Iceland is located in the North Atlantic Ocean right at the Arctic Circle. This island is the second largest island in Europe. Iceland became a republic on the 17th of June in the year 1944. Icelanders have had a history of gambling, and over the course of time the laws have developed to define the current state of the industry. If you are interested in the current regulatory position of betting sites in Iceland and the elements of Icelandic sports betting and betting platform, this guide will provide all the answers.
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Table of Contents
Summary of Key Events
History of Gambling Laws in Iceland
The history of Iceland’s gambling has been rather eventful with stepping stones that have led the industry to where it is today.
Early Beginnings
- 1926: Lotteries and Tombola’s Act banned all the forms of gambling. But this was not the conclusion of the events that took place.
- 1933: The University of Iceland’s Lottery was launched, the first legal deviation from the 1926 Act for a charitable cause in this case education.
Legal Developments
- 1972-1986: New legal lotteries were established such as the pool based sports lotteries in 1977 and general state lottery in 1986.
- 1994: Gambling was allowed and particularly on slot machines as long as the revenue generated was to be used for charitable purposes.
Recent Changes
- 2016: The Criminal Code articles 183 and 184 defining gambling and betting as a profession as prohibited did not ban online gambling from offshore companies.
Regulatory of Betting Sites in Iceland
The regulation of the gambling business in Iceland is carried out by several main organizations to regulate the activity and prevent fraud.
- Icelandic Financial Supervisory Authority (FSA): This body controls gambling activities and also has the authority to give out licenses for legal gambling business in the country.
- Íslensk Getspágetraunir: It mainly focuses on the area of sportsbook and lotto.
- University of Iceland: Is a monopoly for certain gambling activities such as lotteries and slot machines.
Prohibited and Permitted Bets
It is equally important for the operators and players to know the kinds of gambling that are permissible and the ones that are not.
Permitted Bets
- Lotteries: Adopted since the beginning of the 20th century, the money raised through gambling is sometimes used for philanthropic purposes.
- Slot Machines: Leganize in 1994 so long as it is for the purpose of charity.
- Sports Betting: There are specific authorized entities that regulate and provide the Icelandic sports betting services.
Prohibited Activities
- Casinos: Online gambling is still prohibited for the most part; however, there are no land-based casinos allowed.
- Unlicensed Online Gambling: Some of the online gambling activities are allowed though they are not officially allowed in the country.
Gambling Licenses and Fees
To conduct gambling business in Iceland it is necessary to obtain the proper license.
- License Types: Licenses differ according to the form of gambling, that is lotteries, slots, sporting activities betting.
- Fees: The fees paid to the regulatory body are usually based on the size and extent of the operations which are to be carried out.
Best Betting Sites in Iceland
There are many registered betting sites that accept Icelandic people and they have various sports and betting markets.
Top Betting Sites
Betandyou
Betandyou: The variety of sports, high definition live stream, and easy betting options; it provides an interactive platform for the most enthusiastic sports fans.
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Melbet
Melbet: Has relatively good odds, frequent bonuses and a large number of markets for placing bets which attracts many people who either play as a hobby or as pro’s.
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Dafabet
Dafabet: As a company that places emphasis on the satisfaction of its customers, it offers a simple and efficient navigation, a great variety of sports and casino games that will make every user happy.
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Icelandic Sports Achievement Milestones.
The island country of Iceland has done rather well for itself in the sporting arena and has been a force to reckon with in the international arena.
Key Achievements
- Handball: The national team got a silver medal at the 2008 Beijing Olympics.
- Football: The men’s team made it to the quarter finals of UEFA Euro 2016 and qualified for the 2018 FIFA World cup.
- Olympics: Iceland has participated in the games since 1912; however, the country won its first medal in 1956.
Celebrating Icelandic Sports Stars
There are several famous athletes that hail from Iceland and have done the nation proud.
- Eiður Guðjohnsen: He is a footballer who use to play for Chelsea and Barcelona.
- Magnús Ver Magnússon: The power lifting World champion.
- Katrín Tanja Davíðsdóttir: Commonly known as the fittest man on earth, he is the two time Crossfit Games champion.
Gambling Laws in the Neighboring Countries
For the sake of comparing the situation in the Lithuania, let us briefly describe the gambling laws of three neighboring countries.
Norway
- Tough measures on gambling with most of the gambling activities prohibited with the monopoly of the state.
- A fairly restricted offering of online gambling is available mainly through government-owned facilities.
Sweden
- Market has recently been opened up for private operators to get licenses.
- Tough rules and regulation which govern the fair practice and consumer protection.
Denmark
- Licensing of the market with a possibility to obtain a license for both land-based and online establishments.
- Emphasizing on the aspect of responsible gambling as well as player protection.
Conclusion
The current gambling environment in Iceland is rather specific and depends on historical and present-day laws and acts. As for the operators and players, it is necessary to comprehend these laws to avoid getting lost in the betting sphere. If you want to try your luck at Icelandic sports betting or just want to have fun watching a match, it is imperative to know the basic information.
FAQ: Betting Sites in Iceland
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