According to a report by the Iceland Chamber of Commerce (Viðskiptaráð), Icelanders are the second biggest gamblers among European countries, after Ireland. According to data provided by the Danish Gambling Authority (Spillemyndigheden), the average Icelander bets 80.000 ISK (approximately 500 EUR) per year.
The Chamber’s report outlines that the total gambling expenditure reached 20 billion ISK in 2023, with only half of all gambling revenue going to domestic parties. Since 1926, gambling has by and large been illegal in Iceland, being exclusively reserved for organisations serving a public good or charities.
Tax opportunities
The Chamber of Commerce calls for scaling back Iceland’s tight gambling framework by administering general business licenses to gambling companies instead of the current system.
Only 20% of online betting in Iceland happens through legal, domestic means, pointing to a massive loss of tax revenue.
The Chamber of Commerce suggests a looser legal framework for gambling. Its suggestions include permitting all types of gambling through general business licenses, taxing revenue and gambling, and allowing gambling advertisements. These actions, the chamber concludes, could deliver approximately 5 billion ISK of tax revenue into state coffers.
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