Icelandic gambling business

islandiaIceland is a small island state in Northern Europe. This is a country where most of the popular types of gambling are banned. Exceptions that are legal under Icelandic law are slot machines, sports betting and lotteries. However, the locals are not limited to them. In Iceland, it is not prohibited to use the services of foreign online casinos. At the moment, there is not a single Icelandic law that would violate distance play over the Internet.

Gambling legislation

At the moment, Icelandic gambling is regulated by Articles 183 and 184 of the Criminal Code. These regulations were adopted in 1998 and according to them, the organization, conduct, and participation in gambling is a violation of the law. In 1994, slot machines were legalized in the country. They can be found near gas stations or bars. Another legal variety is lotteries.

The Icelandic Parliament (Althing) has issued a license to operate slot machines to only one organization – the University of Iceland Lottery. In theory, other companies have the opportunity to obtain a license from the Ministry of Justice to conduct lotteries and organize the work of bookmakers, but in practice this is difficult to implement. The organizers’ proceeds go to charity. In addition to the main operator, the country also operates Íslensk Getspágetraunir, which specializes in lotto and sports betting. At the moment, there are no prerequisites for the Icelandic authorities to make gambling laws more loyal.

Iceland Online Casinos

As already mentioned, online casinos are open to the public, and the use of their services does not entail any penalties for players. It is not possible to open a site of this kind in Iceland due to the total ban on gambling. Nevertheless, foreign resources are readily available and are not blocked.

In terms of sports betting, there are currently over 450 sites accepting players from Iceland.

There are also two sites in Icelandic: the lotto-focused Getspá / Getraunir, based in Reykjavik, and the Betsson Sportsbook & Betting Exchange, headquartered in Malta.

Since there are no sanctions for foreign operators in the country, most sites do not impose any restrictions on accepting payments from Icelandic users. The player can choose almost any online casino and use its services without fear of sanctions. The following slot machines are popular among Icelandic gamblers:

  • Jackpot Giant;
  • Starburst;
  • Evolution;
  • Age of the Gods.

Gambling software developers do not work in Iceland. However, some manufacturers have dedicated their designs to this country. These are slots such as Iceland from Spadegaming and Reindeer Wild from Genesis Gaming.

Prospects for the development of gambling in Iceland

Now the Icelandic authorities do not express any initiatives that would allow talking about the possible legalization of gambling in the foreseeable future. Meanwhile, financial analysts unanimously argue that such a move would help bolster the region’s weak economy. Approximately 70% of residents regularly take part in affordable gambling. There are no statistics on the activity of Icelanders in online casinos, but it is obvious that these numbers are also large. Thus, the likelihood of legalizing gambling is not excluded.

So Iceland is not the most gambling-friendly country. The list of permitted entertainments is scanty, but foreign online casinos are always ready to help gambling fans.

 

 

Icelandic gambling business

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