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When searching for an online casino, you’ll find there’s no shortage of options. Our mission is to assist players in Iceland by thoroughly examining what’s available. Some casinos should be actively avoided – they’ve been caught failing to honor their commitments, and it’s best to steer clear of doing business with them altogether. The online casino and gambling market is highly competitive, which works in players’ favor. This competition means you can access various welcome bonuses and even play for free – after all, who wouldn’t want the chance to win real money without any risk?
Are There Casinos in Iceland? The Current Local Gambling Landscape
Are there casinos in Iceland? The short answer is no – traditional gambling has been regulated in Iceland since 1926, when the first laws on lotteries were established. These laws were created both to regulate existing gambling practices and to prevent Icelanders from participating in foreign lotteries. Currently, only a few authorized entities can operate gambling services within Iceland:
The University of Iceland Lottery (HHÍ)
Established in 1933, HHÍ began with class lotteries (Flokka happdrætti) and has grown into one of Iceland’s primary gambling operators.
- It currently operates 500 slot machines under two distinct brands: Gullnáman (The Gold Mine) and Gullregn (Golden Rain). Their first ranges of video slots launched in 1993.
- Maintains 27 gaming venues nationwide
- Introduced scratch cards in 1987
- Controls 64% of the local slot machine market
The Seamen’s Retirement Home Lottery (D.A.S.)
Established under Law No. 16/1973, D.A.S. is a legally authorized lottery operator in Iceland.
- Licensed to operate lotteries with cars and motorcycles as prizes
- Offers boats and agricultural machinery as winnings
- Provides real estate prizes including houses and apartments
- Includes furniture and musical instruments in their prize pool
The Red Cross (RKI) and Evolution of Íslandsspil
The Icelandic Red Cross began its gambling operations in 1972 with the introduction of “tíkallakassar” (ten-crown machines).
- By 1983, it operated 150 slot machines (20 tíkallakassar and 130 fruit machines)
- These machines generated 90% of RKI’s total revenue at that time
- Íslandsspil was established in 1994 under Law No. 73/1994
- Regulation No. 320/2008 permits up to 650 machines
- Currently operates 390 machines across 75 locations
- The Icelandic Red Cross owns 68.75% of the company and 31.25% belongs to the Icelandic Search and Rescue Services.
- Controls 36% of the local slot machine market
The Icelandic gambling market has reached substantial proportions, with a total market value of 20 billion ISK (140 million euros) in 2023. More than half of all gambling activity now takes place through foreign online operators, highlighting a significant shift away from domestic providers. In the domestic slot machine sector, the market is divided between two main operators: HHÍ controls 64% of the market, while Íslandsspil holds the remaining 36%.
Perhaps most notably, Iceland ranks second in European gambling participation, surpassed only by Ireland. This is reflected in the average annual gambling spend, which amounts to 80,000 ISK per person – a figure that has raised concerns among policymakers and social organizations alike.
Online Casinos for Players Based in Iceland
While traditional casinos are prohibited in Iceland, an increasing number of players based in Iceland are accessing foreign online casinos. These international platforms attract players by offering a diverse selection of slot games and table games, generous bonuses, and free spins. In 2019, players from Iceland wagered 4.5 billion ISK (32 million USD) across the ten most popular foreign gambling sites. This reflects a broader trend, with over half of all gambling from Iceland now taking place on foreign websites.
The fact is, no laws prevent residents in Iceland from playing at foreign online casinos. You’ll find online casinos catering to players in Iceland, offering interfaces translated into Icelandic. While these foreign operators cannot obtain licenses to operate in Iceland, residents can register and play freely. The casinos accommodate players through various payment solutions, accepting Icelandic króna via credit cards, bank transfers, and even cryptocurrencies.
However, choosing a secure and trustworthy online casino is crucial. At spilaviti.is, we require all recommended online casinos to hold European licenses, such as those from Malta or Estonia. It’s also important to consider the following points:
- Payment security
- English language support for non-Icelandic speakers
- Casino reputation among players
- Speed of withdrawal processing
Wiemy, że na Islandii mieszka wiele osób mówiących po polsku – z myślą o nich stworzyliśmy dedykowaną polskojęzyczną stronę poświęconą kasynom online
How We Test and Rate Online Casinos
When selecting the best online casinos for players based in Iceland, we maintain strict quality standards. Excellent online casinos must provide secure payment options, quality service, and a diverse game selection. We test numerous new casinos entering the market to find the perfect match for you. Here’s our detailed evaluation process:
Registration
We register at each casino and evaluate the process’s ease and the time required for account verification.
Deposits
We transfer money to assess the process, available payment methods, and how long it takes for funds to become playable.
Game Selection
We test available games, including both slot machines and classic table games like Poker, Blackjack, and Roulette.
Mobile Interface
We understand the importance of playing on any device, anywhere, anytime. We thoroughly examine each casino’s mobile interface and website performance on smartphones – some casinos offer their own apps, which we test as well.
Security
Security is fundamental to our evaluation. Players trust casinos with both personal and payment information, and no one wants unauthorized access to this data. Therefore, we carefully examine what measures are in place to protect customers.
Customer Support
When issues arise, quick and reliable assistance is essential. We contact each casino’s support team and evaluate various aspects of their service. We also verify English-language support availability.
Withdrawals
We test withdrawing money from gaming accounts. We emphasize the importance of fast and reliable transfers to the recipient’s account.
Reputation
As with any industry, quality varies among operators. We only recommend casinos with proven good reputations. Fortunately, word spreads quickly when something isn’t right.
Licensing
Currently, casinos cannot apply for licenses to operate in the Icelandic market. While this places their operations in a “grey area,” we insist that our recommended casinos hold licenses to operate in the European market.
Available Bonuses
Most casinos offer some form of bonuses to their customers. However, bonus quality varies, and we aim to direct our readers to the best offers. We look for both high bonus amounts and favorable terms for players.
Today’s online casinos offer excellent bonuses, such as 200% deposit bonuses. This means when a player deposits a certain amount, the casino adds double that figure – for example, if you deposit 100 euros, the casino adds 200 euros, starting you with 300 euros in your gaming account.
Casinos typically also offer various free spin packages. Players receive a number of free spins on slot machines without risking their own money.
The best casinos offer good bonuses for both new customers and existing players. It’s important to understand the wagering requirements before accepting any bonus. These requirements specify how many times you must wager bonus money before withdrawing winnings.
We cover bonuses and related topics in detail on our dedicated bonus page. The best part is that nothing prevents you from registering with multiple casinos and claiming multiple bonuses!
Games Available at Online Casinos
The selection of games at online casinos is extensive. Slot machines likely offer the greatest variety and diversity. Many companies specialize in developing slot games, and there’s endless potential for new themes and variations. New casinos regularly enter the market, often bringing exciting new slot machines to try.
Many players in Iceland are skilled poker players, and poker is likely the most popular table game at most online casinos. Poker comes in many variations, with Texas Hold’Em and Seven Card Stud being among the most well-known and popular.
You can also play Blackjack, Roulette, Baccarat, and more – these are the most famous and popular games. We explore casino games in more detail on our dedicated gaming page.
Frequently Asked Questions
The use of Icelandic bank cards at online casinos should work just fine. Most online casinos accept international credit cards. You could check with your bank first and then consider alternative payment methods like e-wallets or bank transfers if needed.
The taxation of winnings from foreign online casinos is an important consideration for players in Iceland. Current tax regulations require reporting gambling winnings from foreign operators on your annual tax return. Unlike winnings from domestic licensed operators which are tax-free, foreign gambling winnings are typically treated as capital gains. Consider consulting a tax professional for specific guidance.
Disputes with online casinos are handled through specific channels when playing at EU/EEA licensed operators. You’re protected by European consumer protection laws, and if you have an unresolved dispute, you can file a complaint with the casino’s licensing authority (such as the Malta Gaming Authority) or contact the European Consumer Centre in Iceland for assistance.
The safety of uploading identification documents to online casinos is a common concern. This is necessary, as licensed online casinos are required by law to verify player identity (KYC requirements). However, only upload documents through secure, encrypted connections (look for ‘https’ in the URL) and preferably via the casino’s dedicated secure upload portal rather than email.
Playing in currencies other than ISK is possible at most online casinos. While some accept ISK deposits, your money may be converted to EUR/USD for play. Be aware of potential currency conversion fees and exchange rates when depositing and withdrawing.