The tournament involves nine of Reykjavík's top football sides from the top two leagues in Iceland, Úrvalsdeild karla and 1. deild, and uses a combination of group and knockout rounds to determine which team is the winner of the tournament.

Currently, matches begin in January, with tournament concluding in February.

Valur are the defending champions, having defeated Fjölnir 1–0 in the 2017 final.

[1] A total of 10 clubs have appeared in the final, of whom 9 have won the competition.

The most recent winner is KR, who defeated Valur 2–0 in the 2020 final.