What is Veikkaus?
Veikkaus Oy is Finland’s state-owned betting and gambling agency, holding a monopoly on gambling activities in the country. Formed in 2017 through the merger of Veikkaus, Fintoto, and Finland’s Slot Machine Association, it operates online and retail sports betting, lotteries, and casino games. Veikkaus channels its profits to support Finnish education, culture, sports, and social welfare, but it faces increasing competition as Finland’s gambling market moves toward liberalization by January 2027.
What is OpenBet?
OpenBet is a leading global provider of sports betting technology, platforms, and services, owned by Endeavor. With over 25 years of experience, it powers online and retail sportsbooks for major operators, lotteries, and casinos worldwide, including in regulated markets like the U.S., U.K., and Europe. OpenBet offers scalable platforms, managed trading services, and innovative features like real-time data integration, supporting over 100 global customers with a focus on responsible gaming and localized strategies.
What platform is Veikkaus using to relaunch its sportsbook, and what is the role of its in-house trading team in this relaunch?
Veikkaus is using OpenBet’s platform to relaunch its sportsbook. The in-house trading team supports this relaunch by producing odds for Finnish sports, such as ice hockey, floorball, and pesäpallo, enabling Veikkaus to offer tailored betting options that cater to local preferences and enhance competitiveness in the Finnish market.
How might Veikkaus’ use of OpenBet’s platform improve the user experience for its sportsbook customers compared to its previous system?
Veikkaus previously used DraftKings’ B2B platform but switched to OpenBet to enhance its sportsbook. OpenBet’s platform can improve user experience through:
- Advanced Technology: OpenBet’s modular platform offers a smoother, more responsive interface compared to the DraftKings system, with features like real-time updates and seamless navigation.
- Localized Betting Options: Integration with Veikkaus’ in-house trading team allows for tailored odds on Finnish sports, making the platform more relevant and engaging for local bettors.
- Expanded Markets: OpenBet supports a wide range of betting markets, potentially offering more diverse options like in-play betting and cash-out features, improving interactivity.
- Reliability and Scalability: OpenBet’s proven uptime record ensures consistent access during high-demand events, unlike older systems that may have struggled with peak loads.
These improvements create a more engaging, reliable, and culturally relevant betting experience compared to the previous DraftKings-based system.
What challenges might Veikkaus’ in-house trading team face when producing odds specifically for Finnish sports, and how could OpenBet’s technology help address these challenges?
Challenges for Veikkaus’ in-house trading team:
- Limited Data for Niche Sports: Finnish sports like pesäpallo and floorball have smaller audiences, making historical data and predictive models less robust, which complicates accurate odds-setting.
- Market Volatility: Local sports can have unpredictable betting patterns due to passionate fanbases, increasing the risk of mispriced odds.
- Regulatory Compliance: Finland’s strict gambling regulations require odds to align with responsible gaming standards, adding complexity to trading operations.
- Resource Constraints: An in-house team may lack the scale of larger international trading operations, limiting real-time adjustments during live events.
How OpenBet’s technology helps:
- Managed Trading Services: OpenBet provides tools to supplement in-house efforts, offering data-driven insights and automated risk management to enhance odds accuracy for niche sports.
- Real-Time Data Integration: OpenBet’s platform supports live data feeds, enabling the team to adjust odds dynamically based on game developments, even for less-covered sports like pesäpallo.
- Scalable Infrastructure: OpenBet’s technology handles high transaction volumes, allowing the team to focus on odds compilation rather than system limitations.
- Compliance Tools: OpenBet’s experience in regulated markets ensures its platform includes features to meet Finnish regulatory requirements, reducing compliance burdens.
These tools help mitigate data scarcity, manage volatility, and ensure compliance, enabling more accurate and competitive odds.
How can Veikkaus leverage OpenBet’s platform features, such as real-time data integration and scalability, to enhance the accuracy and competitiveness of its in-house odds for Finnish sports?
Veikkaus can leverage OpenBet’s platform features as follows:
- Real-Time Data Integration:
- Dynamic Odds Adjustment: OpenBet’s real-time data feeds allow Veikkaus’ trading team to update odds instantly based on live game events, such as player performance in ice hockey or pesäpallo, ensuring accuracy even for fast-paced sports.
- Enhanced Predictive Models: By integrating local sports data (e.g., Finnish league stats) with OpenBet’s analytics, the team can build more precise models for niche sports, improving odds competitiveness.
- Scalability:
- High-Volume Processing: OpenBet’s platform can manage peak betting surges during major Finnish sports events, ensuring stable odds delivery.
- Flexible Market Expansion: The platform’s modular design allows Veikkaus to scale betting markets for sports like floorball, adding new bet types (e.g., in-play or prop bets) to attract diverse bettors.
- Customized Trading Tools:
- OpenBet’s managed trading services provide algorithms that the in-house team can tailor to Finnish sports, balancing risk and competitiveness by analyzing local betting patterns.
- Features like cash-out and bet-builder options can be adapted to local preferences, making odds more appealing and engaging.
By combining real-time data and scalable infrastructure, Veikkaus can offer accurate, competitive odds that align with Finnish sports culture, enhancing market positioning.
Considering the unique betting patterns and preferences in the Finnish market, how might Veikkaus’ in-house trading team optimize OpenBet’s platform to create a tailored risk management strategy for their sportsbook, particularly for niche Finnish sports like pesäpallo or floorball?
Finnish betting patterns are heavily influenced by local sports like ice hockey, pesäpallo, and floorball, with passionate fanbases driving concentrated betting spikes, especially during domestic leagues or national events. Veikkaus’ in-house trading team can optimize OpenBet’s platform for a tailored risk management strategy as follows:
- Localized Risk Models:
- Custom Algorithms: Use OpenBet’s managed trading services to develop algorithms specific to Finnish sports, factoring in unique betting behaviors (e.g., heavy wagering on local teams like HIFK in ice hockey or Seinäjoki in pesäpallo). These models can analyze historical betting data and fan sentiment to predict liability spikes.
- Sentiment Analysis Integration: Leverage OpenBet’s data analytics to incorporate social media and local news feeds, capturing fan-driven betting trends for niche sports (e.g., floorball playoffs), which often lack extensive statistical data. This helps adjust odds to mitigate risk from sudden betting surges.
- Dynamic Hedging for Niche Sports:
- Real-Time Risk Adjustment: Use OpenBet’s real-time data integration to monitor betting volumes and adjust odds dynamically during live pesäpallo or floorball matches. For example, if a star player is injured, the platform can instantly recalibrate odds to limit exposure.
- Bet Limits and Caps: Implement automated bet limits on high-risk markets (e.g., obscure pesäpallo prop bets) using OpenBet’s scalable infrastructure to prevent large payouts on volatile outcomes, balancing profitability and engagement.
- In-Play Betting Optimization:
- Micro-Betting Capabilities: OpenBet’s in-play capabilities can be tailored to offer rapid, event-specific bets (e.g., next goal in floorball), appealing to Finnish bettors’ preference for fast-paced action while spreading risk across multiple small bets.
- Cash-Out Features: Promote OpenBet’s cash-out functionality to encourage early settlements during volatile moments in niche sports, reducing liability on unpredictable outcomes like a late rally in pesäpallo.
- Regulatory and Responsible Gaming Alignment:
- Compliance Tools: Use OpenBet’s player protection technology to monitor betting patterns for signs of problem gambling, particularly during high-profile Finnish sports events, ensuring compliance with Finland’s strict regulations.
- Tax and Fee Optimization: Adjust odds margins to account for Finland’s upcoming licensing fees and taxes (post-2026), using OpenBet’s analytics to balance competitive pricing with profitability.
- Market Differentiation:
- Tailored Bet Types: Offer unique bet types for niche sports (e.g., total runs in pesäpallo or player assists in floorball) using OpenBet’s flexible platform, capitalizing on Veikkaus’ in-house expertise to stand out against international operators who may overlook these markets.
- Seasonal Adjustments: Analyze seasonal betting trends (e.g., summer pesäpallo vs. winter floorball) with OpenBet’s data tools to optimize risk exposure during peak seasons, ensuring liquidity and competitive odds.
Example Strategy for Pesäpallo: For pesäpallo, a sport with limited global data, the trading team can:
- Use OpenBet’s real-time data feeds to track in-game events (e.g., pitch outcomes), adjusting odds to reflect momentum shifts.
- Set conservative initial odds for less predictable markets (e.g., individual player performance) to limit exposure, using OpenBet’s risk management tools.
- Offer micro-bets (e.g., next inning runs) to diversify risk, leveraging OpenBet’s in-play capabilities.
- Monitor local betting spikes via OpenBet’s analytics, hedging against heavy bets on popular teams like Sotkamon Jymy.
By combining OpenBet’s scalable, data-driven platform with in-house expertise, Veikkaus can create a risk management strategy that balances profitability, compliance, and appeal to Finnish bettors, particularly for niche sports, positioning it strongly in the liberalizing market.