Best Online Casinos in Iceland for 2024

The idea to start opening casinos was proposed by the Ministry of Industry, which expressed interest in this issue in Iceland. At the same time, this proposal was greatly disturbed by representatives of the Ministry of Health. The main reason “for” was that casinos should attract tourists. And using the Danish scheme, when 60% of casino profits are collected by the state as taxes, it would be nice to replenish the budget. However, opponents of this project stated that, together with casinos, such a serious and dangerous disease as ludomania, or a painful gambling-driven entertainment addiction would come to the country. This is a psychological problem that is very difficult to treat. In addition, according to the high ranks in the corridors of power, in Iceland, so there is something to attract tourists other than casinos.

By that time, there were some types of gambling-driven entertainment in Iceland, including various types of lotteries and numerous electronic slot machines with instant winnings. However, the government’s plans did not succeed then. After significant financial difficulties and the default of the country, the leadership in Iceland was not up to principles. The first thing was the question of filling holes in the state treasury. Then it was decided in principle that, under certain conditions, casinos on the territory of Island can be opened. And first they began to open in large hotels, then – in smaller ones. Why hotels? Iceland is a small country with quiet calm people, at the same time millions of tourists from all over the world come there every year to look at the local beauty. Beauty, however, is rocks, geysers, the ocean, volcanoes and the gray sky. And in the evening, many people have a desire to entertain themselves with something interesting in Iceland. So why not a casino?

Types of Online Casino in Iceland

As already noted, the situation with gambling-driven entertainment in Iceland is not unambiguous, and for this reason, players often choose to spend time on foreign resources. Thus, a number of the best casinos from around the world are available to gamblers of Iceland.

Basing on the software, a player can have pastime in an online casino in two ways: download it to a computer (downloadable version) or play directly in the browser (non-downloadable version). Both options allow you to have a great time, but still there is a difference between them that affects the number of positive and negative emotions. To make it easier for the player to decide which version of the casino to choose for the game, we delve a little into the characteristics of both methods.

Generally speaking, downloadable online casinos are considered to be more convenient and reliable in terms of games. No wonder this option is recommended to be used by even experienced players. But before you listen to their advice, find out what pros and cons it has.

In the non-downloadable version, the game runs right in the browser, but this becomes possible if the Flash plugin program is installed on the computer. All casino games that are offered will be adapted to this program, which does not affect their number and variety that much. But first things first.

And lastly it is worth saying that the browser version can be played at the entertainment level, but if you have a serious approach to the game, you need to download an online casino in Iceland.

Types of Casino Games for Gamblers in Iceland

Not a single licensed online casino operates on the territory of Iceland, as a result, none of the tourists and local residents can play gambling. This means that gambling-driven entertainment lovers can forget about online casinos, because now they have a decent alternative option in the form of land-based slots, which are considered quite legal in Iceland. Some players do not want to put up with such arbitrariness and therefore are not averse to using other methods, namely, quite often they resort to the services of offshore Internet resources that host game content.

Thus, if an ordinary gamer in Iceland plays and loses in an offshore casino, the authorities in Iceland do not receive any profit. In 2015, one of the deputies in Iceland called for making the activities of gambling-driven entertainment establishments in the country absolutely legal. All attempts to push the idea forward were unsuccessful in Iceland.

Such a solution would entail raising taxes and providing a secure platform for further discussion of common gambling-driven entertainment problems. Iceland is a popular country in the tourist area, but at the same time, it completely lacks special gambling-driven entertainment points, which adversely affects the overall development of gambling-driven tourism. Some experts in Iceland are of the opinion that controlled gambling-driven entertainment will have a positive effect on the economic and social sectors in the country. Such a decision will allow to adjust the work of the supervisory authorities in Iceland, which should constantly monitor the gambling-driven entertainment sector and record any changes occurring in it. In addition, legal gambling-driven entertainment will significantly increase tax revenues that are sent to the state treasury.

As it was already mentioned, foreign online casinos are open to the public, and the use of their services does not entail any sanctions for players. It is not possible to open a site of this kind in Iceland because of the total ban on gambling. However, foreign resources are readily available and not blocked in Iceland.

With regard to sports betting, now more than 450 sites accept players from Iceland.

Two sites also operate in Icelandic: the Getspá / Getraunir lotto-oriented company, based in Reykjavik and the Betsson Sportsbook & Betting Exchange, with headquarters in Malta.

Since there are no sanctions for foreign operators in Iceland, most sites do not impose any restrictions on accepting payments from users in Iceland. The player has the opportunity to choose almost any online casino and use its services without fear of sanctions in Iceland. The following slot machines are popular among gamblers from Iceland:

• Jackpot Giant;
• Starburst;
• Evolution;
• Age of the Gods.

Gaming software developers in Iceland do not operate. Nevertheless, some manufacturers have dedicated their development to Iceland. These are such slots as Iceland from Spadegaming and Reindeer Wild from Genesis Gaming.

Online Gambling Laws and Regulations in Iceland

Iceland is a small island nation in Northern Europe. This is a country in which most popular types of gambling-driven entertainment are banned. The exceptions that, according to Icelandic law, have legal status are slot machines, sports betting and lotteries. However, local people are not limited to them. In Iceland, it is not prohibited to use the services of foreign online casinos. At the moment there is no law in Iceland, according to which the distance game via the Internet would be a violation.

The economy of Iceland was one of the most robust in the European Union, but for unknown reasons it forced the government to seek outside help. Referring to the difficulties that have arisen, the Icelandic authorities sharply refused to consider new gambling-driven entertainment laws that would untie the hands of foreign casino operators online. The law was supposed to come into force by the end of 2012, but the authorities in Iceland postponed the planned event for 2 years – until the end of 2014.

Taking advantage of the situation, the EU countries began to close their borders for online casinos, making reference to the outflow of money from the state treasury due to the work of foreign operators in Iceland. The European Commission was worried about economic issues. The development of online gambling-driven entertainment in EU member states has been postponed indefinitely.

As of the current 2020, gambling-driven entertainment in Iceland is illegal, with the exception of lotteries, bingo and other gambling-driven entertainment events initiated by non-profit organizations. The only authorized body for managing gambling-driven activities is the University of the Lottery of Iceland. This organization has a number of slot machines in Iceland, which were legalized in 1994 near bars and gas stations.

The laws of online gambling-driven entertainment in Iceland prohibit the work of operators in the field of gambling. Gambling-driven entertainment in Iceland is prohibited, both in land-based casinos and on the Internet. Exceptions are also organizations run by the University of Iceland’s Lottery. The issue of legalizing this type of gambling-driven entertainment in Iceland has been repeatedly considered by the government. However, to date, no positive changes are expected for the players. Although it should be noted that access to local online gambling-driven entertainment sites will help to quickly and effectively get rid of the financial problems of Iceland. In the meantime, players and fans of online sports betting and poker in Iceland find loopholes and use the services of foreign online gambling-driven entertainment sites and their mobile versions.

At the moment, gambling-driven entertainment of Iceland is governed by articles 183 and 184 of the Criminal Code. These provisions were adopted in 1998 and according to them, the organization, conduct, and participation in gambling-driven entertainment are against the law. In 1994, slot machines were legalized in the country. They can be located near gas stations or bars. Another legal variety is lottery in Iceland.

The Parliament of Iceland (Althing) licensed the operation of the slot machines of only one organization – the Lottery of the University of Iceland. Theoretically, other companies have the opportunity to obtain a license from the Ministry of Justice to hold lotteries and organize the work of bookmakers in Iceland, but in practice this is difficult to implement. The proceeds go to charity. In addition to the main operator, Getspágetraunir also specializes in lotto and sports betting in Iceland. There are no prerequisites for the fact that the authorities in Iceland will make the gambling-driven entertainment laws more loyal, not at the moment.

Best Deposit Methods for Gamblers in Iceland

Unfortunately, not always our opportunities coincide with our desires. It has already happened that, despite the fairly wide freedom on the Internet, it often happens that for one reason or another it is not so easy to pay for the cost of goods, their delivery, or simply to transfer money in Iceland. This is due to the diversity of payment systems and the absence of desire of different countries or companies to work beyond the borders of the country or its competence. Thus, online casinos also suffer this way.

Oddly enough, credit/debit cards are the most popular and most convenient way to transfer money to start playing in an online casino in Iceland. First of all – your card is always with you and with a positive balance in the account you only need to fill in a few lines confirming your card ownership rights. In most cases, VISA or MasterCard systems are used, but systems from other suppliers are also in circulation. The main thing is to make sure that your card is suitable for online casinos in which you are lucky to play. The only problem that you may encounter in the future is the legislation of some countries that may refuse to transfer money from online casinos, but this happens very rarely and in this case, there are several more ways to transfer money.

If you already had to play in a casino online in Iceland, then you probably had to deal with one of the largest payment systems Neteller. The biggest plus of this system is its flexibility. You can add money to your Neteller account with a check, bank transfer, credit card, or in any other way in Iceland. For several years of work, Neteller has earned the name of a reliable and safe intermediary in online games in Iceland.

Do not forget about a no less reliable partner heard by everyone who had to buy something on the Internet. Today, PayPal is the market leader in payment systems and is used all over the world thanks to its reliability and security. Also, many online casinos do not skimp on bonuses, provided that you replenish your account with PayPal. The only difficulty that you may have to face is not that strong desire for PayPal to work with countries of the former CIS, but for Iceland it does not matter.

If you are worried about your money or you have no desire to disclose your bank data, you can always use a money transfer, but it will take more time and today it is more a tribute to traditions. To all this, banks and authorities that are engaged in transfers, charge a considerable percentage of the transfer, especially if it is in foreign currency. The choice, of course, is yours, but the advice to you is to choose something more modern.

Most online casinos offer a wide selection of payment systems, with which you should always check the limits, daily limits, methods of depositing and withdrawing funds in each casino.

The more payment systems an internet casino has, the easier it is for you to work and play with it.

The safest way to replenish a gaming account in an online casino is credit cards. Credit cards allow you to cancel a payment of up to 30 days. This means if you made a payment, replenished your game balance, and gambling-driven entertainment establishments turned out to be fraudulent, you can take your money back by canceling the payment.

Accepted Currencies in Iceland

On the territory of the Republic of Iceland, located on the island of the same name, the Icelandic currency has a circulation in the form of a currency called the Icelandic krona (Forex stands for ISK). The approximate rate of the Icelandic krona is as follows: $ 1 = 79 Icelandic kronas. There are coins of denominations of 1, 5, 10, 50 and 100 Icelandic kronas as well as 50 and 10 aurars, as well as banknotes in denominations of 500,1000,2000 and 5000 Icelandic kronas in the currency of Iceland. It is possible to exchange the cash currency of Iceland without any difficulty in banks, “The Change Group” offices and hotels.

But what to say about online casinos? Virtual entertainment sites first appeared in the United States, so there could only be dollars used for betting. When online clubs started to earn money in other countries, gamers began to think about which currency is best used for betting in order to reduce costs. Players in most cases open accounts in virtual casinos in dollars, euros and pounds. In some clubs, local currencies are more popular. At regional entertainment sites, lovers of excitement can offer to use the Japanese yen, Canadian dollars, and even Icelandic krona.

Residents of Iceland are not too comfortable to use foreign currency in online casinos. This is quite logical, because they constantly deal with kronas, and not with dollars or euros. But it should be noted that it is more profitable to make bets in one of international ones. Some gamers give preference to casinos that provide the opportunity to pay local currency because they do not want to deal with the complex process of currency conversion. However, their worries are in vain: on the Internet, any money can be converted to other in a matter of seconds by paying 1-2% of the financial transaction amount as a commission in Iceland. In foreign online casinos, mainly dollars are used. Spinning the reels of slots, there you can bet from $ 0.01 per spin, and in roulette – from $ 1. These rates are quite democratic and are great for people of Iceland, not only for foreigners.

Moreover, on the Net, more and more casinos are starting to use bitcoins – the cryptocurrency is in demand. It can be easily exchanged online for euros, dollars and any other banknotes.

Predictions About the Future of Online Gambling in Iceland

The authorities of Iceland are puzzled over whether to carry out the legalization of gambling-driven entertainment in the country, or leave gambling-driven activities banned. The reason for doubt was the increase in cases of gambling-driven entertainment addiction among residents of Iceland. Recent studies in Iceland have shown very disappointing results. Specialists managed to find out that more than 2 thousand Icelanders suffer from ludomania. And this is despite the fact that Iceland is opposed to all sorts of gambling. If we focus on the results obtained, they can be considered an alarming “bell”, which testifies to the total inaction of the authorities and their unwillingness to solve the painful problem.

Some patients of specialized medical institutions in Iceland admit that they have a gambling addiction, while others blame their troubles on the government system, which does nothing in terms of blocking exploited gaming slots in Iceland. Despite the tough legislation, there are more than 500 slot machines operating in Iceland. These slots make a daily profit, which is subsequently transferred to solve some social problems in Iceland. For example, money received from avid gamers can be transferred to the account of the University of Iceland or the Red Cross. The local gambling-driven entertainment operator “Islandsspila” is the owner of several hundred slot machines in Iceland, which function steadily and enrich it every year.

At the moment, any bookmaker office or online casino is automatically assigned illegal status in Iceland. This is done so that the owners of establishments do not have a single opportunity to attract customers. Some experts seriously confirm the existence of gambling addiction among many residents of Iceland.

Now the authorities in Iceland are not expressing any initiatives to talk about the possible legalization of gambling-driven entertainment in the foreseeable future. Meanwhile, financial analysts unanimously argue that such a move would help strengthen the region’s weak economy. Approximately 70% of residents regularly participate in the available gambling. Statistics on the activity of Icelanders in online casinos is missing, but it is obvious that these figures are also high. Thus, the probability of legalizing gambling-driven entertainment is not excluded in Iceland.

So, Iceland is not the most friendly country in relation to gambling. The list of permitted entertainment is scarce, but foreign online casinos are always ready to help the gambling-driven entertainment fans.

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