European Gaming and Betting Association (EGBA) secretary-general Martin Haijer believes Iceland can follow Nordic neighbours Denmark and Sweden by successfully adopting an open licensing regime for gambling operators.

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In an opinion piece published on Icelandic news website Visir, Haijer called for a “rethink” of the nation’s monopoly-based market.

The only six entities in Iceland that have been granted a gambling licence must invest their proceeds into social causes, squeezing out the private sector. A report earlier this year by the Iceland Review magazine claimed that Icelanders spend about ISK20bn ($146m) on unregulated foreign gambling websites annually.

He warned that the current system is “at odds” with almost all other European countries, as well as Icelanders themselves.