Best Iceland Betting Sites

Iceland is famous around the world for its stunning natural attractions but is no stranger to sports betting and other gambling activities. Although the first form of institutionalized betting came in 1933 with the lottery organized by the University of Iceland, the interest in Iceland betting sites boomed in recent years. The remarkable results of the Icelandic football team in Euro 2016 were one of the most important factors in the population’s increased interest in online betting.

However, the current configuration of the online Iceland betting landscape doesn’t give players too many options. The state-owned monopoly operator Islensk Getspa/Getraunir fails to deliver diverse betting markets, competitive odds and rewarding bonuses. Luckily, the country’s online market is complemented by various international bookmakers happy to accept Icelandic players and provide them with all the means to enjoy an excellent betting experience.

Best Betting Sites in Iceland

We put together a shortlist of the best Iceland sports betting sites by making sure that they offer their services in Icelandic, accept ISK and deliver high odds & diverse betting markets on a daily basis.

Betting in Iceland - 5 Things to Know

• 1
  The legal gambling age in Iceland is 18
• 2
  Players are not taxed on their winnings
• 3
  Over 70% of adult citizens engage in gambling activities
• 4
  The vast majority of bets are placed on football matches
• 5
  More than 80% of all Icelanders own smartphones - mobile betting is dominant

General info

⏩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

Online Betting in Iceland: The Law Framework

The first law regarding gambling in Iceland was the 1926 Lotteries and Tombolas Act. It stated that all gambling operations were prohibited without specific permission from the Ministry of Justice. In 1933 the University of Iceland received permission to organize its own lottery and the first form of betting in the country.

1972 was the year when the Lotteries and Tombolas Act was amended, and a loophole was introduced to allow pool-based sports lotteries. This was the starting point for sports betting in Iceland, and it led to a state-owned monopoly.

In 2001 the sports betting and lotto components merged into one company - Íslensk Getspágetraunir - and to this day, they operate under the same website and constitute the only licensed sportsbook in the country. With no proper licensing system in place, there are many international bookmakers that operate without a license.

Nonetheless, the authorities don’t target them with any kind of restrictions or income taxes. Taking into consideration the passion that Iceland sport generates among citizens, international bookies actually thrive within the country.

Is it Legal for Icelanders to Bet Online?

In the absence of specific laws on online betting, the authorities have no means or interest in blocking international operators. That’s excellent news for Icelandic punters who are free to decide where to bet. Furthermore, there’s no law targeting citizens who enjoy the services of foreign bookmakers; so there’s absolutely nothing at risk when choosing to bet on global brands.

The Icelandic Penal Code was updated in 2016, with articles 183 and 184 stating that the only punishable offence is engaging in betting or gambling on a professional basis or deriving direct or indirect income from such activities taking place on one’s premises. So, as long as online betting is viewed as an entertaining activity, there’s nothing to worry about.

With no restrictions on their way, Icelanders are free to use online sportsbooks from the age of 18. It is also worth noting that players’ winnings from offshore bookmakers are not considered income, thus they are tax-free.

Which Online Bookmakers Accept Players from Iceland?

Since Icelanders are free to access any international bookmaker they want, it might be challenging to pick those that truly stand out. Therefore, we decided to present you with the three most popular ones.

Bet365 Iceland

On Bet365 you are able to bet using ISK and avoid currency exchange fees. Their generous welcome bonus is designed to boost your balance and increase the stake on your bets. Moreover, the coverage of Icelandic football and handball leagues with great odds and a 95% payout for the top European football leagues is a great plus.

Get the Best Odds

Play now Bet365

Get the Best Odds

Play now Bet365

Betsson Iceland

Swedish iGaming giant Betsson, wouldn’t miss out on the opportunity to provide flawless betting services to its fellow Nordic punters. It welcomes them with a very appealing sign up offer, with a website optimized in Icelandic and with 100+ betting markets on fixtures of the top international football leagues. The local football championship is also well represented, with an average of 50 markets per match.

100% Bonus up to €200

Play now Betsson

100% Bonus up to €200

Play now Betsson

22Bet Iceland

22Bet is another excellent sportsbook on which Icelandic bettors can enjoy top-quality services. Creating an account in just a few seconds, enjoying an intriguing first deposit bonus, having the chance to deposit and withdraw in ISK and being able to bet on 100+ markets on matches of the main European football leagues with a 97% payout; are the perks you are getting by becoming a member.

100% Bonus up to 15,000 ISK

Play now 22bet

100% Bonus up to 15,000 ISK

Play now 22bet

Comparing International Bookies to the Local Operator

If you still have doubts that international bookies give you better chances of winning and improved services overall, let’s take a closer look at some main attributes. For a Premier League game, the odds offered by 22Bet compared to those of Getspá/Getraunir were better with 0.13 for the favourite to win and 0.33 higher for the underdog to win.

Comparable odds differences in favour of 22Bet were found for other top leagues like La Liga, Serie A, Bundesliga and Ligue 1. Furthermore, while the local bookie only offers a total of 7 sports, Bet365 gives you the opportunity to bet on over 42 sports. Speaking of diversity, while the state-owned operator offers an average of 30 betting markets on an English Premier League football game; Betsson has 100+ for an identical match.

How to Deposit and Withdraw at Online Bookies

Since there are no local payment options available, you can top-up your account using popular international payments. E-wallets like Skrill, Neteller or PayPal are widely accepted by global bookies and are the fastest methods to deposit and withdraw your winnings.

Furthermore, most Icelandic banks, like Landsbankinn, come with online banking functionality, so you can transfer funds directly from your bank account to your bookie account.

New Betting Sites in Iceland

If you’re already up to speed with the existing international betting sites in Iceland, you should know there’s no shortage of new names entering the market. Rising stars like Betwinner and Librabet are excellent options when it comes to enjoying top-quality bets on a wide array of sporting events.

All three bookies welcome Icelandic bettors with high odds, a diverse range of sports to bet on and various betting markets. As a plus, Betwinner allows you to bet in ISK, while Librabet comes with a very generous welcome offer.

The Future of Online Iceland Betting

Even though the current situation of online betting in Iceland isn’t bad at all, there are things to be improved. The implementation of a licensing system that would allow international bookmakers to apply for a permit would be the best move forward; especially since players can use these bookies already.

The competition between international brands and the state-owned operator would have positive effects for punters and the state alike. For the time being, we can only wait and see if the government will amend the current online gambling legislation and put an end to the monopoly in the near future.

Gambling Regulations in Nearby Countries

⏩ Norway: has a large regulated scene, with a state monopoly on sports gambling, and casinos are banned. Even though the law is harsh, there is no real application for it, and the best betting sites in Norway are mostly international brands that have no legal permit.

⏩ Denmark: is another Nordic country that loves wagering on football. Gambling is legal in all its forms, and many operators have obtained local licenses. However, players are allowed to access any of the Denmark betting sites of their choice, and they usually prefer international companies.

⏩ Sweden: is home to some of the biggest international brands since sports and betting are so popular. The country legalised all forms of betting and imposed strict regulations and limits on bookmakers. This means most of the Sweden betting sites have local licenses and localisation. These bookies are obliged to accept Swedish Krone.