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Lotto in Iceland

The Icelandic lottery – called Lottó – was established in 1986 and since then has been carried out without interruption at weekly intervals. In addition to classic sports betting, it is very popular and most gamblers take part in domestic betting offerings.

Lotto in Iceland is carried out by the state lottery association Íslensk Getspá. It is a classic numbers game where you have to bet on 5 out of 40 numbers plus the bonus number correctly to crack the jackpot. Thus the statistical chances to win are about 1: 658,000. The application in the Icelandic lottery is only 100 kroner per bet – this is about 70 cents. The drawing of the winning numbers takes place every Saturday evening towards 7.00pm.

Chances of winning and jackpot

The highest jackpot ever in the Icelandic lottery was cracked in 2013 and amounted to 139.5 million kroner, which corresponds to about 1 million euro. On an average, the profit is around 2500 kroner, with just about every 55th participant to win.

The winning system

The winning principal for the lottery in Iceland relies on the jackpot, which is set to high winnings in the first class, while for all other classes relatively small amounts of money are distributed. In total a 45 percentage of the entire stake money is provided for the lottery’s distribution in Iceland. All winnings are tax-free.