Embracing Change

Finland gaming monopoly Veikkaus is one of few operators to have overhauled its business and operating model entirely in 2025.

After a number of years of financial decline, the company seized the opportunity of a liberalized Finnish iGaming market and sought to reevaluate its entire position in the market.

At the forefront of this undertaking is group CEO Olli Sarekoski, whose career spans more than 22 years at Veikkaus in various roles. He joined the company in 2003 as vice president of strategy and planning and worked his way up the ranks, subsequently serving as executive vice president and COO before becoming president and chief executive officer in January 2017.

For the majority of his career, Sareskoski has worked within the monopoly lottery arm of Veikkaus. As of January 2027, when the iGaming market opens in Finland, it will operate as a separate entity from its online gambling business.

As someone deeply integrated into Europe’s lottery sector, Sarekoski was recently appointed second vice president of the European Lotteries Executive Committee for the period 2025-27. The committee comprises 70 lottery operators from 40 countries, and the appointment proves Veikkaus’ prominent position in Europe.

“This election reflects especially the work that Veikkaus employees have done—and continue to do—on international forums, as well as the strong esteem in which Veikkaus is held among its peers,” Sarekoski said of the honor on his LinkedIn page.

Market liberalization can threaten a legacy monopoly’s survival as it faces competition from generally more agile and advanced private operators. But Veikkaus has seized the challenge. It is working to split its online business from the lottery operation, which will maintain its exclusivity in the market. All of Veikkaus’ operational and financial firepower is being directed into that overhaul, to prepare the operator for life in a competitive market.

In an October 2025 interview with Public Gaming magazine, Sarekoski said the business’ vision is clear and ambitious toward 2030. His ultimate view of the company is of a highly modern one, powered by the best in industry talent; Veikkaus is actively recruiting from all across Europe, enticing talent from hubs like Malta and Gibraltar.

During his tenure, the CEO has also championed the growth and success of Veikkaus’ in-house iGaming supplier Fennica Gaming, which has reported significant growth in recent quarters and is positioning the company for international expansion. “Within three years the company has achieved impressive results and positive reception,” he told PGRI.

Sarekoski’s recent successes have certainly spawned from his and Veikkaus’ welcoming of the upcoming iGaming regulation in Finland, which will remain the operator’s primary and only B2C market.

“(Reregulation will)be a great opportunity for Veikkaus, and we have worked long-term to prepare for the near future,” he told PGRI.  “Our vision is to be a respected and successful international money gaming group by 2030.”

When faced with the options of sink or swim in response to the regulatory changes, Sarekoski is betting big on Veikkaus’ potential and putting everything into the redevelopment of the company.

Undoubtedly, his prior experience in senior roles at the Finnish Sport Television channel and as an adviser to the prime minister from 1999 to 2000 have helped prepare him for the mammoth task.