Icelandic gambling business
Iceland is a small island state in northern Europe. Not all types of gambling are allowed in Iceland. Under Icelandic law, slot machines as well as sports betting and lotteries are legal. However, this is not a problem for locals as the use of foreign online casino services is not prohibited in Iceland. There is currently no Icelandic law that violates remote gaming online. Gambling is allowed in Iceland from the age of 18.
Icelandic gambling is currently regulated by Articles 183 and 184 of the Criminal Code. These regulations were adopted in 1998 and they say organization, conduct and participation in gambling is a violation of the law. In 1994, gambling machines located near gas stations or bars were legalized in the country. Another legal form is lotteries. The Icelandic Parliament (Alting) has issued a gaming license to only one organization - the Icelandic Lottery University. Theoretically, other companies have the opportunity to obtain a license from the Ministry of Justice to conduct lotteries and organize the work of bookmakers. In addition to the main operator, the country also has lenslensk Getspágetraunir, which specializes in lotto and sports betting.
Iceland Online Casinos
As already mentioned, online casinos are open to the public and everyone can use their services. Foreign resources in the country are easily accessible and not blocked. In terms of sports betting, there are currently over 450 sites that accept players from Iceland. There are also two Icelandic-language sites: Lotto-focused Getspá / Getraunir, based in Reykjavik, and Betsson Sportsbook & Betting Exchange, headquartered in Malta. As there are no sanctions for foreign operators in the country, most sites do not impose any restrictions on receiving payments from Icelandic users. Players can choose from almost any online casino and use its services without sanctions. Slots are popular among Icelandic gamblers:
This game developer does not work in Iceland. However, there are slots like Iceland from Spadegaming and Reindeer Wild from Genesis Gaming.
Prospects for the development of gambling in Iceland
The current Icelandic government has not expressed any initiative that would allow us to talk about the possible legalization of gambling in the near future. Meanwhile, financial analysts unanimously argue that such a move would help strengthen the region’s weak economy. About 70% of the population regularly participates in affordable gambling. There are no statistics on Icelanders playing in online casinos, but it is clear that these numbers are also large. Thus, the probability of legalizing gambling is high. So Iceland is not a gambling friendly country. The list of allowed entertainments is scarce, but foreign online casinos are always ready to help those who want to gamble.