Veikkaus sees digital soar as sales fall

Veikkaus has published a mixed set of financial results for the first quarter, with net revenue up 2% year-on-year but sales down 1%.

Net revenue came in at €256m (305.2m) in the three months to March 31, but sales were slightly down to €805.6m.

Digital revenue increased 10% on a year-on-year basis, with this section of the business now responsible for almost 44% of all sales.

Lottery and keno sales climbed by 4.2% to €303.5m, while combined land-based and online slots revenue also jumped 6.7% to €207m.

Elsewhere, sports and race betting revenue dropped 3.8% to just under €150m, and while retail wagering fell 14.6% year-on-year, online betting was up 0.8%.

Last year, Fintoto, Finland’s Slot Machine Association (RAY) and Veikkaus joined forces to form the umbrella Veikkaus brand, with the three companies working as a single entity since January 2017.

Related article: Veikkaus hits financial targets in first year after merger