Ilkka Kosola Appointed CFO at Veikkaus

Veikkaus, Finland’s state-owned gambling monopoly, has announced the appointment of Ilkka Kosola as its new Chief Financial Officer (CFO). Kosola, who will assume the role in September 2026, brings extensive experience in financial management, particularly in strategic transformations and mergers, to the company as it navigates a period of significant change in the gambling sector.

Kosola’s appointment comes at a crucial time for Veikkaus, as Finland prepares to open its market to competition in 2027, ending the company’s monopoly over online sports betting and digital slot machines. Kosola will play an integral part in overseeing the company’s transition to a multi-license system and the execution of its 2030 strategy.

Leading Veikkaus Through a Transformative Period

Kosola’s background includes holding top financial management positions at several international companies. Most recently, he served as Group CFO at Reaktor, a global technology firm, where he was responsible for leading the company’s finance and IT functions. Prior to his time at Reaktor, Kosola held CFO positions at energy company Adven Group and IT service provider TietoEvery, among other roles at organizations such as Basware, Fortum, and Metsä Wood.

In his new role at Veikkaus, Kosola will focus on guiding the company through its transition period, overseeing financial operations, and helping implement the organization’s strategy for the competitive Finnish market. Veikkaus CEO Olli Sarekoski expressed confidence in Kosola’s ability to lead the company during this pivotal time.

“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,” said Sarekoski. “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.”

A New Era for Veikkaus and the Finnish Gambling Market

Kosola’s appointment aligns with Veikkaus’ efforts to adapt to a new regulatory landscape. Starting in 2027, Finland will begin accepting applications for gambling operators seeking licenses to operate in the country. This shift in the regulatory environment will mark the end of Veikkaus’ exclusive rights to offer online sports betting and digital slot machines, though it will retain control over lottery products, physical slot machines, and certain casino games.

Veikkaus has welcomed this change, acknowledging that it represents an opportunity to diversify its services and better compete in an open market. However, the transition will also come with challenges. Last year, the company announced plans to reduce its workforce, with around 30 roles at risk due to the restructuring process. Additionally, there has been ongoing discussion about the possibility of Veikkaus undergoing a public offering, with some reports suggesting the company could be listed by 2030. This would depend on the outcome of legislative changes and Veikkaus’ ability to perform in a competitive environment.

Kosola expressed his excitement about the opportunity to contribute to the company’s future in the press release: “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. I am eager to apply my experience to support the company’s transformation and the execution of its new strategy in the opening license market.”

Positioning for Success in a Competitive Market

As Veikkaus faces new competition from other operators in Finland’s gambling market, the company’s financial strategy will be vital in ensuring its continued success. Kosola’s expertise in overseeing complex financial operations and leading strategic projects will be essential as Veikkaus adapts to the changing landscape.

The company’s 2030 strategy aims to ensure that Veikkaus remains a key player in Finland’s gambling industry despite the increased competition. Kosola will be at the forefront of this strategic shift, helping to guide the company through both operational and regulatory changes.

With Finland’s gambling market set to open in the coming years, Veikkaus is positioning itself for success in the evolving industry. Kosola’s leadership will play a crucial role in supporting the company’s long-term goals and ensuring that it remains competitive as the market opens to new opportunities and challenges.