Finland's gaming monopoly Veikkaus is expecting a major hit this year due to Covid-19, with the company expecting profits to fall by up to €300 million by the end of the year.
The company said that revenues dropped 28.1% in terms of gross revenues for the first half of the year, with profits dropping 33.6%. The results were down heavily due to retail and in-person operations having to be closed from March until June. Casino game revenues were down 46% to €243.2 million, with €137.8 million coming from slots.
Online operations have grown in terms of overall business share, making up 44.1% of total revenues for the half. This is being attributed to the lack of retail options though, and isn't expected to be held up long term.
Speaking about the results Veikkaus CFO Regina Sippel said, "Like many other operators, Veikkaus had an exceptionally challenging spring. Due to the Covid-19 pandemic, our contribution to society will fall significantly below previous levels."
We'll be following the performance of Veikkaus and let you know of their true performance as its released.