Key Moments:
- Players in Finland and Norway have increasingly migrated to offshore and bitcoin casinos due to market restrictions and the appeal of speed and bonuses.
- SOFTSWISS reported that crypto represented 17% of all iGaming bets as of late 2024, while the Financial Times noted that crypto-casino GGR reached $81.4 billion in 2024.
- Future legal reforms in Finland and continued strict enforcement in Norway are shaping the landscape but have not stopped player migration to crypto-first platforms.
Market Dynamics in Finland
Finland’s gaming landscape is in a transitional phase as the country prepares to shift away from Veikkaus’ monopoly and implement a licensing system, scheduled for 2026–2027. During this interim period, many Finnish players have sought out offshore and bitcoin casinos, which attract users with a wider variety of games, quicker payouts, and wager-free bonuses, according to Kryptokasinot.io.
The popularity of these platforms has been further strengthened by casino streamers on Twitch and YouTube, who typically showcase crypto casinos and appeal to younger audiences. Despite this trend, under Finland’s draft law, licensed casinos will not be permitted to accept cryptocurrencies as payment, meaning crypto-first operators will remain outside the regulated framework. The anticipated reform overall is set to encourage market growth for casino and sports betting in Finland.
Norwegian Enforcement Spurs Crypto Workarounds
Norway’s approach stands in contrast to Finland’s, as the government has intensified its commitment to maintaining a monopoly with Norsk Tipping and Norsk Rikstoto as the only authorized operators. Unlicensed gambling sites in Norway face obstacles such as DNS blocking, payment prohibitions, and financial penalties.
Despite these regulatory hurdles, many Norwegian players turn to bitcoin casinos that can bypass such restrictions. These crypto-based platforms are promoted for their transaction speed and user anonymity, making them an attractive choice for those seeking alternatives to state-monopolized options.
Broader Impact: Crypto’s Surge in the iGaming Sector
The trends seen in Finland and Norway are part of a larger pattern. SOFTSWISS data highlights that crypto betting still represented 17% of the overall iGaming volume as of late 2024, even though fiat currency growth has surpassed that of crypto. According to the Financial Times, referencing Yield Sec, the gross gaming revenue (GGR) from crypto casinos soared to $81.4 billion in 2024, marking a fivefold rise since 2022.
For users in tightly monitored markets, features like swift withdrawals, minimal identity verification, and easy access to a global selection continue to drive demand for crypto-operated platforms.
Risks and Regulatory Responses
The attributes that make crypto casinos appealing also bring increased risks. The Financial Times pointed to ongoing issues such as underage gambling, insufficient know-your-customer safeguards, and intensive influencer-led promotion. Regulatory bodies in both Finland and Norway are trying to stem the expansion of offshore crypto casinos – Finland through upcoming legislative changes, and Norway through the reinforcement of existing controls.
Whether these interventions will succeed in reversing the tide remains uncertain. In Finland, reforms could steer players back towards regulated environments, although entrenched crypto casinos present a challenge. In Norway, despite strict enforcement, effective workarounds continue to proliferate.
Ultimately, bitcoin casinos have established themselves as major competitors in Europe’s most regulated markets, presenting policymakers with a pivotal decision: adapt to the influence of crypto in gambling or risk continuing the shift of players to unregulated operators.
Crypto Casino Market Data
| Market | Key Statistic | Source/Year |
|---|---|---|
| iGaming (Crypto % of Bets) | 17% | SOFTSWISS, late 2024 |
| Crypto Casino GGR | $81.4 billion | Financial Times/Yield Sec, 2024 |
- Author
Daniel Williams
