Velipekka Nummikoski will leave Veikkaus after 14 years, ending an executive tenure within the leadership ranks of Finland’s state-owned gambling firm. 

Veikkaus’ Deputy Chief Executive Officer joined the gambling monopoly before the establishment of the current Veikkaus and will leave as the state-owned operator prepares for its next major transformation.

Finland’s gambling market will open up to licensed competition from July 2027.

In 2012, Nummikoski joined RAY, the Finnish Slot Machine Concession, as CEO, in which he oversaw the launch of the firm’s online casino platform.

His leadership of RAY ended in 2017, when Nummikoski formed part of the executive team that merged RAY and Fintoto, as state assets absorbed by Veikkaus, fulfilling the Finnish government’s mandate to establish a single state owned gambling firm. 

Completing the merger, Nummikoski became Deputy CEO of Veikkaus, responsible for public affairs, responsible gambling and communications. 

He has since worked with CEO Olli Sarekoski as Veikkaus has been under increasing political and regulatory pressure to change its monopoly structure.

Another transformation approaches…

His departure comes as that process is coming to a close now.

From 1 July 2027, Finland will open online casino gaming and sports betting to licensed private operators and end Veikkaus’ exclusive control of these products.

Veikkaus will retain its monopoly over lotteries, scratchcards and parts of land-based gambling. But its online betting and casino operations will have to compete directly against international operators entering the Finnish market.

Veikkaus’s reform represents a fundamental change in the way it does business.

The company wants to operate in a hybrid model: it has exclusive rights on certain products and it’s competing for customers in online betting and casino.

Nummikoski directly referred to this transformation when announcing his departure.

“I started as RAY’s CEO in 2012 at a time when digitalisation was starting to change the gambling industry,” he said.

“I had the opportunity to be involved in the merger of three companies into a new Veikkaus and on the way to a competitive market. And it’s been extremely rewarding to work in the midst of that transformation.”

Nummikoski said the timing of his departure represented a start of another chapter for the company.

“Next year, Veikkaus will go into a new era and also it will be my challenge to step on to a new path.”

Sarekoski praised an executive who has served Veikkaus through the creation of the unified gambling group and preparations for the end of its online monopoly.

“Velipekka Nummikoski has had a long and distinguished career at Veikkaus and has held several demanding management positions,” Sarekoski said.