Veikkaus Deputy CEO Velipekka Nummikoski to Step Down After 14 Years

The Finnish gambling landscape is witnessing a significant leadership transition as the state-owned monopoly operator, Veikkaus, prepares for a major regulatory shift. Deputy CEO Velipekka Nummikoski is set to depart from the company at the end of August 2026 after 14 years of service. His exit marks the end of an era for an executive who has been instrumental in modernizing the Finnish gambling sector and preparing it for the upcoming transition to a regulated licensing system.

Nummikoski's departure follows the appointment of Ilkka Kosola as the new Chief Financial Officer in May, indicating a broader reshuffling of the executive board. His final day in the role will be August 31, just months before Finland officially abandons its long-standing monopoly model in favor of a competitive licensing system starting in July 2026. This transition aims to bring more clarity to the market and capture revenue from international operators who previously operated in a legal gray area.

Numbers and facts

Nummikoski's journey began in 2012 when he was appointed CEO of the Slot Machine Association (RAY). Following the merger of Finland's three gambling entities into the unified Veikkaus in 2017, he stepped into the role of Deputy CEO. During his tenure, he oversaw the integration of various business units and the digitalization of the company's offerings, which was vital for maintaining market relevance.

"I started as CEO of RAY in 2012, when digitalisation began to change the gambling industry. I was involved in the merger of three companies into the new Veikkaus and in the journey towards a competitive market. It has been a great privilege to work in the midst of this transformation." - Velipekka Nummikoski, Deputy CEO of Veikkaus

In addition to organizational changes, Nummikoski was involved in enhancing social responsibility measures. In June, Veikkaus introduced new safer gaming thresholds tailored to different age groups. These loss checkpoints are designed to prevent gambling-related harm, a move praised by CEO Olli Sarekoski. Sarekoski thanked Nummikoski for his significant contributions and his ability to handle demanding management positions throughout his respected career.

Background

Finland's move toward a multi-licensing model reflects a broader European trend of regulating online gambling to ensure consumer protection and tax compliance. Reports suggest that over 50 operators have already shown interest in applying for B2C licenses in the Finnish market. For Veikkaus, the end of the monopoly means it must now compete on equal footing with global giants, a challenge Nummikoski helped prepare the company for before deciding to seek new opportunities.

Why it matters for German players

For players in Germany, the development in Finland serves as a parallel to the domestic situation established by the Interstate Treaty on Gambling 2021 (GlüStV 2021). The German market transitioned from a similar state of uncertainty to a strictly regulated environment. Players are encouraged to only use platforms listed on the official GGL whitelist to ensure they are protected by German laws, including the 1,000 Euro monthly deposit limit and the LUGAS monitoring system.

Similar to the loss checkpoints introduced by Veikkaus, German regulation emphasizes prevention. The 1 Euro per spin limit for virtual slots is a cornerstone of player protection in Germany. As Finland prepares for its new era, German players can see the benefits of a regulated market where state-backed and private operators must adhere to the same high standards of social responsibility and transparency.

What it means for GGL-licensed casinos

Casinos operating with a GGL license can view the Finnish transition as a sign of continued European stability in gambling regulation. The orderly exit of long-time leaders like Nummikoski and the introduction of new financial leadership at Veikkaus suggest that state operators are taking the threat of private competition seriously. For GGL-licensed casinos, this reinforces the importance of maintaining high compliance standards, as the European market increasingly favors transparent, licensed competition over unregulated offerings.