Finland's state-owned gambling monopoly Veikkaus recently announced a key personnel appointment. Ilkka Kosola, the current CFO of the global technology company Reaktor Group, will officially take over the financial helm of Veikkaus in September 2026, responsible for leading the company through the strategic transformation from a monopoly to a multi-license competition system. Olli Sarekoski, CEO of Veikkaus, stated in the announcement that Kosola's extensive international experience in leading financial and IT functions, as well as his proven ability in driving change and executing strategic transactions, make him an excellent choice to navigate the company through this significant transformation. With Finland planning to open the door to license applications for all compliant operators in 2027, Veikkaus has less than half a year left to make internal adjustments to end its long-term monopoly in online sports betting and digital slot machines.
Strategic Financial Operator Crossing from Energy Technology to Gambling
Kosola's resume spans several international corporate finance executive positions in technology, energy, and IT. Before joining Veikkaus, he served as the Group CFO of the global technology company Reaktor, responsible for leading the company's financial and IT functions. Prior to that, he held CFO positions at energy company Adven Group and IT services provider TietoEvery, and has held other roles at Basware, Fortum, and Metsä Wood. This cross-sector strategic transformation and M&A experience is exactly the management DNA that Veikkaus, currently undergoing a historic transformation, urgently needs.
According to the company's previously established 2030 strategy, Veikkaus aims to maintain its exclusive rights to lottery products, physical slot machines, and some casino games, while competing head-on with other licensed operators in the open market. Last year, the company announced plans to cut about 30 positions in response to restructuring pressures, and the market continues to focus on discussions about a possible public listing as early as 2030. Kosola expressed his anticipation for participating in the next chapter of the company in the press release, stating that Veikkaus is at a critical moment in its history, and he is eager to use his experience to support the company's transformation and execute its new strategy in the open license market.
PASA official website continues to track the marketization transformation and governance restructuring of global state-owned gambling enterprises, noting that Finland's shift from monopoly to license competition is testing whether Veikkaus can stand firm as a truly market-oriented operator after losing its monopoly moat.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel: https://t.me/pasa_news
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