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Finland – Gambling monopoly Veikkaus sheds employees

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Some 129 workers at Finland’s national gambling monopoly Veikkaus will lose their jobs, following co-determination talks. The redundancies follow in the wake of the merger of the trotting betting agency Fintoto, casino and fruit machine company RAY and Veikkaus, which previously oversaw the national lottery, into the new brand, Veikkaus Oy, as part of an overhaul of the state’s gambling system.

A total of 129 jobs are to be cut from Veikkaus, as the company plans to lose 65 to 70 contracted employees, 20 temporary workers and some 25 employees due to retire from the company.

A statement from Veikkaus management said the cuts would help the company become more cost effective and competitive and that the company plans to invest heavily in online services. “These changes will improve our cost-effectiveness compared to the earlier model with three [separate] firms,” Veikkaus CEO Olli Sarekoski said in a press release. Sarekoski vowed that the company would give its support and help to those who have lost their jobs.

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