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Veikkaus stated that Fennica now operates in 21 markets across three continents and gaming verticals. Fennica secured an UAE online supplier licence last year.
Industry consultant Jari Vähänen, formerly a senior executive at Veikkaus, estimated the entire business could be valued at up to €4.5 billion following the liberalisation of the market.
Veikkaus is adjusting to a partial liberalisation of Finland’s gambling market under the new Gambling Act, which was ratified in January 2026.
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“Having spent more than two decades in key operating and financial leadership roles at Bally’s, George has been instrumental in developing our business model, asset portfolio and growth strategy,” Reeves said.
“He steps into the interim role supported by an experienced finance organisation and I am confident that our reporting, controls and capital markets work will continue without disruption.”
Bally’s shares plunged 26% on 17 August despite a solid Q2 in which group revenue rose by 20% year-on-year to €792.2 million.
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The acquisition follows another recent French omnichannel agreement that saw Tipico and Betclic owner Banijay Entertainment’s gaming arm acquire JOA’s network of 33 regional casinos across France.
Banijay did not disclose any financial details, except that the acquisition would be supported by funds managed by Blackstone and Kings Park Capital.
Merkur represents the gaming and leisure division of the Gauselmann Group, a historic German family-owned enterprise specialising in gaming machines, software and casino operations across Europe.
