The tournament involves eight clubs from the top two leagues in Iceland, Úrvalsdeild and 1. deild, and uses a combination of group and knockout rounds to determine each team's final position in the competition.

FH are the defending champions, having defeated Stjarnan 4–2 on penalties, after the sides drew 2–2 in the 2017 final.

[2] In December 2022, it was announced that the 2023 edition would not be played after the Association of League Referees terminated its cooperation with the tournament due to its dissatisfaction with the coverage of Fótbolti.net of their work, especially the way certain employees of the media have accused referees of dishonesty or outright cheating.

Stjarnan have finished runners-up on more occasions than any other club with 3 defeats in the final.

The most recent winner is FH, who defeated Stjarnan 4–2 on penalties, after the sides drew 2–2 in the 2017 final.