Main Provisions of the Gambling Ordinance in Iceland
The country does not have a single regulation when it comes to addressing online gambling. There are particularly three primary regulations in the country. These are:
- The Criminal Code of 1940
The Criminal Code of 1940 was amended twice, in 1998 and 2001, and is the main Gambling governing law in Iceland. The law prohibits any operation of gambling businesses without a government license. Moreover, the law mentions that the legal age to gamble in Iceland is 18.
There are no particular provisions in the Criminal Code that prohibit professional athletes or others from Gambling. However, Article 145 of the Criminal Code prohibits manipulating sporting events.
The Criminal Code does not differentiate between online and stationary casinos. The law applies to all gambling businesses, regardless of whether they are operated online or offline at free game casinos.
- The Payment Services Act of 2010
The role of the Payment Services Act of 2010 is to regulate the processing of gambling-related payments. It is mandatory, as per the law, that transactions between foreign online casinos and Icelandic players go through licensed Icelandic payment institutions. Why? It is to take adequate precautions towards money laundering and other financial crimes.
The Payment Services Act does not clearly state an age limit for gambling. However, the law does require that payment institutions verify the identity and age of their customers. Therefore, this suggests that the legal age to gamble online in Iceland is also 18 at real money casinos.
The Payment Services Act applies to both online and stationary casinos. The law makes no distinction between the two.
- The Advertising Act of 2002
As per the Advertising Act of 2002, the promotion of gambling products and services is restricted. The law also prohibits advertisements that are likely to appeal to minors or that are misleading. It is applied to both online and stationary casinos.
Hence, these are the rules that regulate gambling in Iceland.