yet standard in every household.
A major milestone in Finnish elite sports came in 1995, when Finland won its first-ever Ice Hockey World Championship — a historic and emotional national triumph.
Gaming goes digital
Sports betting arrived in Finland, and Finns quickly became some of the most enthusiastic bettors in the world. The defining feature of the 1990s was the digital transformation of gaming — marked by the introduction of online systems and the rise of internet-based play.
Veikkaus launched its first player-facing website in 1995. Just two years later, in a groundbreaking move, it became the first national gaming company in the world to offer self-service online gambling.
The growth was staggering: Veikkaus’s turnover nearly doubled, and its game portfolio almost tripled over the course of the decade. In 1990, there were six games — by the end of the decade, players could choose from 17 different gaming products.
Casino RAY is founded
In 1991, RAY opened Finland’s first official casino — Casino RAY, located in Hotel Presidentti in the heart of Helsinki. Around the same time, RAY’s exclusive right to operate amusement machines was lifted. To adapt, RAY established a subsidiary, Pelika RAY Oy, to continue managing amusement and jukebox operations.
A significant legal milestone came when the European Court of Justice ruled that RAY’s monopoly did not violate EU legislation. In 1996, RAY launched its official website, and the following year, introduced Pelaamo, an online service where users could try out demo games for free.
Horse betting
The early 1990s recession interrupted the positive growth trend in harness racing. However, a few years later, with the emergence of remote betting networks and a new wave of economic growth, the situation began to improve in the latter half of the decade.
Finland’s EU accession agreement also brought transitional support funds for horse breeders, providing a financial boost to the industry. Like in other advanced trotting nations, Finland’s harness racing economy became increasingly reliant on the competitiveness and popularity of betting games to sustain its success.
The 2000s
Finland was a post-industrial society with a population of just over five million. The decade was marked by a period of economic growth, which came to an abrupt end with the global financial crisis in 2008.
Internet access and mobile phones became widespread at a rapid pace. Finnish homes increasingly featured fixed ADSL or cable internet connections, bringing the digital world into everyday life.
Finland also became more internationally connected, both economically and culturally. Globalization influenced business, media, and lifestyles, as the country embraced new technologies and a more outward-looking identity.
Veikkaus
In 2004, Oy Veikkaus Ab officially shortened its name to Veikkaus Oy. Two years later, in 2006, the Veikkaus Card was introduced and quickly became a staple in Finnish wallets. Within just a few years, the number of issued cards surpassed one million — a clear sign of growing customer engagement.
The early 2000s were a period of dynamic growth for Veikkaus. Investments in technology and later in customer-oriented product development inspired more and more Finns to try their luck. One of the decade’s biggest successes was Keno, launched in 2002 as the first daily draw game — it rapidly became the second most popular game after Lotto.
Toward the end of the decade, a revamped version of Jokeri was introduced, featuring a new joker character known for telling jokes, which quickly captured the public's attention and added entertainment value to the traditional number game.
Anniversary pajatso and Fintoto
In celebration of its 70th anniversary, Finnish Slot Machine Association (RAY) launched a special Anniversary Pajatso, honoring the iconic Finnish game. Despite having the technical capacity to offer online gambling, RAY made the strategic decision not to launch real-money games on the internet — though it remained prepared for future changes in the market.
Grand Casino Helsinki, operated by RAY, marked its 10th anniversary in 2001. In 2004, it moved to its current location on Mikonkatu, next to Helsinki Central Railway Station. During this period, RAY also introduced card payment options for its slot machines, making gaming more convenient. Toward the end of the decade, the jackpot levels on slot machines increased, boosting their appeal.
The 2010s
The European Commission approved Finland’s gaming system, affirming its compliance with EU law. In 2014, the Commission also issued recommendations concerning online gambling, encouraging better consumer protection and safer play.
In 2015, a key internal milestone took place at Finnish Slot Machine Association (RAY): a new unit called Game Studio was added to the organizational chart — a move now recognized as the beginning of what would become Fennica Gaming’s Pelistudio, focused on game development and innovation.
That same year, Finland's gambling operators — RAY, Veikkaus, and Fintoto — began preparing for a merger. The Finnish government decided to establish a temporary integration company, FRV (Fintoto–Raha-automaattiyhdistys–Veikkaus), to oversee the transition.
On January 1, 2017, Veikkaus, RAY, and Fintoto officially merged into a single national gambling company, operating under the unified name Veikkaus. This marked a historic change in Finland’s gambling landscape, streamlining operations under one state-owned operator.
In April 2017, a new version of veikkaus.fi was launched, bringing together all games from the former three companies into one central online platform. By December, all player accounts were merged, and the digital channel introduced internationally unique tools for responsible gaming, enabling players to manage their limits, monitor their behavior, and access support when needed.
In May 2017, the number of Veikkaus Loyalty Customers (Etuasiakkaat) surpassed two million. Identified players were granted access to exclusive loyalty benefits and responsible gaming tools — reinforcing Veikkaus’s commitment to safer, more personalized gaming experiences.
The rise of social media and mobile gaming
Social media became an increasingly important interaction channel between Veikkaus and its customers, enabling real-time communication, engagement, and community building. As more players moved online, developing the Veikkaus web store became a strategic priority to meet growing digital expectations.
To serve the mobile-first generation, Veikkaus launched its dedicated smartphone apps in 2012, providing players with easier access to games, results, and personal gaming tools on the go.
That same year, Finland joined the multinational Eurojackpot lottery, which launched in spring 2012. The game quickly became a favorite among Finnish players, thanks to its massive prize pools and international excitement.
The loyalty program and the growth of online gaming
Finnish Slot Machine Association (RAY)
In its final years before the 2017 merger, RAY modernized rapidly. It launched an online casino, introduced contactless payments, and rolled out a loyalty program featuring a digital membership card. RAY also digitized its grant application process, making it easier for organizations to apply for funding online.
The iconic Grand Casino was rebranded as Casino Helsinki, and RAY was granted permission to establish a second casino in Eastern Finland. However, the plan was abandoned a few years later. After a period of stagnation, revenues began to show modest growth. Following a regulatory amendment, planning for a second casino in Tampere began in 2016.
Fintoto
Due to changes in the Lotteries Act, responsibility for the V5 and V75 games was transferred from Veikkaus to Fintoto, which from 2012 onward managed all horse betting products in Finland. The retail network was significantly expanded, and new touchscreen betting terminals were installed at points of sale.
In addition to traditional harness racing, thoroughbred and show jumping events were introduced as new betting categories. Meanwhile, the popularity of online horse betting continued to grow, contributing to the sector's digital transformation.
The 2020s
In December 2021, Finland’s second casino, Casino Tampere, opened inside the brand-new Nokia Arena. In addition to offering a diverse range of games, the casino emphasized a nature-inspired atmosphere and modern design. In 2022, it was even named the Best Casino in the World — but despite the international recognition, it was closed in December 2022, less than a year after opening.
In November 2023, Veikkaus surpassed 2.5 million Loyalty Customers (Etuasiakkaat) — a major milestone in customer engagement and digital gaming.
Starting January 1, 2024, player identification became mandatory for all Veikkaus games. From the same date, 100% of Veikkaus’s profits began going directly into the Finnish state budget, reinforcing transparency and public benefit.
In 2025, Veikkaus celebrated its 85th anniversary, marking nearly a century of regulated gambling operations in Finland.
Fennica Gaming
On January 27, 2022, Veikkaus’s subsidiary Fennica Gaming officially began operations, entering the international market as a B2B game provider. Its mission: to sell Veikkaus-developed games to international corporate clients, opening a new revenue stream beyond Finland’s borders.
In March 2025, Veikkaus’s in-house Game Studio was transferred to Fennica Gaming. This strategic move brought game development and B2B sales under the same roof, streamlining operations and strengthening Fennica Gaming’s position as a full-service gaming content provider on the global stage.
The 2030s
Veikkaus is a respected and successful international gaming group
We strive to be a pioneer in responsible gaming experience and to lead the way in building a better future for the entire gaming industry — both in Finland and internationally.
