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// PUBLIC GAMING INTERNATIONAL // May/June 2016
PUBLIC GAMING
INTERVIEWS
Bryndís
HRAFNKELSDÓTTIR
Chief Executive Officer, University of Iceland Lottery
PGRI Introduction:
Totally owned by
the University of Iceland, the Univer-
sity of Iceland Lottery (UIL) faces the
same challenges, and some unique
to its charter, as lotteries all across
the globe. Like CEO’s of all success-
ful lotteries, Ms. Hrafnkelsdóttir stays
focused on the mission to gener-
ate funds for its beneficiary, operate
within strict regulatory limitations, set
the highest standards for Responsible
Gaming and Corporate Social Re-
sponsibility, and otherwise serve all its
stakeholders.
Prior to her appointment to CEO of
the UIL in 2010, Ms. Hrafnkelsdóttir
was CFO of Landfestar, a real estate
company owned by Kaupthing bank,
Project Manager at Kaupthing bank´s
head office in 2007–2008, General
Manager of Debenhams department
store from 2000-2006, and CFO and
member of the executive board of
Hagkaup, the largest hypermarket in
Iceland, from 1996-2000. Bryndís
has been the board chairman of the
Commercial College of Iceland since
2006, a board member at Reginn
Ltd. from 2014, a real estate com-
pany listed on the Icelandic Stock Ex-
change, and alternate board member
at TM Ltd. from 2014, an insurance
company listed on the Icelandic stock
exchange. Bryndís has a Master’s de-
gree in business from the University
of Iceland and a Cand. Oceon degree
in business administration from the
same university.
Paul Jason, PGRI:
The University of Ice-
land Lottery (UIL) serves a uniquely crucial
role in Icelandic society and the development
of the University.
Bryndís Hrafnkelsdóttir:
It does. The
UIL was founded in 1933 and its purpose
is to generate funds for the construction
of university buildings, their maintenance
and the purchase of equipment. The
first construction was the beautiful Main
Building of the University which came
into use in 1940. Since then, more than
20 other buildings have been funded al-
most entirely with lottery money. Most
people in Iceland realise that without the
existence and contribution of the UIL, the
University of Iceland would not have been
able to develop in the way it has.
What is the basic regulatory and governance
model for lotteries in Iceland?
B. Hrafnkelsdóttir:
Under Icelandic
law, no lottery can be run in this country
without a licence from the Ministry of the
Interior and it is only granted for the pur-
pose of generating funds for worthy na-
tional causes. The objective of these provi-
sions is to prevent any damaging effects on
society and to uphold public order.
There are currently 6 lottery companies
operating in the market. The UIL is the
oldest lottery in Iceland and is licensed to
run three types of money lotteries:
a) a class lottery, which has been run from
the beginning with the first draw taking
place on 10 March 1934
b) scratch ticket lotteries which were in-
troduced in 1987
c) Video Lottery Terminals (VLT’s), under
the name of Gullnáman, which have
been operating since 1993.
Other lottery companies in the Icelan-
dic lottery market are Íslandsspil, which
runs VLT’s, Íslenskar getraunir which of-
fers sport betting, Íslensk getspá with Lotto,
Viking lotto and Eurojackpot. It should
also be mentioned that there are two other
companies which both offer class lotteries.
Íslensk getspá and Íslenskar getraunir are
run under the same hat, albeit with separate
On Managing Stability, and Ongoing Support for the University of Iceland,
in a Rapidly Changing Market and Regulatory Environment