Iceland’s top betting sites โœ”๏ธ 

This post will be of great assistance if you are looking for the top Iceland betting sites with generous odds, eye-catching promos, and a diverse range of sports to play on.

Iceland is well-known for its breathtaking natural wonders, but it is also no stranger to sports betting and other forms of gambling. Although the first form of institutionalised betting occurred in 1933 with the University of Iceland’s lottery, interest in Iceland betting sites has increased in recent years. One of the most important elements in the population’s heightened interest in online betting was Iceland’s outstanding results in Euro 2016. However, the current state of the online Iceland betting market does not provide gamblers with a lot of possibilities. Islensk Getspa/Getraunir, the state-owned monopoly operator, fails to provide diverse betting markets, competitive odds, and rewarding bonuses. Fortunately, the country’s online market is supplemented by a number of international bookmakers eager to accept Icelandic players and provide them with everything they need to have a great betting experience.

Betting in Iceland – 5 things to know

  • The legal gambling age in Iceland is 18;
  •  Winnings are not taxed;
  •  Over 70% of adult people gamble;
  •  The vast majority of bets are put on football events; and
  •  More than 80% of all Icelanders own smartphones; mobile betting is popular.

Population: 362.860

Active Players: 250.000

Currency: Icelandic krona (ISK)

Regulated gambling products: Fixed odds sports betting, football pools, lottery, slot machines, bingo, scratchcards

Designated authority: Financial Services Authority subordinated to the Ministry of Justice

Operator types: State-owned online monopoly bookmaker (Getspa/Getraunir) / international sportsbooks

Status: Grey market – no restrictions applied on foreign online operators

Iceland’s Sports Betting History ๐Ÿ“œ

Iceland forbade gambling totally in the early 1900s unless the Ministry of Justice granted particular permission. In order to keep money flowing inside, the regulation included foreign lotteries.

The first kind of legal betting in Iceland occurred in 1933. The University of Iceland designed its lottery with the requirement that 80% of proceeds be donated to the university as a charitable contribution.

Despite being mainly successful and receiving positive comments from a large number of participants, gaming in Iceland has returned to its pre-existing state. It wasn’t until 1972 that a loophole was exploited, allowing pools-based sports betting lotteries to be legalised. Shortly after, in 1986, a municipal lotto was established, and in 1994, the government legalised select slots.

  1. The most popular sports betting Iceland markets include handball, football, ice hockey, and even weight lifting.
  2. Online winnings are not subject to taxation.
  3. Approximately three-quarters of the adult population engages in some type of gambling.
  4. The outstanding success of Iceland’s football team in Euro 2016 was a significant role in the rise of online betting.

Since its inception, online betting has grown in popularity. Many people were curious about the legality of this modern form of gaming. Initially, there was an attempt to limit gambling on foreign websites.

The situation remained unchanged until 2016, when the Court of Justice declared that Icelanders could not be penalised for gambling online with foreign suppliers. Since then, the country’s use of these websites has increased, with sports betting being particularly popular.

๐ŸŒ Country ๐Ÿ‡ฎ๐Ÿ‡ธ
๐Ÿ‘Œ Language Icelandic
๐Ÿ’ถ Currency Icelandic Krona
โšฝ Popular sportsโšฝ๏ธ ๐Ÿคพโ€โ™€๏ธ โ›ณ๏ธ
โš–๏ธ Is betting legalโŒ (Land-based) No legislation (Online)
๐Ÿข Gaming Regulator The Icelandic Financial services authority
๐Ÿงพ Gambling tax18%
๐Ÿ’ณ Most popular payment methodsVISA, Mastercard, Maestro, PayPal

Mobile Betting in Iceland

๐Ÿ’ฏ Available betting featuresAccumulator, Bet builder, Live stream, Cashout 
๐Ÿ‡ Popular gambling activitiesSports betting, horse betting, lottery
๐Ÿ—๏ธ Keep in mindLand-based gambling like casinos are illegal but online gambling has no specific legislation.
๐Ÿ”ฃ Popular types of oddsFractional odds
๐Ÿ“ˆ AdvantagesOnline gambling seems to have some great book-making choices.
๐Ÿ“‰ DisadvantagesThe 18% Gambling tax.

With 80% of Icelanders possessing a smartphone and over 70% gaming, it’s no surprise that mobile betting is so prevalent. The top three most popular platforms in Iceland each have their own dedicated mobile apps.

Is online gambling legal in Iceland? ๐ŸŽฐ

When comparing overseas bookmakers to local operators

If you’re still sceptical that international bookmakers offer greater odds of winning and better overall service, consider the following points. For a Premier League game, 22Bet’s odds were better than Getspรก/ Getraunir’s, with 0.13 for the favourite to win and 0.33 higher for the underdog to win. Other top leagues with comparable odds differential in favour of 22Bet include La Liga, Serie A, Bundesliga, and Ligue 1.

Furthermore, whilst the local bookie only offers 7 different sports, Bet365 offers over 42 different sports. In terms of variety, the state-owned operator offers an average of 30 betting options on each English Premier League football game, whereas Betsson has 100+ for the same match.

The authorities have no means or motivation in prohibiting international operators in the absence of particular rules governing internet betting. That’s great news for Icelandic bettors who have the freedom to choose where they want to bet. Furthermore, there is no rule targeting Americans who use the services of international bookmakers, thus there is no risk in betting on worldwide companies.

The Icelandic Penal Code was revised in 2016, with articles 183 and 184 specifying that the only punishable offence is engaging in professional betting or gambling, or receiving direct or indirect money from such activities occurring on one’s premises. So, as long as internet betting is regarded as a recreational pastime, there is no cause for concern.

Icelanders above the age of 18 are permitted to utilise internet sportsbooks with no limitations. It is also important to note that profits from offshore bookies are not considered income and hence are tax-free.

How to Deposit and Withdraw Money from Online Bookmakers ๐Ÿ’ฐ

Due to the lack of local payment methods, you can top up your account using popular overseas payments. E-wallets such as Skrill, Neteller, and PayPal are frequently accepted by online bookmakers and are the quickest ways to deposit and withdraw your winnings. Furthermore, most Icelandic banks, such as Landsbankinn, offer internet banking, allowing you to move money directly from your bank account to your bookie account.

New Iceland betting sites๐Ÿ“ˆ

If you are familiar with the existing foreign betting sites in Iceland, you should be aware that there is no shortage of new brands joining the market. When it comes to enjoying top-quality bets on a wide range of athletic events, rising stars like Betwinner and Librabet are terrific possibilities. With good odds, a varied range of sports to wager on, and a variety of betting markets, all three bookmakers welcome Icelandic bettors. Betwinner also allows you to wager with ISK, and Librabet has a very big initial bonus.

Conclusion

Even if the current state of online betting in Iceland is not horrible, there are certain aspects that may be better. Implementing a licencing system that allows international bookmakers to apply for a permit would be the greatest next step, especially since players can already utilise these bookies. Competition between multinational brands and the state-owned operator would benefit both punters and the state. For the time being, we can only hope that the government will alter present online gambling regulations and eliminate the monopoly in the near future.

FAQ

Q: Do any bookmakers have Islenska-translated websites?

Islenska (or just Icelandic, in layman’s words) is provided through the state-owned company and Betsson. Even though English is widely spoken in Iceland, being able to bet in your native language makes things easier and more comfortable.

Q: Do any bookmakers accept the Icelandic krona?

Being able to wager in your home currency is not only easy, but it can also save you money because you won’t have to worry about currency exchange fees. Bookmakers such as Bet365, 1XBet, and 22Bet allow you to wager in ISK and focus solely on your bets.

Q: Is 888sport available to Icelandic bettors?

Yes, because the Icelandic authorities impose no limits on any international bookmaker, 888sport is likewise available to Icelandic punters.

Q: Does Bwin welcome players from Iceland?

Indeed, Bwin is a well-known international bookmaker that gladly admits Icelandic gamblers and welcomes them with a generous sign-up bonus.

Can I Go to Jail in Iceland for Betting Online?

No. While it is unlawful, you will not be penalised and can continue to place online bets with confidence.

Will Gambling Be Legalized in Iceland?

It’s possible. Some legislators have proposed revisiting the current legality of internet gambling, but there are excellent international alternatives till then.

Is Icelandic currency accepted on websites?

Yes. Bet365 and Betsson are two of the few that do.

Do I get to keep all of the money I make from online gambling?

Iceland does not levy taxes on online gains.

What Is the Most Common Form of Gambling in Iceland? The majority of Icelandic gambling is focused on sports, but there is also a desire for high-quality slots.

Karina Peterson
More than 15 years in the gambling industry, working for the big players in the affiliation market. I won't name them, you know them. Also I enjoy seeing a new project taking life and expanding like this one.
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