Revenue in the Norwegian Online Casino Market Is Projected to Reach 320.4M USD in 2024
Just like with nearly every country around the globe, Norway hasn’t managed to resist the appeal of the gambling industry in recent years, and its revolutionary shift from traditional land-based casinos to online platforms. The technological advancements, which are no stranger to Norway, allowed the owners of the gambling businesses to reach more people and offer their products. We are talking about their conquest of the online realm, and the fact that all the casino favorites, such as poker, blackjack, slots, roulette, and others are now just a couple of clicks away on your smartphone. And it doesn’t matter which one, as they optimized them for all the popular devices and all the known operating systems, including all the newest updates. This affects the size of the Norwegian gambling market, and its revenue, which made us analyze this subject.
Value of the Norwegian Online Casino Market and Its Revenue
The value of a certain market is affected by numerous factors, no matter what the industry. Such is the case with the gambling one as well, as it is affected by the number of people in a country, communication infrastructure, standard of living, the availability of devices, Internet coverage, and so on. These parameters are all important, and when it comes to Norway, they are largely in favor of the gambling industry. Thanks to them, there is a race by the operators for the title of the best online casino in Norway, as every respectable brand sees its presence in the country as a “must-have”. The numbers are certainly in favor of their business strategy at the moment as the latest research proves it.
Projections for the current year state that the revenue in the online casino market will reach an incredible value of 320.4 million USD. Since the revenue for 2023 stands at 287.2 million USD, we can see that the projected income is already larger by 33.2 million USD, an increase of 11.56 percent. This is not enough to place the country in the top 10 ranking in this category but still represents a figure that makes the leading brands rush to Norway to present their offer. What is even more important is the yearly growth rate, which allows the experts to analyze the behavior in the years that come and make predictions.
The available CAGR 2024 – 2029 states that the annual growth rate stands at 4.66 percent. That suggests that in five years, the barrier of 400 million USD in revenue will be broken. These predictions also state that this will be made possible due to the expansion of the gambling community, more precisely, with the increase in the number of players. The CAGR 2024 – 2029 states that the users will amount to around 302.7 thousand. In a country that has 5.457 million people, according to research in 2022, this makes up 5.55 percent of the total population. Lastly, user penetration in the current year is set to 5.4 percent, which is still a lot lower than the leaders in this field – Canada, whose user penetration in this market stands at 35.6 percent.
Why Is Norway Ideal for Online Gambling?
As we mentioned before, certain parameters make specific markets ideal for businesses. Such is the case when we compare Norway and the online gambling industry. Some prerequisites could ease the transition and increase the level of acceptance by the people, as online casinos raise some suspicion at first glance. People think about possible scams, the fact that there is no physical establishment to which they can go or the fact that they have to share their financial information. Even though technological advancements allow gamblers who possess great graphic cards, to even use VR in some online casinos. Well for starters, in this country cash is considered entirely unnecessary and unpopular.
It is even more expensive to pay for things with cash in Norway. More than 95 percent of the population uses mobile payment applications for all payments instead. They are encouraged to do so, and it led to the lowest physical cash rates in the world, standing at just 3 – 5 percent of total sales. This helps new gamers to engage in online casinos more confidently, as these types of payments are common. Also, there are no physical, traditional, land-based casinos in Norway due to strict regulations by the government. They are prohibited, and no matter how hard you try, you can’t find a legal one. Therefore, online casinos are the only way to engage in this madly popular activity.
An important part of playing at these sites or applications is the connection to the internet and its speed. And the communication infrastructure in the country is excellent, as you can find wireless hotspots nearly everywhere. The cities are excellently covered with great networks that offer amazing speed for users, and the best and the biggest operator in the country is Telenor. Norway is also among the rare places where you can pick up internet speeds such as 6G! That is the main reason that the online experience is smooth and enjoyable here, which is crucial when gambling at some of the most popular online casinos. There is nothing worse than crashing at your favorite games while winning.
Conclusion
Norway is recording amazing revenue in many different industries, and we all know that the standard of living in the country is high. It is a well-organized, safe, secure, and prosperous nation, which offers its people numerous ways to have fun. One of the most popular ones lately is online gambling at some of the most popular gambling brands in the world. The fact that they are present in the market led to an increase in revenue, as this year’s one is projected to reach 320 million USD. And when the total population of the country stands at around 5.5 million people, these figures are placed in a better perspective. The numerous factors that are present in Norway are ensuring that the future looks even brighter for this type of entertainment, which will increase the revenue to more than 400 million USD in five years.
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