Gambling in Finland is more popular than ever. Innovations in technology are changing the need of people for entertainment. Mobile phones made gambling more accessible for players anytime and anywhere they want to play. High-end phones increased the number of online gambling players in Finland and any part of the world.
Analysts saw great potential for growth in the online industry. It promises a large amount of revenue if given focused and regulated by the government.
Gambling contributes to revenue
According to a report, the gambling industry is growing every year at a rate of 5.6%. It is projected to be worth more than $94 billion by 2024. The Finns patronize both online and land-based casinos. They enjoy playing different kinds of games from slots, to races and lotteries. The average revenue collected from the gambling industry every year is £3.2 billion.
The report also said showed that betting on horse races and monopoly games leads the expenditure spending in the gaming industry. It was projected that the popularity of online games would continue to rise as new and more attractive games are introduced in the market. The survey showed that more people are hooked to gambling compared in 2015.
Three firms control sports betting in Finland. RAY owns the slot machines and table games. Lotteries are held by Veikkaus while Horse racing is in control of Fintoto.
Baseball is a popular target for betting since it is considered as the National Sports if Finland.
Finns also place bets during ice-hockey, skiing, and in harness racing. Finns place a wager on Veikkaus-owned lotteries including Euro Lottery, Viking Lotto, Finnish National lottery. Ray owns around 4,000 game shops where clients can play with the slot machines in almost every part of the country.
Gambling is regulated in Finland. The law requires gamblers to reach 18 years of age, a bank account, permanent residency, and a security number to enter any gambling venue and any online gaming registration. The government also limits gambling capacity to not more than €460 in slot and table games.
Technology changed the Gambling Industry
Before gambling was brought in the internet, players need an actual casino venue and a booker to make a bet.
Things changed when the internet entered the scene. It altered the whole gaming experience. Games before the internet are considered a social activity where people watch the progress of the betting and are free to cheer players or their numbers. Now, people loss or win millions while staying inside their houses.
The internet brought new species of wagers. Players are now betting sports events through video gaming which is dependent on the speed of streaming techs. It is now accessible to a broader market with an estimated worth of more than 1 billion euros.
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