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Nordic countries have become among the busiest online casino markets in the European gambling and gaming industry. The region is home to the world’s first Bitcoin lottery and many other blockchain-powered online games.
People in Nordic states (Norway, Sweden, Denmark, and Finland) are quite passionate about online gambling. As a result, the iGaming market in these countries is valued at over €10 billion, surpassing that of the UK.
The growth of online casinos in the region is attributed to the fact that Scandinavians enjoy steady employment and large amounts of disposable income. In Finland, players spend well over €2 billion on different forms of gambling each year. In Norway, gamblers spend over €4.6 billion on gambling every year.
Research shows that the market is still poised to grow even further. So, what’s driving the growth and success of online casinos in Nordic countries?
In this article, we will discuss the revolution of Nordic casinos, exploring the success of online casinos In Scandinavia.
Favourable iGaming Laws and Regulations
The laws and regulations governing Nordic online gaming markets are relatively progressive. However, Nordic gambling laws are not as advanced as those in other leading jurisdictions like the UK.
The state enjoys a gambling monopoly in Norway, with only one government operator, Norsk Tipping, running the online casino market. Players can access numerous online gambling sites and apps in Denmark and Sweden.
Although Nordic states have strict gambling laws and regulations, some allow using foreign online casinos. This way, Norwegians are not limited to Norsk Tipping, as they are free to seek alternative options overseas.
The Rise of Mobile Gaming
Nordics enjoy the convenience of playing casino games on their smartphones. This provides a ready market for new online casinos in Scandinavia, with high demand for mobile casino games.
Most new casinos work with leading game developers like Microgaming, Evolution Gaming, and NetEnt to offer exciting, fun, and immersive mobile games with enhanced graphics, many perks, and live gameplay support.
Swedish Innovation and Entrepreneurship
The Nordic iGaming market wouldn’t have grown to what it is today without Swedish innovation and entrepreneurship. Swedish gaming companies were among the first to set up business in Malta’s now prominent gaming market.
When online poker took us by storm in the early 2000s, Swedish iGaming companies were already in business, capitalizing on online gaming trends. Around the same time, the Swedish game developer NetEnt entered the iGaming scene, setting new standards for online casinos.
Since the early days of online gaming, Swedish companies have pushed boundaries to enhance the online casino gaming experience with innovations such as gamification and live casino games.
Technological Advancements
A close look at the dynamics surrounding online casino gaming in the past and today suggest that the Nordic casino industry has witnessed remarkable success. To better understand how technology has positively impacted the growth of casinos in Scandinavia, it is important to consider the historical contexts surrounding tech and casino gaming in the region.
When the Swedish gaming and gambling market was under state monopoly, the European Commission kept pressuring the Swedish government to break the monopoly. Foreign casino operators would leverage new technologies to penetrate the Swedish market through online casinos established outside Sweden.
Swedish players embraced these foreign online casinos, and operators continue adopting new technologies to meet the growing demand for iGaming offerings. Subsequently, the Swedish government relaxed its gambling regulations and enacted a new gambling act in 2019. The new legislation allowed the full-fledged operation of virtual casinos in the country.
Sweden’s example shows how technology can serve as the impetus for growth in the casino industry.
The Nordic Region Is Home To Renown Casino Brands
Scandinavian countries are considered strong gaming hubs. Sweden, for instance, has thriving browser and mobile gaming sectors that outperform most European countries. Big Swedish gaming companies include LeoVega, Kindred Group, Betsson, and Evolution Gaming.
Denmark boasts active online casino and sports betting markets. The success of the Danish iGaming sector is largely attributed to the high penetration of mobile technology and the appeal of mobile betting among punters.
Although Norway has only two state-operated gambling companies, Norsk Tipping and Norsk Rikstoto, Norwegians turn to foreign gambling sites to place sports wagers and play casino games.
Top Casinos and Game Developers in the Region
Betsson AB is a well-known gaming brand that has been in the industry for well over 50 years. The company owns several successful iGaming brands in the Swedish market.
LeoVegas is yet another successful Nordic gaming and gambling company. They own and run several popular brands like LeoVega’s Casino and GoGo. The company’s live casino brand, LeoVega’s Live Casino, is popular among Finnish players.
Game developers have also played a significant role in driving growth in the Nordic casino market. Among the most notable developers is Evolution Gaming, a Swedish software supplier and game developer, which has been at the frontline offering live dealer games to online casino operators. Live dealer online casino offerings have helped boost the resurgence of the online casino market.
NetEnt is yet another big game developer in the Nordic region and worldwide. With two decades of experience in the iGaming market, NetEnt has played a significant role in growing the Nordic online casino market.
Another Nordic iGaming company worth mentioning is Kindred. The company was founded in 1997 by Anders Strom, and it’s the successor of Unibet. Brands under the Kindred umbrella include iGame, Uniberet, Storpiller in Norway, and Storsplelare in Sweden.
Conclusion
Since the Nordic region comprises several countries, it is hard to draw a general conclusion. As such, we must look at each country individually in terms of legislative measures, demographic, technological advancements and so forth.
Gambling laws have the greatest impact on the Nordic online casino market. In addition to aligning internal markets to EU regulations, Nordic countries must fight against illegal betting operations, black market operators, and money laundering schemes.
The present trend in Scandinavia is one geared towards changing and adapting local gambling laws to a more liberal view and allowing access to private iGaming providers and private operators.
