Sports betting is gaining traction in Iceland. Although it is a small country, people are getting into online sports betting. Our team at Allbets has picked the best betting sites for Icelandic bettors. A thorough analysis informed this choice of numerous reviews from Icelandic punters.
We chose sites that have great bonuses and outstanding odds. We did much research, including reading what local bettors say, to ensure we recommended the best sites. We aim to guide bettors towards reliable and rewarding betting experiences in the country's evolving online betting landscape
Here is the complete guide for online sports betting in Iceland. We start by talking about how this activity is expanding in Iceland. Then, we go over how to gamble online and what taxes may apply. We also discuss how simple it is for Icelanders to use these betting services. Finally, we discuss what might change and what's new in Icelandic online betting.
In Iceland, the sports betting story is one of cautious steps and recent leaps. Before the internet, placing a wager was an illicit thrill, with only the state-run Tote Monopolet offering legal bets on horse racing. Icelanders seeking a broader sporting flutter turned to clandestine phone calls and offshore ventures.
The digital age ushered in change, but not a free-for-all. A 2002 law cautiously dipped its toe into online sports betting, allowing a single foreign operator to offer limited licenses for Icelandic Krona wagers.
However, a 2014 amendment marked a turning point. The market loosened its grip, allowing multiple licenses and foreign currencies. This, along with Iceland's tech-savvy populace and exploding interest in esports, ignited a boom in online sports betting, particularly in virtual arenas.
Despite the liberalization, echoes of Iceland's cautious approach linger. Advertising for sportsbooks is restricted, and operators must navigate partnerships with local entities. Yet, the landscape rapidly evolves, reflecting Iceland's growing comfort with online wagers and its enthusiastic embrace of esports.
How is online betting regulated in Iceland?
In Iceland, where nature reigns supreme, online sports betting mirrors the country's dynamic spirit. Here, stringent regulations dance with recent liberalizations, creating a fascinating landscape for gambling enthusiasts and regulatory bodies.
Before the digital age, Iceland's gambling scene was tightly controlled. Land-based betting platforms were outlawed, and the state-run Tote Monopolet held exclusive horse racing and sports betting rights. The internet's arrival brought cautious change: a single foreign operator entered the scene, offering limited wagers in Icelandic Krona and facing a hefty 25% tax. This, unsurprisingly, stunted online betting's initial growth.
But 2014 brought about a fundamental change. The Gambling Act in Iceland relaxed its regulations, accepting foreign money and allowing numerous licenses. This, together with the growing esports sector in Iceland, led to a surge in online bookmakers such as Unibet and Bet365. But anarchy was not the same as freedom.
Today, online sports betting operates within a robust framework. Strict licensing ensures financial stability, responsible gaming practices, and data protection compliance. A 20% tax on gambling revenue contributes significantly to the state. While not wholly banned, advertising for sportsbooks faces tight restrictions on channels and content. Operators must partner with local entities to ensure adherence to Icelandic laws and responsible practices.
🌍 Country
Iceland
👌 Language
Icelandic
💲 Currency
Icelandic króna (ISK)
⚽ Popular Sports
Football (Soccer), Handball, Athletics, Basketball
⚖️ Is Betting Legal
Yes, with certain restrictions
🏢 Regulator
Icelandic Gaming Authority
🧾 Gambling Taxes
Taxes applied to wagers and winnings depending on the type of bet and platform
💳 Most Popular Payment Methods
Credit/debit cards, Bank transfers, Mobile wallets
Top 5 best online betting sites in Iceland
Many gamblers find great appeal in Iceland's sophisticated and diverse online betting environment. Focusing on their dependability, easy-to-use interface, and extensive betting selection, we have painstakingly selected the best 5 Icelandic online betting sites.
1xBet
1xBet was founded in 2007. It's a well-known online betting site. You may wager on over 90 sports on this site. Every day, more than a thousand occurrences occur. 1xBet is distinct due to its wide range of betting possibilities. In addition to sports, you may wager on TV shows, films, and political elections.
Bonus specifications
Bonus requirements
Minimum deposit
Available deposit methods
Processing time of the offer
100% up to 16,000 ISK
Complete user profile and verify identity
1 ISK
Credit and Debit cards, VISA, Mastercard, Maestro, Cryptocurrency
QuickWin is a live sports betting platform available online. It is well-known for providing timely betting odds updates and live streaming for various sports. The site distinguishes itself by its responsive live betting function and features such as a rich bonus program with incentives and exciting tournaments.
Bonus
Requirements
Minimum Deposit
Deposit Methods
100% up to 1000 ISK
18+ and New account
500 ISK
Cards, E-wallets, Bank transfers, and Prepaid cards
Pluses
Responsive live betting.
Comprehensive sportsbook.
Attractive bonuses.
Minuses
Relatively new.
Casinoly
Casinoly started in 2021. It is a new online place to bet on sports. You can bet on sports like football, tennis, and basketball. They let you bet on games as they are happening. This makes it more exciting.
Bonus
Requirements
Minimum Deposit
Deposit Methods
200% up to 1300 ISK
18+ and New account
200 ISK
Cards, E-wallets, Bank transfers, and Prepaid cards
Pluses
Covers major sports leagues.
Offers live betting.
Quickly gaining popularity.
Minuses
Newer platform.
CashWin
CashWin began in 2023. It is a new site for online sports betting. You can bet on many sports here. Each month, over 35000 events are available for betting on. The site offers many ways to bet and good odds. They also give you back money on your bets in the first week you join.
Bonus
Requirements
Minimum Deposit
Deposit Methods
100% up to 600 ISK
18+ and New account
300 ISK
Cards, E-wallets, Bank transfers, and Prepaid cards
Pluses
Broad event coverage.
Competitive odds.
Cashback bonus.
Minuses
Very new in the market.
OhMySpins
OhMySpins began in September 2021. You can bet on many sports. Its top sports include football, ice hockey, basketball, tennis, and virtual sports. The site is simple. Newbies can easily find everything they need on the main page.
Bonus
Requirements
Minimum Deposit
Deposit Methods
100% up to 800 ISK
18+ and New account
250 ISK
Cards, E-wallets, Bank transfers, and Prepaid cards
What we took into account when picking the best bookmaker in Iceland?
When the Allbets team set out to identify the best bookmakers in Iceland, we meticulously considered several vital factors. These are shaped by Iceland's unique betting landscape and legal framework.
Legal Compliance and Licensing
The betting sites must do everything legally according to Iceland's laws. Thus, they are safe for you.
Popular Sports and Betting Markets
In Iceland, people enjoy sports like football, handball, and basketball. So, we picked sites that let you bet on these sports. We also ensured these sites cover local games in Iceland and significant sports events worldwide.
Exotic Payment Methods
We looked for betting sites that let you use popular payment methods. This includes the usual ways like using bank accounts and credit cards and unique online payment methods that are popular in Iceland.
User Experience and Customer Support
The betting sites should be easy to use and understand. If you need help, they should have friendly customer service.
Bonuses and Promotions
We checked for sites that give you good starting bonuses when you join and other exciting offers as you keep using the site.
Mobile Betting Experience
Many punters like to bet from their phones. We made sure the betting sites were mobile-friendly. We also check if the platform has a mobile betting app. This makes it easy for you to bet from anywhere.
How to bet online in Iceland
Iceland has an active online sports betting world. Newbies can rely on us for help to get started. Here is a simple guide:
Picking a Reliable Site
step 1
Look around and compare online sports betting sites. Find one that is safe, has good reviews, and offers the kind of bets you like. Make sure the site is officially allowed and safe.
Create an account
step 2
After picking a site, you must sign up. You will give details like your name and address. You will also provide your email address and choose a username and password.
Funding The Account
step 3
To bet, you need to deposit money in your account. Payment methods like cards or e-wallets are prevalent.
Placing your Bet
step 4
With money in your account, you can look at the bets you can make and start betting. Always read the odds and rules carefully before you bet.
Withdrawing your wins
step 5
If you win your bet, you can withdraw it and enjoy your victory. How you do this can change depending on the site you are using. Some platforms restrict withdrawals only to the deposit methods.
Popular Sports for Betting in Iceland
Iceland, a land of natural wonder and innovation, hosts a dynamic and captivating sports betting landscape. Let's explore the four most celebrated sports within Iceland's betting culture:
Football
Football maintains a robust presence in the nation's betting culture. Enthusiasts track major football leagues like the English Premier League and Spanish La Liga. International tournaments, such as the World Cup and European Championships, also command attention. The Icelandic national team, affectionately dubbed "Strákamir Okkar" (Our Boys), brings local enthusiasm to the scene, particularly during their matches.
Handball
In the icy landscapes of Iceland, handball transcends mere sport. It stands as a cultural touchstone. The national team's triumph at events has sparked genuine enthusiasm nationwide. The premier Úrvalsdeild karla league is a hub for domestic handball. It sees a flurry of betting activity as fans passionately rally behind their cherished teams and star players.
Basketball
Basketball popularity has surged in popularity among youth in Iceland. This has transformed the sport into a delight for the populace. Iceland's elite men's basketball league is a crucible of intense rivalry. It features renowned teams such as KR Reykjavík and Tinder Stofnan. The dynamism and excitement of these competitions have spilled over into the betting world. Moreover, the national team's commendable performances on the international stage have further elevated basketball's stature.
Esports
Iceland is known for being technologically advanced and has adopted esports. Popular titles such as Dota 2 and League of Legends appeal to younger audiences. This support can also be felt in the betting scene. Here, esports tournaments command considerable attention. Icelandic bettors keenly follow the progress of top teams and players, marking esports as a significant and growing domain in Iceland's vibrant betting culture
The world of online sports betting in Iceland is thrilling. If you want to dive into the action or enhance your betting experience. Read on. This section has compiled a top list of new online sports betting platforms.
Each offers unique features and benefits. Let us explore these top contenders and find the perfect platform for your betting adventures.
⚽️ 1xBet: New to Iceland, 1xBet offers an exciting range of sports betting options. You can bet on over 90 sports, including live matches. The user-friendly platform introduces fun and diverse ways to bet, making it appealing for all types of bettors.
🔴 QuickWin: Now available in Iceland, QuickWin specializes in live sports betting. Accessible from phones or computers, it offers a convenient betting experience with attractive bonuses and a wide selection of sports.
🔝 Casinoly: A recent addition to Iceland's betting scene, Casinoly allows you to bet on major sports games. The platform is compatible with any device and offers the thrill of live betting during ongoing games.
🆕 CashWin: As a new entrant in Iceland, CashWin brings a wide variety of sports with over 30 monthly events. Players can enjoy the added benefit of cashback on their bets, adding an extra layer of excitement.
📈 OhMySpins: Fresh in the Icelandic market, OhMySpins provides many sports betting options. It's straightforward, consolidating all necessary features on one page for easy access. A few clicks are all it takes to start betting on your favorite sports.
How popular is mobile betting in Iceland?
In Iceland, betting on phones is also popular. This is because almost everyone has a smartphone. Also, 70% of the whole population likes betting on sports. People in Iceland find it easy to use apps to bet. Most of the betting in Iceland is done on phones. It shows how vital phone betting is in Iceland.
With these platforms compatible with mobile phones, Icelanders are not restricted. They can access their betting accounts from anywhere. All they need is internet connectivity. It also makes mobile deposits and withdrawals easy.
Best sports betting apps in Iceland
In Iceland, many gamblers are placing their sports bets on cell phones thanks to the growing popularity of mobile betting. This convenience allows for a comprehensive betting experience, even without a computer. Notably, globally recognized bookmakers offer official betting apps for Android and iOS users, enhancing the accessibility and ease of sports betting for Icelanders.
The 1xBet mobile app was established in 2011. It is currently enhancing the sports betting experience with unique features. One of these features includes Live Stream. With this, players can watch sports events. It offers instant money deposits and fast payouts and supports over 200 payment systems in over 50 languages. The app is free to download and available through an apk file on the website.
Pluses
Wide range of sports and betting options.
Live streaming of sports events.
Supports many languages and payment methods.
Minuses
It can be overwhelming for new users.
QuickWin App
QuickWin has a dedicated mobile app. This app is free to download. It is fully accessible on both Android and iOS devices. This betting app can be obtained from the official website. This measure ensures that players get the legit software. The mobile app has a sleek user interface.
Pluses
No need to download, accessible via browsers.
Works well on both Android and iOS.
Simple and user-friendly interface.
Minuses
No dedicated mobile app.
Casinoly App
The Casinoly mobile app is an extension of its website. This app is compatible with Android and iOS smartphones. The app is designed to be easily accessible. Users can get it by downloading the APK file from the official website. IOS users can download the app from the app store. Once downloaded, log in and continue your betting experience on the go.
Pluses
All games are compatible with mobile devices.
Easily accessible through mobile browsers.
Offers a variety of betting markets.
Minuses
Lacks a dedicated app.
How to Deposit at Iceland Betting Sites
Icelanders love sports betting very much. It fuses with their tech-savvy nature in a seamless online betting experience. But before that winning wager, you need to fuel your account. Here is a breakdown of the deposit methods at Icelandic betting sites:
Cards: The classic duo remains a top choice. Visa and Mastercard are widely accepted. They offer instant deposits and are secure. These methods are also straightforward. Enter your card details, and you're ready to bet.
Domestic Bank Transfers: Icelanders love the convenience of their banks. Direct bank transfers allow immediate deposits from your bank account to your betting site. Choose this option for a fuss-free, local touch.
E-Wallets: Popular e-wallets offer another layer of security and anonymity. They are perfect for those who like to keep their betting separate. With e-wallets, players can have different accounts for betting. First, choose an e-wallet platform. Skrill, PayPal, or Neteller are popular options. Next, deposit funds into your e-wallet account. These wallets can quickly transfer funds to your betting site.
Prepaid Cards: Paysafecard is best for those seeking complete anonymity. Pit involves purchasing a prepaid voucher at local stores. Use the PIN code on the voucher to deposit funds onto your betting site. No bank accounts or cards are required, just instant betting power.
Payment Options
Deposit Time
Withdrawal Time
Deposit Limits
Withdrawal Limits
Credit/Debit Card
Instant
Up to 2 hours
500 ISK – 3000 ISK
500 ISK – 3000 ISK
Bank Transfer
Instant
Up to 48 hours
250 ISK – 10000 ISK
250 ISK – 10000 ISK
E-Wallets
Instant
Up to 2 hours
500 ISK – 5000 ISK
500 ISK – 5000 ISK
Prepaid Cards
Instant
Up to 2 hours
500 ISK – 3000 ISK
500 ISK – 3000 ISK
The Future of Online Betting in Iceland
The future of online betting in Iceland operates in a legal gray area but remains active and easily accessible. Despite online gambling being officially illegal, the Icelandic government does not enforce this ban on international betting sites. This allows Icelandic bettors to use Avarious global platforms freely.
Organizations like the UK Gambling Commission often regulate these sites. The Malta Gaming Authority also ensures responsible gambling. Additionally, winnings from these bets are not taxed in Iceland, increasing their attractiveness.
Iceland's high smartphone ownership rate (80% of the population) significantly impacts the growth of online betting. Many betting companies are now mobile-optimized, using HTML5 technology, which lets users bet conveniently through mobile browsers without needing a dedicated app.
This trend is reflected in the high participation rate in betting activities, with about 70% of the adult population engaged. With these conditions, online betting in Iceland is expected to continue expanding, especially in mobile betting, due to the ease and accessibility provided by modern technology and the ongoing lenient approach towards international betting sites.
Responsible Play in Sports Betting in Iceland
In Iceland, people are taught to gamble safely. This means thinking of gambling for fun and not letting it hurt your money or life. The Iceland Legal Lottery tells people only to risk what they can afford, set a budget, and keep their lives balanced. They also warn about the signs of gambling too much. Signs like spending too much money or borrowing money for gambling can indicate an addiction.
There's also a group called the Icelandic Interest Group of Gambling Addiction (IIGGA) that helps with gambling problems. They started in 2019 and include people who have had gambling issues.
This assistance also covers members of the individual's family. The group teaches about gambling risks. It tries to prevent gambling problems and helps people and their families who are struggling with gambling.
It's essential to limit gambling, especially for young people and those who might gamble too much. They stress how serious gambling problems can be, like the risk of suicide for people who gamble a lot.
Betting in Iceland: Conclusion
Sports betting in Iceland is exciting and offers many choices. This article has carefully highlighted our top picks of Icelandic sports betting platforms. These sites have great bonuses and competitive odds.
🏆 Best Betting Site in Iceland
OhMySpins
🆕 Top New Betting Site in Iceland
QuickWin
🔝 Best for Live Betting
1xbet
📈 Highest Payout Booki
CashWin
🎁 Best for Bonuses
Casinoly
Safe betting is essential as more people start betting. Make sure you only bet what you can lose. It is a good idea to take breaks. Do not bet all the time. If you find betting hard to stop, groups like the Icelandic Interest Group of Gambling Addiction (IIGGA) can help. They teach you how to bet without risking too much. So, to everyone in Iceland who likes to bet, good luck, and always remember to bet safely.
FAQ. Frequently Asked Questions
In Iceland, land-based sports betting is entirely legal; while online gambling is technically illegal for domestic operators, accessing international sites is widely tolerated.
Refer to guides that propose trustworthy sites recognized for substantial bonuses, competitive odds, and various payment ways to pick the best betting site in Iceland..
Some of the best online gambling sites accept Icelandic króna. These sites can be found by reviewing updated listings of approved betting sites.
Gambling earnings are exempt from taxation in Iceland.
No. You cannot go to jail in Iceland for gambling online. Although illegal, the government does not pursue individuals because of a 2016 EU Court of Justice ruling.
Professional casino content writer with 5 years of experience. He has been privileged to work with many popular casino brands, which are mostly ghostwritten. He’s a casino player and punter too, and has helped many players to get most out of gambling.
With more than 10 years of experience in online marketing, and special focus on the gambling affiliation sector over 5 years, Martin Lasmanis is a true expert in his niche. Today, Martin's vision is to build the largest lead generator company in the world. Fortunately, we have the perfect team to make his dream come true!
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