FINNISH STATE OPERATOR TO EXPAND

Thursday June 23, 2011 :

Looking for partnerships through a newly developed subsidiary
 
Finland's state-owned lottery operator, Veikkaus intends expanding into Russia, China and the U.S. and has established a subsidiary with this international expansion in mind.
 
The subsidiary will be operational as early as July 2011 and will be re-evaluated in 2013 as to its viability said Veikkaus vice president, Olli Sarekoski.
 
The subsidiary will not seek licencing in new countries but rather form alliances with other companies active in the targeted markets.
 
"We are seeking bigger entities to enter into business arrangements with – traditional gambling operators, system vendors and media companies looking for new partnerships." Sarekoski said.
 
Veikkaus is targeting markets outside of the European Union to prevent jeopardising its own monopoly.