Iceland Lottó Exposed — What Are the Options of Playing It Online?

Iceland Lottó Review

While it doesn’t produce a massive jackpot (there’s a local joke that Lottó jackpot winners splurge on second-hand cars), Lottó is pretty popular across Iceland. The favorable odds are one of the most defining characteristics. The fact that the jackpot rolls over is also in favor of the game’s popularity.

So what exactly is Lottó and is it worth thinking about? We’ll dissect all of the characteristics of this national lottery right now.

Is Giant Lottos a scam in Iceland

What is Lottó: A Quick Overview

Lottó is a national Icelandic game that traces its origins to more than two decades ago. Since its inception, Lottó has produced over four million winners. Playing the game is simple, whether you’re interested in a standard ticket purchase or playing Iceland Lottó online.

The game is different from the pan-Nordic Viking Lotto. Since it does involve a bigger number of countries, Viking Loto has been known to produce larger jackpots. The odds of claiming the top prize, however, are much less favorable than the probability of becoming an Iceland Lottó millionaire.

Is Iceland Lottó a Scam and Can You Play It Online?

Iceland Lottó is not a scam. On the contrary! It’s a popular national game that’s loved by people across Iceland. There’s no reason to worry about your money or the security of your sensitive information when you decide to play.

The first ever Lottó ticket was bought on November 22, 1986 by Prime Minister Steingrímur Hermannsson (we dare you to pronounce the name correctly, if you’re not from Iceland!). Originally, the lottery was a 5/32 game. Eventually, it was changed to a 5/38 game in 1988. A new change occurred in 2008 when the current format was introduced. It was chosen to make winning the game more difficult, but the size of the jackpot was also increased.

Lottó is one of the games in the portfolio of Íslensk Getspá. This entity traces its roots back to 1952. The original games were mostly in the field of sports betting, but eventually, the scope increased. Currently, the operations of the company are regulated by national laws and some of the proceeds generated through the sale of tickets go to support sport and athletic developments.

As far as scams using the name of Lottó, there aren’t any reports of such.

It is possible to buy Lottó tickets online, but the conditions are specific. We’ll take a look at them later on in the guide.

How to Play Iceland Lottó?

Playing Lottó is very simple. All that you have to do is choose your favorite numbers from a pool of 40. If you don’t have favorite numbers that you like to play with, a ticket can be generated randomly for you.

The cost of a single entry is 130 Icelandic krona or approximately 1.3 USD.

Drawings take place every week on a Saturday. They’re televised and broadcast live on national TV. The results can also be found on the Lottó official website.

Prizes and Odds

People who get all five numbers for the respective drawing correct will be entitled to the Lottó jackpot. If there’s no winner for the respective week, the jackpot will roll over towards the next one and until it is won.

The odds of claiming the Iceland Lottó jackpot are 1 in 658,008. These odds are much better than the chances of becoming the winner in another European national lottery (or a lottery from another continent for the matter).

The biggest prize ever in the history of Lottó was 139 million Iceland krona. This relatively big jackpot fell in December 2014 and there were two lucky ticket owners who had to split the amount among themselves.

Before this sum fell, the largest jackpot in the history of Lottó was 82 million krona.

Having a few weeks of turnover and no jackpot win increases the interest in Iceland’s national lottery exponentially. Whenever the jackpot goes above 80 million krona, large queues form in front of authorized retail venues as everyone becomes eager to test their luck.

Those who get 4 numbers correct will split 14.5 percent of the prize pool among themselves. The odds of winning the second prize tier are 1 in 131,602.

People, who get 3 correct numbers will split 17.5 percent of the prize pool among themselves. The odds are 1 in 111.

The smallest prize is handed to those who match only 2 numbers for the respective drawing.

Some Information Iceland Lottó Winners

Prizes of up to 25,000 krona can be received from any authorized retail venue in Iceland. Winnings of under 100,000 krona can also be paid out directly to the winner’s bank account. One day should have passed since the drawing for the payment to be processed.

Prizes that exceed one million krona will be paid out within a four-week period following the respective drawing. Such payments are typically provided in the form of a check.

One of the best things about playing the lottery in Iceland is that the government does not put an income tax on the prizes. Thus, the sum that is being advertised for the respective drawing is the one that the player will end up receiving.

Can You Play Iceland Lottó Online?

Iceland Lottó online ticket purchases occur through the lottery’s official website.

In order to buy tickets this way, you will have to register. Only local residents can create a registration and benefit from the opportunity.

International lottery agents do not carry this game at the time. Thus, if you’re located in another country and you’d like to play Lottó online, you will be deprived of such an opportunity. If you’re a foreign resident and you’re currently in Iceland, you’ll be free to test your luck.

Why You Should Play Iceland Lotto

Pros:

The lottery has a history that spans more than two decades

It is organized by a national entity

The odds of winning the jackpot, as well as the lower prize tiers are excellent

Ticket prizes are relatively low

If there’s no winner for the respective drawing, the sum will roll over towards the next one

There’s an online ticket buying option and there’s a lot of flexibility when it comes to the manner in which prizes are paid out

Iceland does not impose an income tax on lottery prizes

Here are a few of the reasons why you may be somewhat unhappy about Iceland’s Lottó:

Why You Shouldn’t Play Iceland Lotto

Cons:

International players cannot buy tickets from an online lottery agent

The jackpots aren’t too impressive (if you’re looking for something that has the dimensions of EuroMillions, for example)

There is only one drawing per week

Is  Iceland Lottó Legit?

Iceland’s most prominent national game is certainly good and it may appeal to a specific group of players.  As you can see, the shortcomings don’t really interfere with how genuine or enjoyable the lottery is. If you like Iceland Lottó, do give it a chance by all means. While the jackpots aren’t the biggest ones on the face of the planet, the odds definitely justify splurging on a few tickets.