Comparison
Coolbet in Iceland: Review & Alternatives (2026)
Does Coolbet accept Icelandic players? Its own terms, MGA licence, currencies, ID checks, the 2022 media fine and casino alternatives, October 2026.
By Gunnar SigurðssonFact-checked by Helga BjörnsdóttirUpdated 12 min read
Market: Iceland
Disclosure We may earn a commission if you use our links. It never changes our ratings or the order of a list. Editorial policy
Coolbet’s own terms say it may accept players physically located in Iceland, and Iceland is not on its list of barred countries. The operator is Polar Limited in Malta, licensed by the Malta Gaming Authority under MGA/CRP/681/2019. Like every foreign gambling site, Coolbet has no Icelandic licence. We are not partners with Coolbet, so this page has no links to it: it sets out the facts and then shows the casinos we do list as alternatives.
Coolbet is one of the most searched gambling brands in Iceland, at about 6,600 Google searches a month, second only to bet365. It is mostly a sportsbook, with a casino, live casino and poker room alongside. Everything below comes from Coolbet’s terms and conditions, version 4.6 dated 7 November 2025, which we read on 8 October 2026.
Coolbet at a glance
| Item | What Coolbet’s terms say |
|---|---|
| Operator | Polar Limited, registration code C87805, Regent House, Office 21, Bisazza Street, Sliema, Malta |
| Group | Part of Coolbet Group (Vincent Group Limited, C 87038, Malta) |
| Licence | Malta Gaming Authority, MGA/CRP/681/2019, issued 6 April 2020 |
| Iceland | Clause 2.1.10: may accept users “physically located in countries including, but not limited to, Finland, Iceland, Chile and Canada”; Iceland is not on the restricted list in 3.1.1 |
| Icelandic licence | None (no Icelandic online gambling licence exists) |
| Products | Sports, eSports, Casino, Live Casino, Jackpot Games, Virtual Sports, Poker |
| Payments | Fiat and crypto (Bitcoin and Tether named); minimum deposit 10 EUR/USD/CAD or 2,500 CLP |
| ISK | Not mentioned in the terms |
| Minimum age | 18 |
| Governing law | Laws of Malta, Maltese courts |
Can you sign up to Coolbet from Iceland?
According to Coolbet, yes. Clause 2.1.10 of its terms names Iceland among the countries where it may accept users, “subject to applicable law and the Operator’s eligibility criteria”. The long list of countries whose residents may not open an account (clause 3.1.1) includes Denmark, Greenland, the UK, Germany and the Baltic states except Estonia, but not Iceland.
The same clause asks something of you. When you register, you declare that “gambling is allowed in the country where You are physically located”. Icelandic law does not allow money gambling except under a special act, and Coolbet holds none. Coolbet leaves that question to the player, so read the declaration before you tick the box. Our page on whether online gambling is legal in Iceland sets out the law: there is no Icelandic licence for foreign operators, but players have not been prosecuted.
What about language and currency? The terms quote minimum deposits in EUR, USD, CAD and CLP only and never mention krónur, so expect a euro account and a currency fee from your bank. We viewed Coolbet from outside Iceland and saw only English; third-party sites report an Icelandic version for Icelandic visitors, which we could not confirm.
Licence and who runs Coolbet
Coolbet started in Estonia and now runs its international site from Malta. The site configuration shows separate licences for Estonia, Sweden and Ontario (coolbet.ca), but Icelandic players fall under the Maltese company, Polar Limited, and the MGA licence issued on 6 April 2020. An MGA licence means a European regulator supervises the operator’s systems, anti-money-laundering checks and player funds. Clause 2.1.11 says player funds are kept separate from the operator’s own money.
It does not make Coolbet licensed in Iceland. Iceland is in the EEA, but gambling is not covered by an EEA-wide licence, and Icelandic law recognises no foreign gambling licence. For disputes, you would use Coolbet’s own complaints process and then the routes its MGA licence provides, not an Icelandic body.
Deposits, withdrawals and ID checks
- Minimum deposit: 10 EUR (clause 2.2.5). At the Central Bank of Iceland rate of 137.0 kr. per euro on 8 October 2026, that is 1,370 kr. before any card fee.
- Turnover rule: every deposit must be wagered at least once before it can be withdrawn (2.2.10).
- Crypto: winnings from a crypto deposit are paid out in the same cryptocurrency, and you cannot convert between crypto wallets and currencies on the site (2.2.12–2.2.13).
- ID checks: Coolbet carries out extra verification once deposits or withdrawals reach the equivalent of EUR 2,000, cumulatively, and may ask for documents for any withdrawal.
- Fees: some methods charge fees, listed on Coolbet’s payment page; your own bank may add currency-conversion charges. Landsbankinn, for example, adds 2.30% to foreign-currency card payments (price list of 23 April 2026).
- Inactive accounts: after 12 months without a login and with money in the account, Coolbet may charge EUR 5.00 a month after trying to contact you.
Bonus rules worth knowing
Coolbet’s general bonus rules (section 5) allow each bonus or welcome offer once per person, household, address, email, card, device and IP address, including shared networks at a school or workplace. Multiple accounts lead to refused bonuses, and suspected bonus abuse can lead to forfeited winnings or a closed account. Specific offers change, so we do not quote a current Coolbet promotion here. If you compare bonuses, our casino bonus guide shows how to work out the real cost of wagering.
Responsible gaming tools at Coolbet
Coolbet’s terms list a solid set of tools (clause 4.3): deposit limits, login-duration limits, wagering limits, loss limits, session reminders, a 24-hour “Cool Down” button and product blocking for casino, sportsbook or poker. Self-exclusion can be set for a period of your choice (2.5.1). During self-exclusion you can still log in and withdraw, but you cannot play or deposit. That exclusion covers Coolbet only. No national self-exclusion register exists in Iceland, so a block at one site does not reach any other.
Coolbet in the Icelandic news
The brand has a history with Icelandic regulators, though not as the party sanctioned:
- October 2021: after a complaint from Íslenskar getraunir, fjölmiðlanefnd found that the podcast Steve Dagskrá had carried commercial communications for Coolbet, an unlicensed betting operator, and breached the registration duty. No fine was imposed.
- August 2022: fjölmiðlanefnd fined Sýn hf. ISK 1,000,000 over the Vísir podcast Þungavigtin, where talk about Coolbet-branded clothing was found to promote the betting site, alongside alcohol ads (decision 5/2022).
- July 2024: the Coolbet logo was removed from the Akureyri family festival “Ein með öllu” after a Vísir reporter called the organisers.
- April 2025: the chief executive of the football association KSÍ named Coolbet and EpicBet as heavy advertisers in podcasts and social media, although betting ads for unlicensed operators are banned in Icelandic media.
These cases concern Icelandic media, not Coolbet’s licence. They show why Coolbet ads in Iceland draw attention: the Media Act bars registered media from carrying them.
Tax on Coolbet winnings
Coolbet’s terms (3.1.5) make you responsible for any tax on your winnings. In Iceland, winnings from lotteries and bets are taxable income under the Income Tax Act (lög 90/2003, 7. gr.). The exemption covers the six Icelandic licensed operators and lotteries that give all their profit to good causes. A commercial operator such as Coolbet does not qualify, even with an EEA licence, so declare net winnings to Skatturinn.
Coolbet compared with the casinos we list
If you are looking at Coolbet for its casino rather than its sportsbook, the casinos in our list below are the alternatives we cover in depth. They differ from Coolbet in ways you should weigh honestly:
| Point | Coolbet | Casinos in our list |
|---|---|---|
| Licence | Malta (MGA) | Anjouan (Comoros); none has an Icelandic licence |
| Focus | Sportsbook first, plus casino and poker | Casino first; some add sports packages |
| Currency | No ISK in the terms | Euro accounts only, no ISK |
| Welcome offers | Change often; not quoted here | Multi-deposit match packages with 7x to 25x wagering |
| Withdrawals | Per method, fees on the payment page | Minimum €100 (13,700 kr.), at most €1,000 a day and €10,000 a month |
| Crypto | Bitcoin and Tether named | At Wildzy and the Softon brands (Smash, Kingdom, Aphrodite, Wino) |
An MGA licence is a stronger regulatory story than Anjouan, and we say so. Where our listed casinos stand out is low wagering on large welcome packages: Trixino’s slots package carries 7x and Wildzy’s and Smash Casino‘s 10x. Check the withdrawal caps before you chase a big package. Each card shows the dated offer, the licence and the line “Not licensed in Iceland”.
Alternatives to Coolbet for players in Iceland
These are the casinos we review and rank for Icelandic players. All accept sign-ups from Iceland, run in euros and show their terms in English.
The shortlist
- 1
Trixino
777% up to €7,777 (about 1.07m kr.) over 6 deposits
- All 6 deposit bonuses in the slots package carry 7x wagering
- Separate live-casino (300% up to €1,750) and sports (325% up to €1,500) welcome packages
- Withdrawals: minimum €100 (13,700 kr.), maximum €1,000 a day and €10,000 a month; euro accounts only
Visit siteRead review18+. New players only. 7x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 2
Wildzy
600% up to €10,000 (about 1.37m kr.) over 4 deposits
- First deposit 200% up to €1,000; all 4 bonuses carry 10x wagering
- Reloads on Monday, Wednesday and Friday (up to €1,000 each)
- Takes cards, Revolut, Google Pay and crypto; no ISK and no Icelandic interface
Visit siteRead review18+. New players only. 10x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 3
Lucki Casino
450% up to €5,000 (about 685,000 kr.) over 3 deposits
- Weekly slot reloads on Monday, Wednesday and Friday, up to €2,500 each
- Lobby lists 53 slot providers and 12 live-casino providers
- Withdrawals: minimum €100 (13,700 kr.), maximum €1,000 a day and €10,000 a month; euro accounts only
Visit siteRead review18+. New players only. 25x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 4
Slottio
450% up to €3,500 (about 480,000 kr.) over 3 deposits
- Weekly live-casino reloads on Wednesday (100% up to €750) and Saturday (100% up to €1,000)
- Lobby lists 53 slot providers and 12 live-casino providers
- Withdrawals: minimum €100 (13,700 kr.), maximum €1,000 a day and €10,000 a month; euro accounts only
Visit siteRead review18+. New players only. 25x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 5
Smash Casino
600% up to €10,000 (about 1.37m kr.) over 5 deposits
- All 5 slots-package bonuses carry 10x wagering
- Live package 300% up to €2,250 and sports package 250% up to €5,000 (5x)
- Takes cards, Revolut, Google Pay and crypto; euro accounts only
Visit siteRead review18+. New players only. 10x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 6
Kingdom Casino
600% up to €9,500 (about 1.3m kr.) over 4 deposits
- All 4 slots-package bonuses carry 10x wagering
- Reloads on Monday, Wednesday and Friday, up to €1,000 each (10x)
- Takes cards, Revolut, Google Pay and crypto; euro accounts only
Visit siteRead review18+. New players only. 10x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 7
Aphrodite Casino
700% up to €7,000 (about 959,000 kr.) over 5 deposits
- Live-casino welcome package: 300% up to €2,250
- Lobby lists 53 slot providers and 12 live-casino providers
- No ISK and no Icelandic interface; euro accounts
Visit siteRead review18+. New players only. 25x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland. - 8
Wino Casino
600% up to €10,000 (about 1.37m kr.) over 5 deposits
- Sports welcome package 300% up to €3,000 with 5x wagering
- Weekly slot reloads on Monday, Wednesday and Friday, up to €1,500
- No ISK and no Icelandic interface; euro accounts
Visit siteRead review18+. New players only. 25x wagering. T&Cs apply. Offer as seen on 8 October 2026; it may vary by country. ISK figures use the Central Bank of Iceland mid rate of 137.0 kr. per euro (8 Oct 2026). Not licensed in Iceland.
For the full ranking and how we chose it, see our best online casinos for Iceland, read the Trixino review or the Wildzy review, or go back to the online casino hub and the Iceland Casino home page. Crypto players can compare options in our crypto casino guide.
Free help in Iceland
Gambling is for adults (18+) only. If it has stopped being fun, these services are free:
- SÁÁ: 530-7600, [email protected] (free gambling-addiction programme)
- Hjálparsími Rauða krossins: 1717, open 24/7, free and anonymous, also web chat
- GA samtökin (Gamblers Anonymous): 698-3888
- Heilsuvera: 513-1700, or 112 in an emergency
How we checked this page
On 8 October 2026 we read Coolbet’s terms and conditions, version 4.6 dated 7 November 2025, on coolbet.com (Malta terms), including clauses 1.3, 2.1.10, 2.2, 2.5, 3.1, 4.3 and section 5. We checked the licence text in Coolbet’s footer against the MGA licence number, read fjölmiðlanefnd’s opinion 1/2021 and decision 5/2022 on its website, and the Vísir reports of 27 July 2024 and 2 April 2025. Gunnar Sigurðsson wrote the page and Helga Björnsdóttir checked the legal and tax points. We have no commercial relationship with Coolbet.
Frequently asked questions
Does Coolbet accept players from Iceland?
According to its own terms (version 4.6, 7 November 2025), yes. Clause 2.1.10 says Coolbet may accept users physically located in Iceland, subject to applicable law and its eligibility checks, and Iceland is not on its restricted-country list.
Is Coolbet licensed in Iceland?
No. Coolbet is run by Polar Limited under Malta Gaming Authority licence MGA/CRP/681/2019. Iceland has no licence for online casinos or foreign betting operators, so no foreign site, Coolbet included, is licensed here.
Can I play at Coolbet in Icelandic krónur?
Coolbet’s terms quote deposit minimums in EUR, USD, CAD and CLP and do not mention ISK. Expect to play in euros, with a currency fee from your bank (Landsbankinn charges 2.30% on foreign-currency card payments).
Why was a media company fined over Coolbet in Iceland?
In August 2022 fjölmiðlanefnd fined Sýn hf. ISK 1,000,000 because the Vísir podcast Þungavigtin promoted Coolbet, along with alcohol. The Media Act bans registered media from carrying commercial communications for betting that is not licensed in Iceland.
Are Coolbet winnings taxable in Iceland?
Yes. Winnings from bets and lotteries are taxable income under lög 90/2003, 7. gr. Only the six Icelandic licensed operators and lotteries that give all profit to good causes are exempt, which a commercial operator like Coolbet is not.
What is the minimum deposit at Coolbet?
10 EUR (or 10 USD/CAD, or 2,500 CLP) under clause 2.2.5 of its terms. That is about 1,370 kr. at 137.0 kr. per euro (8 October 2026), plus any bank fee. Each deposit must be wagered once before withdrawal.
Does Iceland Casino link to Coolbet?
No. Coolbet is not a partner, so we cover it factually without links. The casinos in our toplist are the alternatives we review and rank for Icelandic players.
Sources
- Coolbet: Terms and conditions (Malta), V.4.6 dated 07.11.2025, read 8 Oct 2026 (coolbet.com/en/help/terms/terms-mt)
- Malta Gaming Authority: licence verification (Polar Limited)
- Fjölmiðlanefnd: opinion 1/2021 (Steve Dagskrá, Coolbet)
- Fjölmiðlanefnd: decision 5/2022 (Sýn hf., Þungavigtin)
- Vísir: Coolbet logo removed after reporter's call (27 Jul 2024)
- Vísir: KSÍ CEO on betting (2 Apr 2025)
- Alþingi: Lög um tekjuskatt nr. 90/2003
- Landsbankinn: price list, 23 Apr 2026
About the author
Gunnar Sigurðsson
Casino reviews, bonuses and games
Gunnar writes Iceland Casino's English casino reviews and bonus guides, and the pages on games such as slots and live casino. He starts every review with the casino's own terms rather than its promotion banner, and works out what a bonus costs to clear in euros and krónur before he calls it good value. He records the date he saw each offer, flags withdrawal caps and maximum-bet rules, and points out what a casino does not offer Icelandic players, such as ISK accounts. Every page he writes is checked by a second editor.
