Iceland and Online Gambling

Published Wednesday, January 06, 2010 -

Iceland was near financial collapse recently with problems in the solvency of their banks during the economic crisis that has gripped the world. It is expected to take along time for the isolated country of vast beauty and volcanoes to recover from the massive debit that has stricken the country. There have been many examples of smaller European and other jurisdictions looking at legislation to liberalize their gambling laws in order to attract revenues to help with their nation debts. Through regulation and taxation some countries have built an entire industry with online gambling making it a major source of jobs and taxes for some. The USA which is also going through a slow period of economic growth even after the huge financial bailout the US government has offered to various industries, is considering changes in it's federal policies regarding online gambling. Separate states in the US are revamping laws to allow for more revenues from online lotteries and other forms of online gambling such as horse racing and sports betting.

Iceland would do well to consider the loosening of it's gambling laws. It has very stringent rules with regards to gambling in the nation so there is a lot of room for change. Icelander do enjoy gaming on just about everything. It is reported that a much as seventy percent of the citizens gamble. Their choices are limited to lotteries and a few scattered slot machines. An estimated thirteen percent of the people in the land of ice gamble at least once a week. These stats are good news for companies looking to locate somewhere close to Europe with the possibility of a profitable business almost for certain. Law makers in Iceland know that internet gambling is popular in their land and they also know that the offshore companies that host the games are not giving the government their fair share. Should these politicians open their eyes to the revenue potential of regulated online gambling they may also see it is way out of debit.





Related news

Return to Latest News