Legalization of gambling business contributes to the development of Ukraine and its entry to a new level — experts

Last summer, President of Ukraine Volodymyr Zelensky signed a law on the legalization of gambling in an attempt to get rid of the shadow side of the market and fill the state treasury. According to some experts, this step will allow the country to reach a qualitatively new level of its development.

According to estimates, the Ukrainian black market of gambling is worth $1 billion, which makes it a promising source of income for the treasury. However, the situation has already changed for the better. So, since the beginning of 2021, the Commission for the Regulation of Gambling and Lotteries of Ukraine (CRAIL) has issued 18 licenses for a total of $20 million. The list of licensees also includes seven high-class hotels in Kyiv, including the "luxury" Fairmont with a view of the Dnieper.

Fairmont Grand Hotel Kyiv
Fairmont Grand Hotel Kyiv

However, gambling operators complain that one law is not enough for the industry to become a market. According to them, further legislation, technical regulation and proper administration are needed for its implementation.

High taxes also create problems for companies, Parimatch partner Maxim Lyashko told the Kyiv Post: “We are waiting for the government to complete the implementation gambling as a sphere of the economy.”

At the same time, Lyashko highly appreciated the initiative of Volodymyr Zelensky’s team to legalize gambling. He also called on the parliament and ministries to "normalize taxation in this area and resolve technical issues."

Head of the Ukrainian Gambling Association Anton Kuchukhidze claims that these are normal growth problems. “The most important thing was to finally enact the law. The market will appear on time. We have potential, but we are still in the first phase. And it’s difficult,” he told the Kyiv Post.

Experts are confident that Ukraine’s high taxes and strict regulations will ensure that the local gambling market will no longer return to the illegal course, as it was before the country’s president adopted the corresponding law.

Recall that the chairman of CRAILtold about the peculiarities of opening a casino in Ukraine.

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