What can we learn from Finland's successful gambling industry?
According to recent projections, the European online gambling market is expected to grow by 9.2% during the period of 2020 - 2025. Modern technology, internet accessibility, and software and hardware innovations are the main drivers for the growth within this market, which is comprised of online casinos, sports betting, bingo, and more.
The convenience of gambling from the comfort of home or while on the move cannot be stated enough and has introduced a whole new generation of players to casino games and online betting. As such, leading developers needed to up their game to get a competitive advantage, introducing new offerings, developing partnerships, and creating innovative and immersive gaming experiences to remain relevant/competitive.
Which European countries are leading the way?
Right off the bat, sports betting in the UK has always been an incredibly lucrative and competitive market, and online gambling is catching up. Since the activity is legal and regulated in the country, more and more players are tapping into the convenience and excitement of gambling anytime they want. As part of the UK’s Gambling Act of 2005, online casinos, online poker, sports betting, bingo, and lottery-style games are all legal in the country and fall under the UK Gambling Commission, making for a regulated and safe gaming experience.
Another European country leading the growth is Finland. On the face of it, you’d be forgiven if Finland wasn’t the first country that came to mind in taking Europe’s online gaming to the next level. In fact, this Nordic country has become something of a powerhouse in the online gambling industry and is home to 16 land-based casinos, which is a lot, considering its size.
Finland also boasts plenty of online casinos, which are hugely popular in the country as laws are less restrictive. With an abundance of online casinos to visit, it's perhaps unsurprising that directories have been established to rank brands based on customer reviews, the number of payment methods available, website accessibility, and the quality of promotions/incentives offered. International operators such as Suomennetticasino.com scurry to service the Finnish gambling market for many reasons, including the high value of customers and a stable economic market. While operators cannot be based in the country, this does not restrict Finnish players from accessing legal sites based in other countries due to the relaxed attitude government has towards the industry. There are a few other key reasons why the Finnish gaming market is key for casino operators.
Adaptable market
As the online audience continues to grow, so has an interest in moving away from desktop PCs to mobile devices. Finland is ahead of the curve in this regard, with the mobile casino industry growing by 10% in the past year alone. One of the ways in which gambling game developers have considered this shift from PC to mobile is in ensuring that gambling games are modified to be played efficiently and without compromise from mobile devices. Mobile compatibility is considered when tweaking gameplay, for example by acknowledging smaller screen sizes and the layout of the standard smartphone screen/keypad. Other countries could benefit from pushing more mobile compatibility for both their existing products and projects in the pipeline.
Market size
Finland is also one of the most advanced European countries in terms of technology, with 5.5 million residents participating in online gambling to some extent. As such, the industry brings in a whopping 2 billion Euros annually, and this sum is expected to rise. That said, any profits made from state-owned facilities are dedicated to socially conscious and uplifting projects, including the arts, environmental research, and education. Other European countries could definitely benefit from implementing similar models so that the profits of the online gambling industry can be felt by civilians in wider society.
The Finnish gambling market has continued to diversify as well, especially in areas that were previously not accessible to players from the country, including video slots and poker games. Thanks to a curious and tech-savvy market, liberal online gambling regulations, and an open mindset towards gambling, Finland is one of the most progressive and lucrative countries for online gaming and is expected to continue enjoying exceptional growth in the coming years.
It's highly probable that if other countries were to learn from Finland's highly successful online gambling industry, competitors across the continent would see similar signs of progress in terms of both returning players and forecasts of profit in the years to come.
