Online gambling market in Finland poised for steady growth

Jenny Ortiz September 19, 2024

The Finnish online gambling market is expected to experience continued growth, with revenue projected to reach US$1.31 billion by 2024 according to the data from Statista. This upward trend is set to continue, achieving a compound annual growth rate (CAGR) of 5.10 percent from 2024 to 2029, and is anticipated to bring the market volume to US$1.68 billion by the end of this period. The online casino segment alone is expected to contribute US$700 million to the total revenue in 2024.

The average revenue per user (ARPU) in the online gambling sector is estimated to be around US$1,150 in 2024. Finland‘s user base is also set to expand, reaching approximately 1.31 million by 2029, with user penetration projected at 20.6 percent in 2024. These figures highlight the growing acceptance and engagement with digital betting and gaming platforms.

Mobile and live dealer games gain popularity

Based on the data, one of the primary drivers of growth in Finland’s online gambling market is the increasing use of mobile devices. The widespread adoption of smartphones and tablets has led more Finnish customers to access gambling platforms via these devices. The development of dedicated mobile gambling apps has further accelerated this trend, enabling users to enjoy casino games from anywhere. This accessibility has made mobile gambling a preferred choice for many, significantly contributing to market expansion.

Live dealer games are also gaining traction among Finnish players. These games provide an interactive experience, allowing participants to engage with real-life dealers and other players in real time. Advances in streaming technology have made it possible to deliver high-quality video and audio feeds from casino studios directly to users’ devices. This innovation has attracted players seeking a more authentic and social gambling experience compared to traditional online casino games.

Navigating Finland’s regulatory environment

Finland’s online gambling market is heavily regulated, with strict licencing requirements limiting the number of operators authorised to offer services. This regulatory framework has created a controlled environment dominated by a few key players, designed to maintain the integrity and safety of the market. These regulations have built consumer trust, contributing to the sector’s steady growth.

Despite these stringent measures, the demand for online gambling services continues to rise. The Finnish government’s oversight ensures that licenced operators adhere to high standards of fairness and security, a critical factor in the growing acceptance of online gambling among Finnish users.

Compliance and challenges

Enforcing age restrictions remains a persistent issue in Finland’s gambling sector. Since 2011, gambling has been prohibited for individuals under the age of 18. However, test purchases have shown that compliance is not always observed, particularly with slot machines. Operators and sellers are responsible for ensuring adherence to these restrictions, and failure to do so can lead to criminal liability.

The government continues to address these challenges as it seeks to balance the growing demand for online gambling with the need to protect vulnerable populations and maintain a regulated market.

A market in transition

Finland’s online gambling market is undergoing a period of evolution, driven by advancements in technology, shifting consumer preferences, and a regulatory framework striving to balance growth with control. As the market expands, the challenge will be ensuring that regulations keep pace with technological developments and consumer trends. With projected growth rates and increasing revenues, the future of online gambling in Finland appears promising, provided that the regulatory environment continues to adapt to the market’s dynamic nature.