Iceland Could Be Saved by Liberalization of Gambling Laws

Posted: January 6, 2010

Updated: October 4, 2017

Economic hardship has been seen by the world due to the recent financial meltdown. Some countries, however, have been hit a lot harder than others.

Economic hardship has been seen by the world due to the recent financial meltdown. Some countries, however, have been hit a lot harder than others. Some countries find themselves in debt so deep that it seems unlikely that they will be able to emerge from the hole any time in the near future.

Many countries have turned to new legislation regarding land-based and online gambling to ease the new burdens. By regulating and taxing the industry, governments can make significant profits and citizens are able to enjoy a pastime that’s as old as the hills.

Even the United States has considered easing up on its policies. Some of the individual states, for example Ohio, have allowed for more casino gambling and will make millions in profit, as well as creating thousands of jobs.

This would be a very good idea for the Icelandic government to take into consideration. Iceland is one of the countries that was hit the hardest in the height of the economic crisis. Current Icelandic gambling laws are quite strict and show room for liberalization.

The gambling industry in Iceland currently consists of the following: limited lotteries, and a small number of slot machines. The demand for gambling in Iceland, however, is quite high with 70% of all citizens gambling. Over 13% of the population gambles at a rate of over once a week. With such high demand for gambling services, the introduction of new possibilities is very promising and could turn over quite a profit.

Land-based or online casinos in Iceland may be the answer to the countries financial ailments. Internet gambling in Iceland is already popular, unfortunately, it is just as restricted to nationals as the land-based opportunities. Much Icelandic internet gambling traffic is lost to foreign sites over which the government has no jurisdiction. If the government of Iceland were to reform legislation regarding the gambling industry, they would find themselves with an abundance of extra funding to get the nation back on its feet.