Timo Kiiskinen, Fennica MD and former Veikkaus SVP of New Business


The Deck and Arena will create an urban space where you have a lot of reasons to spend time and enjoy yourself, says Timo Kiiskinen, Business Manager of RAY.Gaming companies RAY, Fintoto and Veikkaus will join together under the name Veikkaus on 1.1.2017.


Areena ja kansi luovat kaupunkitilan, jossa on paljon syitä viettää aikaa ja viihtyä, perustelee RAY:n liiketoimintajohtaja Timo Kiiskinen valintaa.RAY:n, Fintoton ja Veikkauksen rahapelitoiminnot yhdistyvät Veikkaus-nimen alle 1.1.2017.

Hallitus antaisi valtioneuvoston kanslialle luvan luovuttaa Veikkaus Oy:n tai sen mahdollisen tytäryhtiön osakkeita uudelle omistajalle. Veikkauksen liiketoimintajohtaja Timo Kiiskinen loisi peliekosysteemin, jossa Veikkaus olisi keskeinen toimija.

Senior Vice President, Sales & Marketing

Fennica Gamingin pääjohtajana toimii Timo Kiiskinen, joka työskenteli ennen nykyistä pestiään yli viiden vuoden ajan Veikkauksella. Kiiskisen viimeisin rooli Veikkauksella oli niin sanotun New Business -osaston varatoimitusjohtaja.

Timo Kiiskinen is Managing Director of Fennica Gaming Ltd since January 2022 when the entity has established and started international B2B operation. Since that he and his fellow fennicans has exported Veikkaus Ltd Game portfolios and business knowledgement for Lotteries around the world. The start of this Veikkaus daughter company has been successful and more are coming. He has strong background in several industries to business development and operations, digitalization of business and deployment of new technologies. As a part of his career Timo has led RAY business operations and Veikkaus TECH organization. There are also years in various roles in both publishing and TV businesses, tech companies and as entrepreneur.

29th August 2023| By Zak Thomas-AkooFinnish state-owned gaming monopoly Veikkaus reiterated its support for the introduction of a licensing model for gambling, as the business reported a stable H1. During the half-year, Veikkaus said it was in favour of the introduction of a licensing model. The monopoly believes that this is the most effective way to channel consumers from unlicensed to licensed offerings. “The most important thing is that more gambling can be channeled into licensed offerings than before and we think that the license system best supports this goal and the development of more responsible gambling,” said Veikkaus CEO, Olli Sarekoski, introducing the H1 report. Sarekoski added that Veikkaus is “strategically prepared” to develop its business regardless of what gambling regulation system is in place. “However, change requires renewal and development from both Veikkaus and the people of Veikkaus,” he said. veikkaus reiterated its support for ending its gambling monpolyVeikkaus reports slight year-on-year revenue growth in H1For the six-month period ending 30 June, Veikkaus recorded €519.3m in revenue, a 1.0% increase from the €515.9m the company reported in the same period the previous year. This includes its main B2C business. Veikkaus’ B2B subsidiary Fennica Gaming reported €300,000 in turnover for the six months. Fennica Gaming supplies online lottery products to operators in Europe. Veikkaus’ online casino segment drove the increase, growing 9.4% to €93.2m in H1. The monopoly put this down to a series of successful game launches. “Veikkaus’ result and performance during the first half of the year were as expected and we can be satisfied with these as a whole,” said CFO Regina Sippel. “The first half of the year was positive, especially in Veikkaus’ digital channel.”Business sees rising costs on all frontsDespite the increase in revenue, the business saw increased costs which ate into any potential rise in profits. All expenses rose compared to the previous year, but some costs grew faster than others. In particular, the costs of the lottery tax rose 48.1% to €25.9m, from €17.5m. The company’s other business expenses category, which includes development costs, increased from €51.7m to €60.5m. The costs of Veikkaus’ employee benefits rose a more modest 10.2% to €46.0m. Meanwhile, materials and services remained comparatively stable on €61.1m, up from €59.3m. The company’s depreciation and amortisation costs also grew, from €16.5m to €17.1m. Increased expenses eat into profitsAfter taking into account the increased costs, the business’ operating profit fell 6.2% to €310.2m from the €330.8m reported year-on-year. Due to €1.7m received in financial investments, as well as factoring in just €21,700 in financial costs, the business reported a total profit of €311.9m. As a state-owned corporation, it did not pay tax on its profits. Veikkaus optimistic about Fennica prospectsThe operator highlighted the growth of Fennica during the period. The subsidiary – which was launched in May 2022 – reported €300,000 in revenue for the period, leading to a €3.4m loss. Veikkaus said this was in line with expectations. Fennica managing director Timo Kiiskinen highlighted the business’ products. “Fennica Gaming’s corporate clients have been very satisfied with the quality of games developed by Veikkaus and the modern technology and reliability of the game engine and platform,” he said. End of Finnish monopolyThe Finnish government currently plans to end Veikkaus’ gambling monopoly by 2026 as part of a bid to increase the country’s channelisation rate, which is low compared to peer countries. Under the planned new system, private companies would be able to apply for a licence to offer sports betting and online casino. The government said it plans to divide Veikkaus into a number of separate companies within the same group. This would reverse a 2017 merger between betting brand Veikkaus, slot business Raha-automaattiyhdistys and horse race betting operator Fintoto. The government intends to establish a national self-exclusion system, empower the regulator with sufficient resources and put in place new measures to combat money laundering and sports integrity. The government released a report in April, which argued the current system needed to be updated . It said this could either be achieved by the introduction of a licensing model or through the strengthening of the gambling monopoly. Topics:

Fennica Gamingin toimitusjohtaja on Timo Kiiskinen, joka toimi aiemmin Veikkauksen liiketoimintajohtajana. Myös yhtiön hallituksen jäsenet on valittu Veikkauksen johtohenkilöiden joukosta.


Veikkauksen tytäryhtiön kansainvälinen B2B-liiketoiminta käynnistyi



LEIA on Norjan lainsäädännön mukaan perustettu osakeyhtiö ja sen rekisteröity toimipaikka on Hamarissa, Norjassa.

Lisätietoja:Timo Kiiskinen, Veikkauksen liiketoimintajohtaja, yhteydenotot Veikkauksen mediapalvelun kautta puh.

Veikkauksen johtoryhmään neljä uutta johtajaa – Toimitusjohtaja

“Fennica Gamingin odotetaan kasvavan merkittäväksi osaksi Veikkauksen liiketoimintaa”, sanoo Fennica Gamingin toimitusjohtaja Timo Kiiskinen.

Rahapeliyhtiö Veikkaus on nimittänyt neljä ..

Online scratchcards provided by Fennica Gaming for international corporate clients have gained traction in countries like Norway, Sweden, Denmark, Latvia, and Germany. Timo Kiiskinen, Managing Director of Fennica Gaming, praised the quality and reliability of the games developed by Veikkaus.

Mitä Veikkauksen tytäryhtiö tekee

From May 20–24, 2019, the seven startups participated in the challenge week at Veikkaus’ head offices in Helsinki. Working alongside specialists from Veikkaus, the startups developed their ideas. The individual works were judged by a seven-member jury comprising: Timo Kiiskinen, SVP of Business Operations, Veikkaus; Heidi Ioannidou, VP of Business Development and Innovation, Veikkaus; Jani Karjalainen, Esports Specialist, Veikkaus; Olli-Pekka Villa, CEO, Starsquad Event; Lasse Salminen, CEO and Co-founder, Havu Gaming; Kenneth Lehtinen, Founder and Owner, NHLGamer; and JP Virtanen, Founder and Managing Partner, Avanto Ventures. At the end of the week the jury unanimously selected German contenders, GameBuddy as winners.

Timo Kiiskinen, toimitusjohtaja, Fennica Gaming Oy

The CIO of Veikkaus, Timo Kiiskinen was responsible for the ICT integration. Midagon’s Ilkka Töyrylä worked closely with Timo during the transformation. During the implementation phase of the integration, Ilkka was responsible for the ICT integration program of the merger. Ilkka’s key responsibility was to ensure that individual integration projects were progressing according to the ICT integration plan and that the projects delivered expected results in a timely manner. Ilkka was also responsible for project dependencies. The program cutover was executed without incidents. The Midagon M&A integration methodology was applied in the Veikkaus ICT integration program.

Velipekka Nummikoski, varatoimitusjohtaja

Tätä kansainvälistymistä varten on nyt perustettu oma tytäryhtiö Fennica Gaming. Sen toimitusjohtajaksi valittiin Veikkauksen entinen liiketoimintajohtaja Timo Kiiskinen. Hallituksesta puolestaan löytyy muun muassa itse Veikkauksen toimari Olli Sarekoski.

Timo Kiiskinen (@TimoKiiskinen) / X

Toukokuussa 2022, yhtiön pääjohtaja Timo Kiiskinen kommentoi Veikkauksen uuden tytäryhtiön launchausta seuraavasti iGB:n haastattelussa:

Timo Kiiskinen toimitusjohtaja, Fennica Gaming Oy

CFO Regina Sippel and Managing Director of Fennica Gaming Timo Kiiskinen, inquiries via the Veikkaus media service, tel. 09 4370 7000.