Online Gambling Scene in Iceland
celandic history has a special place for casino gambling. It starts with a confluence of stringent laws and societal perceptions about gaming. Before knowing what are the best places to go betting in Iceland it is best to find out how the gambling scene goes. In this way you know what you can expect. So before moving on let’s take a look at how gambling has evolved during the story of Iceland.
When talking about gambling we first need to look into what happened before the Internet took the world by storm. Before we all started to live our lives online, there were no particular rules governing gambling during the pre-online era. But even before any regulations existed, small casinos were active within Iceland.
As time went by, in the second decade of the 20th century, the authorities of the country were concerned about addiction and the negative effects of gambling over the population. To diminish the fear and control side effects, casinos were abolished in 1926. The government also issued new regulations for certain gambling activities that were not considered casinos.
In the year 2015, some laws and bills were proposed in an effort to legalize casinos. However the impulse lasted very little as they were met with a strong opposition from different parties around the country.
As of today, casinos are not allowed in Iceland. You should be aware that it is acceptable to wager on foreign online sportsbooks and casinos. However, since they don’t operate in the country, they are outside the scope of Iceland regulations. This means that it is not illegal for individuals to play on these foreign operators, but there’s no protection if there are any problems and users with gambling problems will be more susceptible to worse conditions. That’s why before opening and funding an account it is important to look for the best online casino in Europe.
Regulatory Framework
You must be aware that even the best online casinos are not regulated in Iceland if you are looking to the best site to play. Furthermore, you need to be aware that there aren’t any regulated internet casinos in Iceland. But don’t worry if you really want to play, there are valid options that you can use.
Even though there aren’t any casinos in the country, It is not prohibited for residents of Iceland to gamble at the best european casino sites, and these are readily available in the continent. Icelandic gamers are welcome on a number of online sites, where you may try your luck with sports betting and other games. Furthermore, the Icelandic government establishes many rules pertaining to online gambling but does not oversee online casinos.
When it comes to regulation, the legal acts acting over the sector are the Criminal Code of the country, the Payment Services Act and the Advertising Act.Even though with all of those regulations, online casinos are still a pretty popular activity in the country. In 2023, it was reported that in the span of over a year, 35% of the residents have gambled online.
Since the country doesn’t have local operators, there are no specific laws regarding gambling. However, as we have mentioned before, there are a few laws and regulations that can affect the gambling activities of the people that live in the country.
The 1940 Criminal Code
The primary legislation controlling gambling in Iceland is the Criminal Code of 1940, which was revised twice, in 1998 and 2001. Operating a gaming enterprise without a government license is against the law. In addition, the law states that 18 is the legal age in Iceland to gamble, forbidding all minors from taking part in this kind of activity.
Professional athletes and other people are not specifically prohibited from gambling by any provisions in the Criminal Code. But it’s against the Criminal Code’s Article 145 to rig athletic competitions.
The distinction between land-based and online casinos is not made in the Criminal Code. All gambling enterprises, whether they are run online or off at free game casinos, are subject to the law.
The 2010 Payment Services Act
The Payment Services Act of 2010 is used to control how payments for gaming are processed. The law mandates that transactions involving international online casinos and Icelandic players must pass via authorized Icelandic payment processors. This is done in order to take the necessary safety measures against financial crimes such as money laundering from happening within the country.
There is no explicit age restriction for gambling under the Payment Services Act. Nonetheless, payment institutions are required by law to confirm the legitimacy and legal age of their clients. This implies that 18 is the minimum age required to bet online in Iceland at real-money casinos.
The Payment Services Act covers land-based and virtual casinos alike. There is no legal distinction made between both types of establishments.
The 2002 Advertising Act
The Advertising Act of 2002 prohibits the promotion of gambling-related goods and services. Additionally, deceptive or likely to appeal to kids marketing are prohibited by law. It is applicable to land-based and virtual casinos alike. Even though there are no operators, foreign companies can’t make any ads or promotional campaigns within the country.
Iceland Taxes on Gambling
In the gambling industry, financial transparency is essential since it protects players and guarantees that operators are adhering to the stated regulations. Additionally, it fosters confidence between the operator and the player.
The goal of financial transparency is to shield players against unchecked fraud and corruption at Icelandic casinos. These regulations maintain accurate records of all transactions, are audited on a regular basis, and make the financial information publicly available in order to ensure that the gambling operators are handling money properly.
Furthermore, by maintaining transparency, operators may be guaranteed to pay their fair share of taxes and refrain from using any unethical tactics to evade payment. Trust is fostered between operators and participants through transparency. It addresses the dangers of compulsive gambling as well.
The good part about the transparency is that because there is no local gambling scene, you don’t have to pay any taxes over your winnings. According to SBO.net, all money you make with online sports betting at live casinos in Iceland is yours to keep.
Player Preferences
When it comes to playing and betting online the residents of Iceland have specific likings and preferences, especially when it comes to slot machines, table games, and live dealer games that can be found in real online casinos.
Online slot machines are one of the most popular options; in mobile casinos in Iceland, games like Book of Dead, Starburst, and Viking Riches are known to draw players in the same fashion as they do around the world. These games are on the way to become timeless classics, they are the modern day fruit slots.
Table games like poker, roulette, and blackjack are really popular among those who prefer a more traditional casino experience. Iceland players are also welcomed in different sites that offer live dealer games that provide an immersive experience that mimics the excitement of physical casinos. Iceland gamers’ preference for these captivating and enjoyable games demonstrates their enjoyment of the thrills and possible winnings that come with playing casino games. Slowly but surely, crypto casinos are starting to awaken the interest of iceland citizens bringing another layer of options to the table.
