Veikkaus names CFO ahead of licence transition
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- Ilkka Kosola has been appointed Chief Financial Officer of Veikkaus, with the role starting by the end of September 2026.
- Kosola joins from Reaktor, where he served as Group CFO, bringing extensive experience in financial management and strategic transformation.
- The hire comes as Finland prepares to open gambling licence applications on 1 March 2026, ahead of licensed operations launching on 1 July 2027.
Finnish state gambling operator Veikkaus has appointed Ilkka Kosola as its new Chief Financial Officer and member of the executive management team, with the role starting by the end of September 2026.
The appointment comes as Finland prepares to open applications for gambling licences on 1 March 2026, ahead of the launch of licensed operations on 1 July 2027. Kosola holds a Master of Science in Economics from the University of Vaasa.
A reform-ready hire
Kosola joins Veikkaus from his position as Group CFO at Reaktor. He has previously served as Group CFO at Adven Group and has held senior finance and business control positions at companies including TietoEvry, Basware, and Fortum.
Kosola will play a significant role in Veikkaus’ ongoing transformation towards the partial multi-license system and the execution of the company’s 2030 strategy.
Olli Sarekoski, CEO and President at 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. We are confident that his expertise will be a great asset to our company and our executive management team as we work towards our strategic goals for 2030.”
Kosola said:
“I am thrilled to be joining the Veikkaus team and to have the opportunity to contribute to the next chapter of this iconic Finnish company. Veikkaus is at a pivotal point in its history, and I am eager to apply my experience to support the company’s transformation and the execution of its new strategy in the opening licence market.”
Finland’s market shift
Finland’s government has proposed ending Veikkaus’ gambling monopoly in betting and in online slot machine and casino games, opening the provision of these games to competition.
Gambling companies can apply for licences as of 1 March 2026, and licensed gambling operations in the new licence-based market will begin on 1 July 2027.
Veikkaus will retain exclusive rights to lottery games, scratch cards, and physical slot machines and casino games, while betting and online casino products move into a licensed, competitive market.
Under the reform, an exclusive licence can be granted to a company under direct state control within the Veikkaus Group. That company may also apply for a licence to operate in the competitive online segments. A new Finnish Supervisory Agency will take over licensing and oversight from 1 July 2027.
With senior leadership now reinforced ahead of the transition, Veikkaus is consolidating its executive team for what will be one of the most consequential periods in the operator’s history.
How the company navigates both its protected monopoly categories and the newly competitive online market from mid-2027 will be closely scrutinised across the Nordic gambling sector.
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