The Republic of Iceland is a Nordic island nation located between the North Atlantic and the Arctic Ocean, with 357,000 (2019). Iceland is ranked as the most sparsely populated country in Europe.
Iceland has a high quality of life, with a strong economy and low taxes. The tourism industry here is also very developed. In terms of scenery or culture, Iceland can make visitors admire, but gambling alone isn't found here.
Iceland doesn't have any casinos, sportsbooks, or even poker rooms. Any legitimate gambling institution can operate, but on the condition that they donate profits to charities. As a result, Iceland doesn't have many offline casinos, and no sports are betting here.
In Iceland, Lottery Law 38/2005 prohibits card games of any kind. However, lottery games, bingo, or other forms of betting are legal as long as it's for charitable purposes. Poker and casino games are illegal in Iceland. Any bettors over 18 years old are legally allowed to participate in gambling.
The agency responsible for offline and online gambling entertainment in Iceland is the Ministry of Justice and Ecclesiastical Affairs. Licenses for online casinos are issued from the same agency.
Some of the essential milestones in the betting rules in Iceland are listed below:
In 1926: The Lottery and Tombola Act is enacted, and the Icelandic government makes all forms of gambling illegal. However, up until 1933, exceptions were made, and the Icelandic government was still considering legitimizing some forms of gambling.
In 1933: Under the Lottery Act and the Tombola Act, lotteries are illegal. However, the University of Iceland launched its lottery because the current laws were loosened. The lottery was allowed to operate, with 80% of the profits being used to maintain the university.
The gambling history in Iceland is quite long. From the Old and Norwegian-dominated Commonwealth to the independence of Denmark and the Republic of Iceland in the mid-20th century, gambling is a not-so-widespread concept in Iceland.
Iceland is a land of many attractions and historical features. However, this is not a suitable venue for gamblers, as Iceland's gambling entertainment industry has many limitations.
In 2015, Iceland made 28 million euros out of 82 million Euros in revenue from gambling. Slot machines contributed 48.5%, lottery and scratch cards were 23.2%, National Lotto and Viking Lotto came up with 21.2%, while the remaining 7% was football betting and sports betting.
Icelandic casinos all have secure data connections. When betting at online casinos, bettors will have to deposit money into their account. Therefore, the money transfer methods in Iceland online casinos need to be reliable and highly secure.
Stay away from casinos that incorporate their payment methods, as it is neither safe nor secure. Reputable casinos will offer third-party payment methods, and the casino will not have access to a player's financial data using this method.
Although, besides the payment options like Visa, Master cards, Icelandic players also have a variety of payment options such as: