Icelanders average 80,000 krónur in annual gambling bets, Chamber proposes licensing system

Icelanders bet an average of 80,000 Icelandic krónur annually on gambling, according to the Icelandic Chamber of Commerce. The organization proposes implementing a licensing system for the gambling industry in Iceland. They estimate that with proper taxation, this could generate approximately 5 billion krónur in government revenue.

Björn Brynjúlfur Björnsson, CEO of the Chamber, noted the rapid growth of the gambling market in recent years, with operations increasingly extending beyond Iceland’s borders. He emphasized that the existing ban on gambling activities has failed to decrease participation, stating that Icelanders continue to gamble significantly.

In response to this situation, the Chamber suggests that those currently authorized to operate gambling services in Iceland could offset potential damages through tax revenues, which could amount to up to 5 billion krónur per year. This financial influx would aim to maintain support for sports organizations, rehabilitation efforts, and other initiatives.

The commentary underlines the growing acceptance and engagement in gambling among Icelanders, raising the question of regulatory oversight and economic benefits that could accompany a legal framework for the industry.