The main source of income for Norway has mostly been oil, since the discovery of the natural resource in the 1970s. And with the help of this natural resource the country has managed to become one of the best known progressive countries in the world. But being the progressive country it is, Norway is looking into finding ways to move away from oil and start making money in other fields. And as the realization that the iGaming industry and the online gaming technologies are incredibly interesting to the world dawns upon Norwegians, the industry starts to change. While recently the foreign companies have been banned from operating with the country, the local gambling companies are still operating. And in the interest of providing exceptional service to the people that live in the country, they have decided to push the tech to new places.
Norsk Tipping and Norsk Rikstoto are the only companies that are still allowed to operate within Norway in terms of gambling, but this does not mean that there are no local companies looking to offer their services to the rest of the world. And as the startup scene within the country becomes livelier, more and more are trying to come up with new and better ways to offer online gambling services within and outside of the country. The current laws prevent online gambling services being offered by companies that do not originate within the country or not give the license to operate by the regulatory body. These startups are trying to provide a service that will be acceptable both to the regulatory bodies and to the potential consumers of the service. This is taking quite a lot of effort, as beyond just creating random number generation engines and algorithms, these guys are taking things a step further.
Some of the modern Norwegian online betting odds providers are currently in the middle of developing blockchain betting and casino venues, believing that anonymity will provide users with the ability to participate in the online gambling industry without an issue. On the other hand still, other companies are hoping that the high-quality games they are producing should be able to appeal to the regulatory body and allow said casinos to start operating within the industry of the country. While this might seem like an interesting innovation, it would be a risky step and not a direction that the country would like to go in.
The most interesting projects are also hoping to start going outside of the country. While they might not be allowed to operate within the country, those companies that manage to impress other companies with their services or manage to get licensed with a foreign regulatory body will be able to start offering their services to citizens of other countries. These companies are trying to become providers or simply iGaming hubs online. The effort involved with these projects is huge, as it takes a lot of development to be able to satisfy the demands of the foreign licensing bodies. It also takes a lot of effort to convince foreign players to move from one casino to the other – the quality of the games and the services needs to jump way beyond what the current offer is. And even then, these companies would need the license from the Norwegian regulatory body in order to be able to receive or send out payments with their platform. Otherwise, the regulatory body still retains the right to block the transactions if it deems that they are breaching the law.