iGaming might still be relatively new in most regions, but that is not the case in Finland, where this industry is booming. Its growth has been especially evident in the casino gaming industry, where reputable operators like Dunder Casino have dipped their toes into the vast waters, serving a global community. Given the lucrativeness of this industry, more players, punters, and developers have thrown their hats in the ring, eager to reap the benefits of what is arguably a multi-billion industry.
It’s become clear that this is not a phase but an upward trajectory in one of the most lucrative industries worldwide. So, how big has this industry become in Finland, and more importantly, what has led to this fast growth?
The Size of the iGaming Market in Finland
Did you know that in 2020 alone, the Finnish gaming market accounted for over $2 billion worldwide? Of this amount, at least $1 million owed to the growth of mobile gaming as more people had ventured into iGaming from the comfort of their devices.
Interestingly, Finland has a population of barely 6 million people yet has more than 30,000 iGaming companies operating in the region. So, which markets are these companies serving?
Recent reports have shown that much of this revenue comes from offshore markets, whose growth rates have been well over 20% between 2016 and 2021. With the global market stabilizing following the COVID-19 pandemic, reports have indicated that the annual Finnish iGaming revenue could surpass $2.5 billion by 2025.
The Motivations Behind the iGaming Growth
Why has Finland surpassed so many regions in the iGaming industry?
- The growth of mobile games: When online gaming started, many Finnish developers created and launched online games in mobile app stores. This move had the following perks:
- Access to mobile phones was wider compared to desktops and other smart devices owing to low buy-ins,
- Mobile apps were more convenient to mobile web browsers.
- Most games were free and did not require players to part with money to get in on the fun.
As a result, these games soon started trending and amassed a large following, leading to the rise of tournaments and pushing Finnish games to the top of the charts.
- Increased research in gaming: Who would have ever thought that people would one day go to school to study gaming? Well, this is no longer a possibility but an actual trend in Finland. Many researchers have joined hands in their quest to pave the way for gaming studies which have shed light on this remarkable industry.
- The boost of microtransactions: Instead of pushing players to pay to play, Finnish developers have honed in on the use of microtransactions. Players can enjoy the games for free, but to enjoy them even more, they can part with some cash to buy special features. While the purchases may not look like much to the players, they can generate a whopping $1 million daily in a successful game.
The interaction of these factors continues to boost what is arguably a competitive industry. As more gaming companies go public to increase their capital investments, Finland will surely take the cake in iGaming.
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