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1. Market overview
Where the market sits, who runs it and under what law.
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.
Gambling legislation
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:
- Jackpot Giant;
- Stellar explosion;
- Evolution;
- The Age of the Gods.
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.
- Region
- Europe
- Legal status of gambling
- Restricted
- National regulator
- Ministry of Justice (issues licences for lotteries and bookmaking); the Icelandic parliament (Althingi) has granted the sole domestic gaming licence to the Icelandic Lottery.
- Regulator website
- Under verification
- Key legislation
- Articles 183 and 184 of the Criminal Code (adopted 1998), under which organising, conducting or participating in gambling is generally an offence, subject to the specific carve-outs below.
- Minimum player age
- 18
2. Allowed verticals
What may be offered, and whether it needs a licence.
| Vertical | Status | Licence required | Notes |
|---|---|---|---|
| Slots / gaming halls | Permitted with a licence | Yes | Slot machines located near petrol stations or bars were legalised in 1994. |
| Sports betting | Permitted with a licence | Yes | Organised domestically by Íslensk Getspá/Getraunir alongside lotto; other companies may, in principle, obtain a bookmaking licence from the Ministry of Justice. |
| Lottery | Permitted with a licence | Yes | Althingi has granted the sole domestic lottery licence to the Icelandic Lottery; other companies may, in principle, obtain a licence from the Ministry of Justice. |
| Online casino | Restricted | No | No domestic licensing route exists for online casino gambling; residents are not prohibited from using foreign-licensed sites, and over 450 foreign sites were reported to accept Icelandic players at the time of the source. |
| Land-based casino | Prohibited | No | Not among the games the source lists as legal under Icelandic law. |
5. Technical requirements and compliance
What has to be certified, recorded and kept inside the border.
- Certification and game testing
- Under verification
- Responsible gambling
- No Icelandic law prohibits residents from using foreign online gambling sites, and foreign operators face no domestic sanctions; the source describes well over 450 foreign sites as accepting Icelandic players without restriction.
- AML regime
- Under verification
- AML and KYC
- Under verification
- Server and data localisation
- Under verification
Take the Iceland brief with you
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Planning to enter Iceland?
A regulatory assessment reads Iceland's regime against your own products, licence class and corporate structure, and says what follows for each: what you may offer, what you must hold, what it costs and what will change.
Who wrote this
- Last reviewed
Regulatory Intelligence disclaimer
Information is provided for general regulatory intelligence purposes and should not be treated as legal advice for a specific transaction or business model. Regulatory requirements may change and should be confirmed before market entry or implementation.