This qualitative study examines what factors and measures may contribute to the success of a state-owned gambling company online. As each jurisdiction restricts online gambling offer and demand according to domestic legislation, there are few tools to limit the competition of online operators.In order to understand how different stakeholders want to limit online competition and preserve the benefits guaranteed by a monopolistic gambling system, thematic interviews (N = 17) were conducted among the state-owned gambling company Veikkaus’ representatives and among public servants engaged in gambling regulation, ownership steering, the prevention of gambling harm, or the distribution and reception of gambling proceeds. Chantal Mouffe’s theorisation on ‘antagonism’ and ‘agonism’ is used to examine the impact of competition of these stakeholders.The results show that the challenges of the Finnish state-owned gambling operator were related to competition (e.g., losing customers and proceeds to international competitors) and to regulation (e.g., channelling gambling and preventing gambling harms). The results also indicated that Veikkaus’ representatives seem to have an agonistic relationship with the regulators and the public servants interested in prevention of gambling harms. The only antagonism found in this study is based on the conflicting power relations of Veikkaus and the international online gambling companies.