G3-247 Report ICELAND
the incomes have dropped by 26 per cent over the last five years.
Under the Gaming Regulation Act 320/2008 Islandsspil is authorised to operate up to 650 VLTs in 140 locations. The company has also set up
Abyrgspilun.is which is a gambling helpline page and addiction association launched in 2002 and funded by Islandsspil and UIL whilst Islenskum Getranum also joined later.
The University of Iceland also operates VLTs and also the class lotteries and scratchcards. UIL VLTs contributed 57 per cent of UIL’s new profits in 2003.
IGT is the supplier of all the VLTs for the UIL which began in 1993 with 350 machines. Today UIL operates 500 IGT gaming terminals in 35 loca- tions. Islandsspil does not have an exclusive with UIL and offers games from both GTECH and WMS.
Online gambling is another area. To date there are no legal restrictions preventing players from plac- ing bets at foreign online sportsbooks and there is
Gaming machines can be located in public places from
shops, kiosks, restaurants, bars, supermarkets or fast food outlets.
no specific law for online gambling. Many poker clubs exist and players can deposit and withdraw on most sites.
Currently 464 sites accept play from Iceland including Paddy Power, William Hill, Ladbrokes and Unibet whilst Bet365 is one of a few which accepts Icelandic Krona and money can be deposited via Skrill and Click2Pay. It is technically illegal to be a professional gambler so anyone who places is exempt from tax on their winnings.
There are two sites now operating in Icelandic language – Lotto focused Getspa and Betsson sportsbook and betting exchange. In 2004
Islandsspil opened a new gaming website with free play-for-fun games.
Betware’s Agnieszka Rylska said: “Apart from serving as entertainment the VLTs, similarly to other lotto games, are also a tool to support good causes in Iceland. The main growth potential for this market would be to start operating online which not only would allow for potential growth but also for far more control and security of the games. It would also allow introducing responsi- ble gaming features, monitoring the player’s behaviour and minimizing problem gambling.”
SUPPLY AND DEMAND There are a handful of companies involved in the
Icelandic lottery and VLT market:
Betware has offices in Reykjavik, Copenhagen, Belgrade and Madrid. The company was launched in 1996 and in 2013 following the acquisition of the majority of shares the company became part of the Novomatic Group.
Betware’s core product is the Gaming Platform 5 3
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