Online Betting in Iceland – Your Ultimate Guide

Debit/Credit Cards

Debit and credit cards are widely accepted by sports betting sites. Mastercard and Visa are the two most popular brands. Making your deposit is much like any other online purchase. Simply enter your card details and the amount you wish to deposit.

The funds will appear in your account instantly, and it’s easy to keep track of your spending because the money comes straight from your bank account.

PayPal

PayPal is widely used in Iceland and is accepted by almost all major sports betting sites. If you have a PayPal account and like the idea of using the digital payment service to bet online, sign up with one of our recommended PayPal betting sites.

Visit the cashier and click on the PayPal logo. Select your preferred deposit amount. Following a brief automatic switch to PayPal to confirm the transaction, you will be return to the betting site where your funds will be waiting.

Skrill

Skrill is another popular e-wallet that operates similarly to PayPal. You can easily link your Skrill wallet to your bank account and add funds. After you select Skrill in the cashier, you then enter the email address linked to your Skrill account and state how much you wish to deposit. The funds will be available in seconds.

Skrill was initially known as Moneybookers, a brand that was established way back in 2001 to cater specifically for online bettors.

Direct Bank Transfer

Some banks and quite a few online sports betting sites will accept direct bank transfers as a payment method. Thankfully, many banks in Iceland, such as Kaupthing Bank and Landsbankinn, have good online banking functionality and make it easy to deposit via direct bank transfer.

The process is instant, just like it is when you transfer money to friends or buy goods online.

Football

Icelanders love football and keenly follow the top European leagues, including the Premier League in England and La Liga in Spain. Their top home-grown players nearly all play abroad. One of the country’s most famous sports stars was footballer Eidur Gudjohnsen, who played for elite clubs like Chelsea and Barcelona.

Although the Úrvalsdeild karla (or Men’s Select Division) isn’t the most competitive league in the world, Iceland’s national footballers punch above their weight in international competitions.

Iceland lost to France in the quarter-finals of the 2016 European Championships after knocking out England in the previous round. Remember the Viking Thunderclap being performed by Iceland’s passionate football fans during the tournament?

Handball

Iceland’s handball team is one of the best in the world. The country won silver at the 2008 Beijing Olympics and bronze at the 2010 European Championships. The domestic Premier League is contended by 12 teams.

Icelanders enjoy watching the sport, and all good international sports betting sites offer lots of markets on handball fixtures from around the world.

The best betting sites in Iceland offer live streams on the top fixtures, meaning you can watch the action and bet in-play. To ensure you get the most competitive handball odds, it’s worth joining several sites so you can compare markets.

Basketball

It’s not just popular in the US and some Eastern European countries – basketball is also a big part of Iceland’s sporting landscape.

The main domestic basketball league, the Úrvalsdeild Karla (or Men’s Premier League), is contested keenly by 12 teams, and there is a four-tier league system. The men’s international team has qualified for EuroBasket (European Basketball Championship) twice but has not made it to the FIBA World Cup.

Basketball fans in Iceland will be pleased to see that online betting sites give extensive coverage to the sport, with odds offered on fixtures from around the world, including the NBA.

Athletics

Icelanders love athletics and have adored home-grown stars from track and field. The country’s record has spawned a keen interest in betting on athletics events.

Shot putter Gunnar Huseby was one of the country’s first big champions, winning gold at the European Athletics Championships in 1946 and 1950. Others saw success in the long jump and the decathlon. Vilhjalmur Einarsson was an Olympic and European triple jump medallist, while Vala Flosadottir won a pole vault medal at the 2000 Summer Olympics.

Iceland has also appeared in all but one of the Winter Olympics, missing out only in 1972. But despite so much snow and ice, Icelandic athletes are yet to win a medal at the Winter Olympics.

1926 – Lotteries and Tombola Act

The first gambling legislation in Iceland prohibited all gambling without prior permission from the Ministry of Justice, which was rarely forthcoming.

1933 – University of Iceland’s Lottery

It might seem odd by today’s standards, but the university lottery was the first regulated gambling activity. The proviso was that 80% of proceeds had to be ploughed back into the university.

1972 – Expansion of Legal Lotteries

It took another 40 years for the Government to look at gambling again, this time allowing for pools-based sports lotteries. It was the first form of sports betting in Iceland.

1986 – First State Lottery

The general national lottery began this year, and this state-backed draw grew into what we have today, a state-run online sports betting, lottery and bingo entity.

1994 – Green Light for Slot Machines

The first slot machines were allowed, but only if profits went to charity. This was the first time there was any nod towards land-based gambling because casinos and bookmakers remained unlawful.

2004 – Foreign Lotteries

European lawmakers ruled Iceland was breaking trade rules by banning foreign lotteries. They could now sell tickets so long as they gave proceeds to good local causes.

2016 – Updated Criminal Code

Iceland’s Criminal Code was introduced in 1940, but the additions of articles 183 and 184 state that it is illegal to engage in gambling and betting professionally.

And that is where we are today. You cannot be a professional gambler in Iceland, but no direct reference forbids placing a bet with international betting sites. Further, even if you were a professional gambler, who would know since you pay no tax on gambling winnings?