You must be wondering what a country with a population strength of a shade over 300,000 has to do with any kind of betting, let alone comprehending the potential its market might or might not carry. The condescending European counterparts might have to face a great fall after knowing the potential of the market in Iceland—after one understands the legalities surrounding it.
While lotteries have always been a prevalent attribute of the betting world, it is obvious that one is bound to stumble upon the same with light to medium surfing. Online slots casinos too, one might suggest, do not require a bunch of legal hullabaloos and are easy to establish, which explains its prevalence ever since its legal inception in 1994 (according to Grapevine).
So where do the other legalities come into play?
The Elephant in The Room—Bet on What?
A great correlation can be easily deduced between a country being open to a particular kind of sports activity and the idea of betting behind it, and quite obviously, Iceland has a tremendous market when it comes to such sports betting. Unlike online slots or slot machines, sports betting requires a fair bit of dexterity in knowing the ins and outs of the sport itself. Then again, where online slots can be a mundane entertaining affair, the idea of sports betting seems more intriguing and competitive.
When it comes to the type of games, handball being their national sport (or claimed to be so), only implies that there might be a fair market for it. A similar demographic can be observed for the niches of football—be it domestic or international. As there is a great sense of reception when it comes to acceptance of football as one of their most favoured sports, it will not be surprising to see a healthy betting market for it.
The fact of the matter stands—before treading into specifics about legalities, it is important to understand the choices you have at your disposal. While too many choices can lead to one being too worked up, it is not the case with sports betting.
What is the Licensing Status Over Legalities?
There is a matter of fair ambiguity when it comes to official licenses over online ventures. The Financial Services Authority (FSA) is a body that mostly manages the financial front of the country, especially when it comes to numbers. Although the FSA has taken charge and responsibility over various aspects of the countries regulative policies when it comes to revenue, there does not seem to be a distinct demarcation when it comes to fixed policies. What this roughly translates to, is the idea that certain policies are subject to modulation.
While you might think that it may work against you, there is a silver lining that exists here—a fair sense of modulation means that the regulations are relaxed, and as established, a market is hypothetically bound to grow in a relaxed environment. It is only a matter of time before this is proved (or disproved), when it comes to betting in Iceland.
Protect the Players?
Online betting can be a competitive affair—and with most such ventures, having a contingency plan or means of protection is quintessential. When it comes to Iceland, this could either prove to be a playground of providence, or a debacle altogether, depending on where you are from.
There is a fair sense of security for the locals. Brand value is something that the online gambling site in Iceland takes rather seriously, and any breach of privacy is considered abysmal, insomuch that you can file complaints if you sense any grave damage to your protection as an online participant.
For the outsiders or foreigners, this does not prove to be a safe venture. There is no such sense of protection when it comes to aiding the cause of foreign players, and unapologetically so. However, while this might sound like a perilous venture, the gambling sites in Iceland are relatively safe to play bets on. For the most part, the onus is on you.
To Conclude—What This Means for You
The equation is simple—if you are a foreigner, trying to venture into various other gambling sites that do not necessarily lie in your geographical reach, Iceland can be a mixed market, depending on where you tread into and what you do. As established, there is no valid sense of protection for you when it comes to jurisdictions and said associations. Basically, you will not be able to file a complaint if things go downhill—which is easy to bypass—just visit trusted websites and you should be good to go.