At one point in history, Iceland was one of the most thriving hubs for gambling. However, in recent years, the country has moved to ban these businesses, and online casinos haven't been able to find a stronghold. Before the ban, the country had gambling legislation to regulate the industry. However, that has changed over the years. With the new development, there are different eras in the gambling history of Iceland. So, let's explore some of the significant moments in Iceland's gambling https://best-iceland-casinos.com/ history.
1926 – Lottery Act: Gambling in Iceland started in 1926 when the government approved its first gambling law. After that, the Lottery Act was added to the legislation, and it was during the casino and gambling boom in Europe. Also, many countries were yet to regulate their gambling industries, making Iceland one of the first countries to do so. However, the act made other gambling activities already happening in the country at the time illegal.
1933 – Amendment of the Lottery Act: In 1933, an update was made to the Lottery Act to allow the University of Iceland to own its Lottery. However, this was made on one condition, 8% of the proceeds must go to the University’s purse. Furthermore, the amendment gave rise to more lotteries, which are only met for charity purposes. As a result, the country began to see the rise of state-owned lotteries, which are available until now.
1994 – Land-Based Casino Slot Machines Approval: The story continued; in 1994, land-based casino slots were approved to operate in the country. However, there is a clause to their operation. All of the proceeds from the establishment must go to charity. These popular slot machine games are still available today and remain legal in the country.
Outright Ban: Finding a locally-run online casino in Iceland operating legally is impossible because the authorities do not issue licenses to casinos. Therefore, you must rely on top online casinos outside the country to play online. Fortunately, there are no laws forbidding people from playing at international casinos.