Veikkaus names Ilkka Kosola as CFO at “pivotal point” for the gaming operator’s future
The appointment comes as the state-controlled operator prepares for the end of its monopoly on gambling in Finland.
Finland.- The state-controlled monopoly gambling operator Veikkaus has named Ilkka Kosola as its next Chief Financial Officer. He will take the helm of the company’s finances as it prepares for the end of its monopoly and the opening of Finland’s online gambling market to commercial competition.
Kosola will step into the position at the end of September. He joins the gambling operator from Reaktor, where he was Group CFO. He previously held senior positions at Adven Group, TietoEVRY, Basware, and Fortum. Veikkaus highlighted his experience building digitally enabled finance functions and integrating technologies such as AI into financial operations.
Veikkaus is preparing for the launch of multi-licence online gambling in Finland from 2027. The company will be split, with part of it maintaining its monopoly on lottery and retail products, while the online side of the business will compete on the open market.
The Finland online gambling licensing process opened in March. Operators known to be applying to launch on the market include Hippos ATG and Paf.
Veikkaus’s 2030 strategy aims to make the company more agile and competitive. As a state-controlled company, Veikkaus has been putting a strong emphasis on player protection measures. It will now have to balance this with competitiveness. It’s also seeking international expansion as it faces competition at home – it already has a B2B presence internationally through its Fennica Gaming subsidiary.
CEO Olli Sarekoski said: “Ilkka’s broad international experience 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 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 open licensed market.”
Recent governance changes at Veikkaus saw new directors confirmed at the March 2026 Annual General Meeting, while Kaisa Olkkonen remains as chair.
Olkkonen commented in the latest release: “Our preparations for the new licensing system and the opening of competition in the Finnish market are well under way. At the same time we are pursuing our goal of becoming a respected and successful international money gaming group by 2030. The board is strengthened with extensive experience from companies operating in international markets as well as demanding transformation situations, which strongly supports Veikkaus’ ongoing transformation.”
