Veikkaus continues to accelerate towards the transformation of Finland’s gaming market as it prepares for the implementation of a multi-licence model.
The operator’s standing in the market remains to be seen; however, it has taken recent steps to strengthen its C-Level team with the appointment of Ilkka Kosola as its new Chief Financial Officer from September 2026.
Currently Group CFO of the global technology company Reaktor, Veikkaus hailed Kosola’s experience in ‘leading successful strategic projects and transformations.’
Olli Sarekoski, Chief Executive Officer and President of Veikkaus, said: “Ilkka’s broad and international experience in leading finance and IT functions, combined with his proven ability to drive change and execute strategic transactions, makes him an excellent fit for Veikkaus as we navigate this period of significant transformation.”
With another piece of the puzzle in place, what will be next in focus for Veikkaus?
All eyes on July 2027
Most important for Veikkaus is preparing for Finland’s transformation from a Veikkaus monopoly to a competitive licensing system for betting, online casino, and online bingo from 1 July 2027.
Sarekoski has previously asserted that Veikkaus is ready to welcome international competition within Finland’s iGaming ecosystem, and described the shift as a ‘major opportunity’ for Veikkaus.
“Veikkaus has an excellent foundation for success: strong game products, a well-known and trusted brand among Finns and skilled employees,” he said in an update on the group’s results in 2025.
However, the operational side of the organisation must have its house in order as it attempts to compete with operators that will have significantly more experience working within multi-licensed jurisdictions.
One of the main aims of the new regulation is to win players back from the black market, and it is vital for Veikkaus that it is well-positioned to be an attractive proposition for players, given the number of options consumers will have.
Time to go public?
Alongside navigating the transition, the debate continues as to whether the Finnish government will take Veikkaus public and sell shares in the state-owned company.
Maija Strandberg, Finland’s Director General of Ownership Steering, has suggested on a number of occasions that Veikkaus could be considered for such treatment as a way to generate state funds in a similar way that Finland’s postal service – Posti Oyj – raised €1.94bn when listed on the Nasdaq Helsinki Stock Exchange in October 2025.
The Veikkaus umbrella encompasses a technology company, a B2B provider, Fennica Gaming – a B2B provider for international markets – and the operator that will compete in the new multi-licensed market.
However, given that the move to a multi-licence model is not taking place until July 2027, Strandberg has emphasised that a decision is unlikely to be made before the close of the decade, as Veikkaus must ‘demonstrate that it can compete’ in Finland’s new market.
Alongside the financial benefits, industry experts have suggested that publicly listing Veikkaus will benefit Finland’s gaming market by separating the state from both regulating the market and competing within it.
Speaking on an SBC webinar in November, Antti Koivula, Chief Compliance Officer at Hippos ATG, argued that there is ‘no strategic value for the state to own gambling operators and they should remain on the regulator’s side’.
“They shouldn’t mix being, at the same time, a market operator and being the regulator. That’s asking for problems,” he added.
