Icelanders spend an estimated ISK 20 Billion, $146 Million, €134 Million on foreign gambling websites every year. This leads to a tax revenue loss of up to ISK 7 Billion $51 Million, €47 Million, according to the CEO of one of Iceland’s six legal gambling operations.

In an interview with Morgunblaðið, Bryndís Hrafnkelsdóttir, CEO of HHÍ, a gambling operation whose proceeds fund the University of Iceland, said that foreign gambling websites like Coolbet, Bet365, and Betsson operate without public oversight and that their proceeds do not benefit Icelandic society.

“Authorities need to take on illegal gambling, which has been allowed to happen in Iceland for too long,” Bryndís said, adding that gambling addiction is a big problem in Iceland, especially among young men. “The problem doesn’t disappear if we introduce harm reduction for addiction and will only increase if nothing is done. The gamblers will find another way and move from legal gambling to the illegal foreign sites which will cause money to stream out of the country instead of going towards good causes domestically.”

HHÍ has been operating for 90 years and funds the building and maintenance of the University of Iceland’s campus. Six Icelandic companies have a license for gambling operations in Iceland and their proceeds all go towards social causes, such as education, youth groups or sporting activities.