Veikkaus Adds Two New Directors, Reaffirms Olkkonen as Chair

Veikkaus Oy, Finland’s gambling monopoly, announced changes to its board of directors. In addition to reaffirming Kaisa Olkkonen as chair of the board, the company announced the addition of industry veterans Martti Ala-Härkönen and Charles Cohen to the team.

The Board Will Be Comprised of Seven Directors

Veikkaus, which remains Finland’s only legal gambling operator, said that the composition of its board of directors will change following yesterday’s Annual General Meeting. The March 31 meeting saw company leaders re-elect several directors and appoint two new ones. The meeting also concluded that the total number of directors for the following year shall be 7.

At the Annual General Meeting, company representatives re-elected Kaisa Olkkonen as chair of the board. In the meantime, Leena Vainiomäki will serve as vice chair.

In addition to that, Minna Pajumaa, Ossi Lindroos, and Katri Harra-Salonen were confirmed as continuing members of the board of directors. At the same time, Anne Larilahti, Juha Väre, and Christian Cedercreutz announced that they will no longer serve as directors.

Following the exit of three board members, Veikkaus appointed industry leaders Martti Ala-Härkönen and Charles Cohen as new members of the board.

The New Directors Bring a Wealth of Experience

The Veikkaus’ announcement emphasized that the company’s board of directors has now been strengthened with the significant expertise of international gambling industry veterans and financial experts.

Ala-Härkönen and Cohen, in particular, will bring much-needed and valuable experience to the board, according to chair Kaisa Olkkonen. She added that their skill set will support Veikkaus’ Transformation journey amid Finland’s ongoing regulatory shifts.

Olkkonen emphasized that Veikkaus’ ambition is to expand beyond Finland and turn into a respected and successful international operator by 2030.

Veikkaus Prepares for a Transformational Period

As mentioned, Veikkaus is preparing for a period of intense transformation amid Finland’s ongoing efforts to switch to a license-based model. While the company supported the change, it warned that the shift toward regulated gaming will force it to implement certain radical changes, including significant layoffs.

Speaking of the operator, the company was recently fined for wrongfully placing advertising within programming that was watched by minors. Because of that, the Finnish operator received a EUR 2.9 million fine and was hit with a temporary advertising ban.

The Veikkaus confirmed that it cooperated with the authorities during the entire process.

Finland to Introduce Licensed Gaming

In other news, the Finnish government just introduced a bill to Parliament that would officially dismantle Veikkaus’ long-standing monopoly over online gambling. If implemented, the proposed legislation would end Veikkaus’ reign and open the Finnish market to international gambling companies by the end of 2026.

The bill is set to be discussed by Parliament members who will debate the matter amid problem gambling concerns. Certain organizations, such as the Institute for Health and Welfare (THL) are wary of the proposed shift, arguing that it could lead to more gambling harm.