Best Betting Sites in Iceland

Sports Betting Regulation in Iceland

The government in Iceland has maintained a strong stance against the legalisation of Iceland betting sites and other forms of online gambling. Since 1926, most forms of gambling in the country have been technically illegal, prohibiting the establishment of gambling sites. However, non-profit gambling establishments aren't considered illegal, but no licenses have been issued to allow full operations of Iceland online betting sites.

Despite being considered illegal, bettors can still try their luck on offshore online bookmakers from the age of 18. This allows you to engage in different activities and increases your potential of claiming multiple gambling winnings without worrying about breaking the law. This is possible because of the 2016 EU Court of Justice ruling and the fact that the government isn't interested in blocking international operators.

For Icelandic punters, exploring offshore betting sites is common practice. Most of these platforms are licenced by reputable bodies, such as the United Kingdom Gambling Commission and the Malta Gaming Authority. Additionally, mobile betting dominates the Icelandic market. Online sportsbooks catering to Icelandic bettors prioritise mobile compatibility.

Future Projection

State-own lottery and fixed odds betting sites are active in Iceland, but they don't offer players a variety of options, especially for players who want to explore different online gambling activities. Land-based gambling, slot machines, and betting online also run in the country despite the current law. Even without a structured or regulated gambling market, betting is popular in the country. Many punters turn their attention to international sites. Given the potential revenue left unchecked, we might see changes in the gambling laws soon. We believe there are parties in the government that will look to push for gambling legislation to ensure a more controlled market by Icelandic authorities.

Key Facts & Stats About Betting in Iceland

• Annual Growth Rate: Despite Iceland not having a structured gambling market, the industry has recorded a remarkable year-on-year growth rate. Statista estimated that the industry might see a growth rate of 7.41% between 2024 and 2029.
• Industry Growth: Since Iceland doesn't have a regulated online betting market, it is difficult to quantify the industry’s growth over the years. However, some reports speculate on a constant growth rate.
• Betting Frequency: Although there are no concrete reports on the country's betting frequency, it is speculated that the country has more casual bettors, who might make up as much as 75% of the total betting population.
• Purpose of Betting: Like in many parts of the world, most Icelandic bettors are presumed to bet for entertainment purposes rather than business.
• Popular Sports: Football is the most popular sport in Iceland. It is followed by Basketball, Handball, and Winter Sports.

Popular Payment Methods for Icelandic Betting Sites

You need a suitable payment method if you want to place bets at Iceland betting sites. Fortunately, most of the top gambling platforms provide players with access to top-notch payment options that allow them to complete transactions without hassle. These options can vary from one site to another, but there are a few common types you'll find on most betting platforms. We've highlighted a few below.

Cryptocurrencies

Iceland is one of the many countries that have embraced cryptocurrencies and is one of the most ideal countries for the industry. Undoubtedly, cryptocurrencies provide an excellent gambling opportunity to players, allowing you to complete transactions instantly and for free at betting sites. Once you understand how it works, you won't have issues using it to complete the transactions you want. All you need to do is find a suitable betting site or foreign that allows you to use the option and provides you with multiple crypto payment methods to choose from.Below are some of the most popular options to consider.

• Bitcoin
• Tether
• Tron
• Ethereum
• Solana
• Dogecoin

There are other options you can consider, depending on the platform you decide to join. Some betting sites even offer special cryptocurrency bonuses that allow you to play with extra money or free spins once you complete transactions using the option.

Bank-Based Methods

Even without the betting legal status, players who access foreign lotteries and sports betting platforms can use bank-based payment methods. If you're looking for a convenient way that doesn't require you to create a third-party account, you might want to consider these options. They provide players with excellent options that allow them to explore different exciting gambling experiences. With bank-based methods, you can easily deposit using your bank account. You won't have to worry about third parties because these options use bank-level security.

Some popular types of bank-based methods include the following:

• Bank Transfers
• Trustly
• Mastercard
• Visa
• Maestro

Pick a betting site that supports your preferred bank-based method and complete transactions easily. You can start your journey of placing bets on Icelandic football and other sporting tournaments once you complete the deposit process. However, you should keep in mind that when you use these methods, you most likely won't be able to use them as your preferred withdrawal method. So, you'll need to consider another payment method for withdrawals when the time comes.

E-Wallets

Using e-wallet options is also convenient for Icelandic punters. These payment methods provide perfect services for bettors who don't want to deal with the volatility of cryptocurrencies or want to use their banks directly. With e-wallets, all you need to do is completing the registration process and fund your wallet. Once your wallet is funded, you can easily get started with depositing using your e-wallet service provider. The good thing is that deposits are instant with e-wallets. Another exciting part is that you can withdraw money easily when you use these payment methods. Below are a few top-notch options you can consider at various online betting platforms.

• Skrill
• NETELLER
• PayPal
• EcoPayz
• Revolut
• Rapid Transfer

Most Popular Sports to Bet on in Iceland

Sports betting in Iceland offers a dynamic range of options for enthusiasts. Football dominates the scene, followed by the growing popularity of handball and basketball. With a fervent passion for sports ingrained in Icelandic culture, betting on these beloved pastimes adds an extra layer of excitement and engagement.

• Football (Soccer): Football is the most popular sport in Iceland. Many punters place bets on Icelandic football leagues and other international competitions. It is speculated that football accounts for about 80% of the total market activity.
• Handball: Handball is another popular sport to bet on in Iceland, although it is not as popular as football. The popularity of handball continues to grow, and we expect to see it gain more attention.
• Basketball: This sport is more popular among the younger demographics with betting on the NBA becoming more popular. Basketball is also growing locally, with many local leagues and stars gaining more attention.

Conclusion

The current Icelandic laws don't allow for proper regulations on gambling or provide a structure for these activities. However, gambling is popular in the country. Bettors find offshore betting platforms to join so they can place bets on Iceland football and other sports. With betting popular in the country, we now have many top-notch international betting sites that offer Icelandic bettors gambling opportunities, making it easy for players to get started. All you need to do is find the right brand to join. To reduce the stress of searching for top-notch sites to pick, you can check out Betpack's top Iceland betting sites list. Pick one and start your betting journey.