On August 13, the law on the legalisation of the Ukranian gambling market came into force – one of President Volodymyr Zelensky’s promises to the people of Ukraine.
After 11 years, the gambling business emerged from the shadows, and the state finally brought the country’s betting industry regulations in line with those of Europe.
Parimatch became the first licensed operator in Ukraine. The license allows the company to legally provide betting services, casinos, and poker, which will generate tax revenues to the state budget. The Ukrainian license became the 5th for the international holding Parimatch.
Restarting the gambling market according to European standards will catalyse the inflow of international investments into the country. Parliamentarians have already stated that in 2021 alone, the budget of Ukraine expects about 255 million euros in revenues from the gambling industry.
The state will direct the money received from the sale of licenses to support socially significant areas such as medicine, culture, and sports. The influx of foreign investors also contributes to the developing of technologies that will give Ukraine the impetus to compete in the international entertainment market.
According to Managing Partner of Parimatch Holding Maksym Liashko, “Work still remains to be done on reforming tax legislation before the Ukrainian market becomes attractive to foreign investors. Taxation should be transparent and logical so that it doesn’t create additional obstacles for foreign investors. At this stage, the cost of licenses for various types of gambling activities is so high that, together with taxation, it does not make investments in the nascent Ukrainian market attractive. So Ukraine could lose the competition in terms of investment in other countries. Under favourable legal conditions, specialist market capacity and qualifications will allow Ukraine to become a gaming hub for the Eastern Europe region. Like Malta and Manila, Ukraine now has the potential to become a centre of expertise for gambling entertainment.”