Finnish gambling monopoly operator, Veikkaus, says it expects profits to be hit badly for 2020 by as much as €300 million due to pandemic.
The company reported half yearly results of 28.1% drop in revenues and a 33.6% fall in profits for the first part of the year ending June 30. Gross gaming revenue in total collapsed by some €200 million in the period to €607 million.
Major impact from the COVID-19 pandemic saw the Finnish gambling monopoly operator close all its gaming arcades and online gaming on the 13th March and did not reopen till 26th June only four days before half yearly reporting on results, with online business not back until middle of July.
Veikkaus’s chief financial officer Regina Sippel said that the impact on results will severely restrict their ability to contribute to society in charitable assistance.
Veikkaus Oy is the Finnish government-owned betting agency which holds a monopoly in the country. It was formed in 2017 as a merger of three previously existing betting and gambling agencies of Veikkaus, Fintoto and Finland’s Slot Machine Association.”
In January 2019, Veikkaus announced a plan to reduce its workforce by around 400 positions, while also announcing “significant overhauls of our gaming locations and an end to the restaurant gaming table business.
About Veikkaus you can find out more by monitoring their webpage from HERE.
About the negative impact of coronavirus pandemic over the gambling industry you can read HERE.