The Faroe Islands were part of Denmark until 1948 when it officially gained independence. Since then, while retaining very close ties with her former home country, Faroe is now self-governing and making its laws.
The Faroe Islands are one of the smallest countries globally in terms of population, with a population of around 50,000. Because of this, they still rely heavily on Denmark, and this is the case with poker law. So the Faroe Islands copied Denmark's gambling laws, and the two laws are very similar. However, they are far behind in regulating online gambling, which Denmark has applied quite successfully recently.
The Faroe Islands gamblers were not automatically integrated into the Danish regulatory system, and the government here had to agree to let that happen. Currently, online gambling is unregulated in the Faroe Islands, and it seems too impossible for this project to do it on its own. On the other hand, if joining the Danish regulatory framework, it is hard to imagine how this would benefit Faroe unless they received a notice from the Danish government, which is possible but probably not feasible.
The law affecting gambling in Denmark is the Gambling Act of 2012. Under the gambling law, all gambling forms are legal and require the operator to have a license. The gambling licensing and surveillance authority generally is Spyllemindigheden, the Danish Gambling Authority. The Gambling Act clearly states that lottery and horse racing betting remain the monopolies of the state.
Gambling tax in Faroe is 45% for casinos, 41% on slot machines outside of casinos, just like Denmark.
The problem is that with so few gamblers, this can easily outweigh sales, and even if it doesn't, the benefits here are most likely too small, even worrying, let alone execute.
There are no land-based casinos in the Faroe Islands. This is mainly due to the small archipelago's population. The population also spans over 16 islands, resulting in a too-small clientele to support any casino or similar establishment.
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