(AsiaGameHub) –   Veikkaus is advancing its transformation of Finland’s gaming sector as it prepares to introduce a multi-licence model.

The operator’s position in the market remains uncertain, but it has taken steps to bolster its executive team by appointing Ilkka Kosola as Chief Financial Officer, effective from September 2026. 

Currently Group CFO at the global technology company Reaktor, Veikkaus highlighted Kosola’s experience in ‘leading successful strategic projects and transformations.’

Olli Sarekoski, Chief Executive Officer and President of Veikkaus, said: “Ilkka’s extensive international background in managing finance and IT functions, along with his proven track record in driving change and executing strategic transactions, makes him an ideal fit for Veikkaus during this period of significant transformation.”

With another key appointment made, what will be the next priority for Veikkaus?

Focus shifts to July 2027

The most critical task for Veikkaus is preparing for Finland’s transition from a Veikkaus monopoly to a competitive licensing system for betting, online casino, and online bingo, which begins on 1 July 2027.

Sarekoski has previously stated that Veikkaus is prepared to welcome international competition within Finland’s iGaming landscape, describing the shift as a ‘major opportunity’ for the company.

“Veikkaus possesses a strong foundation for success: high-quality game products, a well-known and trusted brand among Finnish consumers, and skilled employees,” he commented in an update on the group’s results for 2025.

However, the organisation must ensure operational readiness as it seeks to compete against operators with far greater experience in multi-licensed markets.

A primary objective of the new regulation is to reclaim players from the black market, making it essential that Veikkaus presents itself as an appealing option given the increased number of choices available to consumers.

Public listing under consideration?

In parallel with navigating the transition, ongoing discussions continue regarding whether the Finnish government will take Veikkaus public and offer shares in the state-owned company.

Maija Strandberg, Finland’s Director General of Ownership Steering, has repeatedly suggested that Veikkaus could be considered for such a move as a means of generating state revenue, similar to how Finland’s postal service – Posti OyjNasdaq Helsinki Stock Exchange in October 2025.

The Veikkaus group includes a technology company, a B2B provider, Fennica Gaming – a B2B supplier for international markets – and the operator set to compete in the newly regulated multi-licensed environment.

Nevertheless, given that the shift to a multi-licence model does not begin until July 2027, Strandberg has stressed that any decision is unlikely before the decade’s end, as Veikkaus must first ‘demonstrate that it can compete’ in the country’s updated market.

In addition to financial advantages, industry analysts have argued that a public listing of Veikkaus would benefit Finland’s gaming sector by separating the state from both regulating and operating within the market.

Speaking on an SBC webinar in November, Antti Koivula, Chief Compliance Officer at Hippos ATG, contended that ‘there is no strategic value for the state to own gambling operators, and they should remain focused on regulation’.

“They shouldn’t combine being both a market operator and the regulator—that creates inherent conflicts,” he added.