Iceland lawmakers are again trying to legalize gambling in the country, Willum Þór Þórsson, a member of the Progressive Party and twelve of his parliamentarians are pushing for the government to re-think legalising casinos and online gambling in the country.
The politician believes that casinos and online gambling would help raise taxes and form a proper platform to discuss problem gambling within the country.
Currently Iceland allows slot machines and small lotteries but many residents play online using an offshore online gambling operator which currently makes no funds for the government.
Iceland a Northern European country located between Europe and Greenland has a population of around 320,000 and it is the least populace of the Nordic countries.
While there are no casinos in Iceland, residents do have access to the lottery and online gambling. Gambling is considered illegal in Iceland, while lotteries are not.
In 1926, all lotteries were banned in Iceland. This was done to prevent funds from being put into foreign lotteries and to stop privately-run, small-scale operations.
Gambling was partially legalized in 1933, when the parliament permitted the University of Iceland to run a lottery with monetary based prizes. Eighty-percent of the profits were earmarked for running the university.
Since that time, other lotteries have been given permission to operate in Iceland. A sports betting lottery was introduced in 1972, and lotto debuted in 1986. Slot machines were given approval in 1994, although they had already been in operation for more than a decade. Each lottery operator is permitted to run one particular kind of lottery.