History and laws of gambling in Iceland
The history and laws of gambling in Iceland go back a long time and are among the most interesting. It's hard to believe that there was a time when the gambling industry here was thriving before the country moved to ban these types of businesses.
Here is a quick overview of the history and how gaming has changed in Iceland:
Gambling here https://bestuspilavitumaislandi.com/ dates back to 1926, if not before. In 1926, the government first approved the Lottery Act, its first gambling law. The Act was added to its legislation. This was during the big gambling and casino boom throughout Europe. Iceland was considered a trendsetter as it was among the first to implement this gambling legislation, and other countries were still falling behind. That being said, with the implementation of this Act, other gambling activities already taking place throughout the region became illegal. Then in 1933, an amendment to the Lottery Act allowed the University of Iceland to have its own Lottery. The amendment came with the condition that 8% of the proceeds must go towards the University's purse. It also gave rise to more lotteries which were met for charity purposes. These state-owned lotteries are still available today.
In 1972 the legal lotteries were expanded to include a range of pool-based sports lotteries, which became Iceland's first form of sports-based betting.
The first general national lottery took place in 1986. It is a state-backed draw that became a massive online sports betting, lottery and bingo entity, still available today.
In 1994 the first land-based casino slots received approval to operate within the country. Again there was a clause that came with the approval. All proceeds from the establishments were to go to charity. These machines can still be found in the region today. It was a big step for the country as casinos and bookmakers remained a no-go.
2004 was a tough year for Iceland as European lawmakers deemed Iceland was breaking trade rules by banning foreign lotteries. From there, tickets can be sold as long as the proceeds go to local charities/good causes.
And in 2016, there were updates made to the 1940 Criminal Code. The additions of articles 183 and 184 clearly state that engaging professionally in gambling and betting activities is illegal. While these laws say that professional gambling activities are illegal, there is no reference made to playing at foreign sites or enjoying recreational betting.
Local online gambling sites are illegal in the region as no licenses are issued to such sites. However, players can still enjoy online casinos in Iceland but from other regulated jurisdictions. There is hope that the regulations will change soon and Iceland will open the doors to its own virtual iGaming market. Until then, a wide variety of foreign operators cater to the needs of Icelandic players, providing them with the best online slots, live dealer and sports betting entertainment the industry has to offer.
Many even accept Iceland Krona. And while various limitations have been placed on the legal betting options within the region, there are no restrictions on betting with foreign operators.