Casinos or gambling resorts have been a strong backbone for multiple economies around the world. However, these establishments are frequented by wealthy tourists or high-end clients. Casual gamblers rarely visit these gaming hubs as they are more expensive and less convenient. Anyone who gambles casually and regularly tends to use online casinos or sportsbooks to play games and place bets.
In countries with only a few or no gambling resorts the iGaming industry is thriving. Smaller establishments can hardly compete, and those that do usually have their own website or app. This is pretty much the case in Scandinavian countries like Norway and Sweden. Players who want to gamble online usually consult the lists at toppcasinonorge.com rather than going outside to find a brick-and-mortar casino or sportsbook. That being said, it’s important to note that for a long time, the iGaming operators were stifled in this region. So, let’s what has led to this improved development.
Challenges of the iGaming Industry in the Scandinavian Market
Although online gambling has been legal here for quite some time, gambling companies had a difficult time penetrating this market. In countries like Sweden and Denmark, the government had a monopoly on the local gambling industry. They do have a commission that regulates the activity but the neutrality of the regulator was frequently questioned.
It appeared that state-owned operators had an unfair advantage in those markets compared to foreign companies. Due to external pressure and user demand Sweden opened up its gambling market. This happened in 2019, and over the past few years, the industry really took off.
Scandinavian Tech Companies Dominate the Market
One of the biggest software providers in the iGaming space also comes from Sweden. The tech company called Evolution is very confident that online gambling sites will continue to replace land-based gambling venues. During the 2020 Pandemic, the shares of this company have surged 170% as the demand for online casino entertainment was at its all-time high. Its value grew to 38 billion dollars which is a massive increase compared to 2015 when it was valued at 3 billion dollars.
This has pushed the company to focus on producing more live dealer content. This is an increasingly popular way to play casino games. It’s a more social version of existing digital games like blackjack and baccarat. On top of that, live dealer game shows and lotteries are in high demand as well.
Another reason why live dealer games are popular with investors is that they create more jobs. The studio needs to operate 24/7 and that means they need multiple dealers for each table to change shits. In a way, this has addressed one of the main concerns that people have regarding digital casinos that these aren’t generating enough jobs.
NetEnt is another Scandinavian company that casino gamers know very well. It used to be a main competitor to Evolution Gaming. But the rivalry was concluded once Evolution acquired NetEnt. Some of the most popular and innovative slots are developed by NetEnt and they continue to release impressive titles.
Factors That Contribute to the Development of iGaming
There are many factors that affect how the iGaming sector grows. Nowadays it’s a lot easier to get new users. Here are some of the main reasons why online casinos are performing better.
1. People are more comfortable with playing online games and spending money on them.
2. The innovation has led to improved visuals and to development of unique game mechanics.
- Thanks to data analysis developers were able to isolate more desirable features and create more engaging games for both casual players and high-rollers.
3. More generous and ongoing bonuses, including no wager bonuses. This gives players more value for their buck and even allows them to gamble risk-free.
4. Tighter regulatory requirements, and higher cyber security.
5. Casinos accept crypto payments. Players can even play anonymously if they are using crypto payments.
6. Content is easier to access. People can play via mobile and thanks to cloud computing the server capabilities have increased. Casinos can host thousands of games that are all mobile-friendly, and that look amazing.
It’s also worth pointing out that Scandinavian countries are more developed and have a higher living standard. Since people have enough disposable income they are less likely to experience gambling problems. That being said, the helplines and self-exclusion mechanisms are present here.
Conclusion
Currently, there are dozens of iGaming brands that are available in the Scandinavian market. This means players have access to some of the best online casinos that are safe, fair and that are powered by reputable software providers. Over the past few years, there were instances where big jackpots were won by players from Norway and Sweden. This has undoubtedly inspired many to try their luck.
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