Joonas Karhu is one of the few stories that perfectly captures the excitement of calculated risk in the high-stakes world of online gambling, where fortunes can change with a single spin or wager. Karhu has turned his love of poker into a multimillion-euro company that empowers players all over the world as the co-founder and former CEO of Bojoko, a trailblazing iGaming affiliate platform. Since its 2017 launch, Bojoko has transformed from a small startup into a multi-award winning powerhouse, sending over 150,000 registered users to partners in Canada alone and surpassing €100 million in player deposits by April 2025. From grinding poker at tournaments to running a business that was purchased by North Star Network in February 2025, Karhu’s journey provides entrepreneurs navigating cutthroat, regulated industries with priceless lessons.
In the high-stakes world of professional poker, Karhu’s entrepreneurial spirit was sparked. He developed his skills as an online poker player while growing up in Finland, participating in tournaments where each choice required astute judgment and emotional fortitude. In a 2023 interview with HighStakesDB, Karhu remarked, “My poker background prepared me to handle ups and downs.” He learned the art of risk management and flexibility from those “ups and downs,” which reflected the erratic nature of business: intervals of significant gains interspersed with significant losses. For Karhu, poker was more than just a game; it was a master class in reading the room, bluffing, and probability—skills that would later characterize his style of iGaming.
Karhu entered the professional gambling industry after completing his studies at the University of Malta and JAMK University of Applied Sciences. He worked in a variety of capacities for more than ten years, from player behavior analysis to project management at operators. A clear market gap was exposed by this immersion: players were overloaded with gaudy promotions and confusing casino options, which frequently resulted in bad decisions or frustration. In late 2024, Karhu told Micro Biz Mag, “The industry was talking at players, not listening to them.” He was frustrated by poor user experiences (UX) and had an idea for a platform that prioritized player empowerment and transparency. It would be similar to “Airbnb for casinos,” allowing users to compare and filter websites using actual criteria.
Along with Toni Halonen and a few other seasoned iGaming professionals, Karhu co-founded Bojoko in 2017. The Finnish word for “beat,” which inspired the name “Bojoko,” represented their goal of assisting players in making wise choices that would allow them to “beat” the odds. They bootstrapped the platform, starting in Helsinki with a small investment and concentrating on the UK market, which is one of the most competitive and regulated iGaming environments in the world. With user ratings, professional reviews, and sophisticated filters for bonuses, payment options, and game selections, Bojoko began as a comparison website for online casinos, bingo, and sportsbooks.
Like Karhu’s poker tournaments, the early going was tedious. Bojoko set itself apart by refusing paid placements, and it onboarded more than 300 licensed partners right away. Rather, rankings ensured authenticity by combining user data with expert opinions. In March 2025, Karhu told Casino Life Magazine, “All of our experts adhere to our clear rating criteria.” This player-first philosophy took off right away. Tens of thousands of members joined Bojoko in a matter of months, and it quickly established itself as a leading source for UK gamblers looking for frank analysis.
Karhu’s leadership was essential. In his capacity as CBO and then CEO, he used his connections in the industry to inform operators about Bojoko’s business model, highlighting the advantages for both parties: better options for players and more qualified traffic for partners. His data-driven decisions demonstrated his statistical acumen, which he developed while playing poker. For example, by evaluating three years’ worth of data from 300 casinos, Bojoko improved suggestions for UK-licensed websites and increased FTDs with specific bonuses like high-percentage offers rather than general large sums. He pointed out that smaller, more cost-effective promotions perform better than more ostentatious ones, saying, “A 400% bonus can lead to 20-30 extra FTDs per month on our platform.”
There were many difficulties, especially in a highly regulated industry. While the emergence of social casinos and no-wagering bonuses upended established models, the UK’s Gambling Commission enforced stringent regulations on advertising. Karhu overcame these by putting an early emphasis on responsible gaming. By incorporating self-exclusion tools, support organization connections, and educational materials, Bojoko promoted trust in a field that is frequently tainted by mistrust. In February 2025, he told AffPapa, “Transparency and trust are the cornerstones of our success.” Vigilance was required in response to regulatory changes, such as the UK’s affordability checks; Bojoko responded by improving compliance features, transforming possible obstacles into advantages.
It was a daring business decision to expand. After ruling the UK, Bojoko made its debut in Canada in 2020 with Bojoko.ca, customizing content to suit local tastes as the market grew quickly after legalization in 2019. It credited localized tools and reliability for surpassing 150,000 registrations by June 2025. In order to customize experiences, Karhu’s team made significant investments in technology, putting in place advanced search taxonomy and AI-driven filters. In July 2024, he told TechRound, “We’ve invested a huge amount in making comparing as easy as possible.” In Q3 2024, Bojoko reached new heights thanks to this user-centric innovation, which doubled traffic and FTDs.
The apex was reached in February 2025 when Bojoko was purchased by North Star Network, a digital sports media company, for an undisclosed amount. The deal was structured as 3.0-4.5x 2025 EBITDA with upfront and earn-out payments. Karhu oversaw the sell-side M&A, making sure everything went smoothly while continuing to run the business. With an eye toward global expansion beyond the UK and Canada, he exclaimed, “This partnership opens the door for unprecedented growth.” Bojoko revealed its best half-year results ever after the acquisition, highlighting the strategic fit of the agreement.
Transferable poker skills, such as flexibility in the face of uncertainty, data-driven decision-making, and composure under duress, are the foundation of Karhu’s success. In March 2024, he told PokerVIP, “In poker, success comes down to assessing odds with incomplete information.” As it relates to business, this meant changing course during downturns, such as the COVID-19 surge in online gambling, where Bojoko took advantage of heightened player interest. A flat corporate culture, which is uncommon in iGaming, was influenced by his Finnish ancestry and minimized hierarchies to encourage innovation.
Karhu prioritizes ethics over metrics. With users rating websites based on actual experiences, Bojoko’s transparency fosters loyalty in an age of “less-than-honest revenue shares.” He supports live casino competition and no-wagering bonuses, predicting that because of the emotional stakes, real-money websites will outperform social alternatives.
Karhu’s advice for would-be business owners is simple: “Remain open to learning and adapting.” Prioritize users, embrace volatility, and begin with a clear vision. His story demonstrates that, like in poker, the house doesn’t always win in entrepreneurship, but clever moves do.
As Head of Casino at North Star Network today, Karhu is still influencing the direction of iGaming. Bojoko left behind a legacy of empowerment through his global aspirations, transforming chaotic markets into paths that both players and innovators can navigate. Karhu’s combination of integrity, insight, and grit sets the standard for what’s feasible in an industry worth €100 billion.
