Iceland sports betting laws are restrictive on paper but permissive in practice. Although the law prohibits most forms of gambling, the state does not prevent individuals from visiting offshore sports betting sites. In short, online sports betting is widely available in Iceland.
The best Iceland betting sites operate under licenses held in other European nations, including the UK, Gibraltar, and Malta. Local lawmakers have not shown a recent interest in regulating the Iceland online betting industry, so the status quo will likely remain as it is for now, which is a good thing for sports fans.
Best Iceland Betting Sites
Very few Iceland sports betting sites natively support króna deposits, but that’s a minor issue because they provide automatic currency exchanges at current market rates whenever customers deposit or withdraw.
Finding betting sites that offer their services in Íslenska is a more difficult proposition, but at least one operator offers it as a language setting. Otherwise, bettors will find Iceland’s online sportsbooks easy to use, with quick deposits, prompt payouts, and thousands of daily betting markets.
22Bet Iceland
22Bet is a well-rounded betting site that not only supports króna deposits but also offers an Icelandic version of its website – a rare thing in online betting. In addition, 22Bet supports more deposit methods than others, including more than two dozen cryptocurrencies.
Daily betting markets include hundreds of football matches plus an entire world of other sports leagues and esports.
- Does it accept Iceland customers: Yes
- Does it support Íslenska: Yes
- Does it accept ISK deposits: Yes
- Read more: 22Bet Review
Bet365 Iceland
Bet365 ranks among the best Iceland betting sites because it has a sterling reputation going back nearly a quarter century and is one of the only online sportsbooks that shows it genuinely appreciates its customers – likely because it’s still a private, family-owned company.
On the technical side, Bet365 Iceland provides a massive wagering menu, extensive in-play football betting matches, live video, and real-time stats. Bet365’s accepted Iceland deposit methods include debit cards (Visa, Mastercard, Maestro), credit cards (Visa, Mastercard), Paysafecard, wire transfers, and Neteller.
- Does it accept Iceland customers: Yes
- Does it support Íslenska: No
- Does it accept ISK deposits: Yes
- Read more: Bet365 Review
Iceland Betting Sites and the Law
Iceland law prohibits most forms of gambling, but it does not necessarily criminalize individuals from participating in sports betting. The Iceland Penal Code outlaws participation in gambling only to the extent that someone earns a professional living off betting or inducing others to bet.
Article 183 of the Penal Code States:
“Any person who makes gambling or betting, or inducing other persons to indulge in them, his or her livelihood, shall be fined… or imprisoned for up to 1 year in the case of a serious offence.”
Additionally, Article 184 prohibits anyone from operating a gambling space:
“Any person who earns income, directly or indirectly, from having gambling or betting take place in premises under his or her control shall be fined… or imprisoned for up to 1 year.”
Neither provision criminalizes the mere act of betting on sports, and it’s debatable if the government could even make a case prosecuting an individual for being a professional sports bettor. In any case, the government has never targeted individuals for betting on sports and has never given an indication that will change.
Additionally, the government does not prevent bettors from accessing online betting sites in Iceland. Unlike some European countries, Iceland does not practice internet censorship or target financial transactions related to online sports betting.
Iceland Horse Racing Betting
Iceland has rich equestrian culture famed for its sturdy horses and their five natural gaits. However, Iceland is neither a significant participant in the modern horse racing circuit nor home to major racetracks.
However, fans can visit international sports betting sites like the ones featured on this page to bet on horse races from anywhere in Iceland. Most Iceland betting sites cover horse racing to varying extents, with the most prominent operators generally providing the most comprehensive coverage.
Bet365 is highly recommended for Iceland horse racing betting because it covers an international range of events, offers fixed-odds betting, and provides access to pari-mutuel pools in some countries.
Recommended horse racing betting sites in Iceland:
Other Legal Forms of Gambling in Iceland
Iceland began regulating gambling in 1926 with a law banning all lotteries in response to concerns that too many krónur were going overseas to foreign lotteries. However, officials eased the restriction in 1933 so that the University of Iceland could use a lottery to raise funds for public education.
The government eased Iceland’s gambling laws several more times over the years to permit a national lottery and allow it to sell lottery tickets online at lotto.is. Additionally, the University of Iceland may raise funds via slot machines, while Íslandsspil may place electronic gaming machines at select locations like liquor stores to raise funds for three charitable causes:
- The Red Cross
- The Icelandic Association for Search and Rescue
- The National Center of Addiction Medicine
Íslandsspil machines allow bettors to wager 10-250 ISK and win up to 20,000 ISK at machines located in kiosks and shops. Machines in arcades and wine shops accept wagers up to 300 ISK and pay winnings worth up to 300,000 ISK. On average, Íslandsspil slots provide a 92% return-to-player ratio.
Mike Murphy is the founder of OnlineBettingSites.com and has over 10 years of experience in the legal online betting industry. A regular attendee of industry trade shows and conferences, Mike is a strong proponent of regulated markets and responsible gambling policies.