Ukrainian President is targeting December 1st, 2019 for new law to liberalise gambling
Recently elected Ukrainian President Volodymyr Zelensky wants a law in place to liberalise gambling by December 1, 2019.
While some countries including Cambodia and the Philippines are looking to tighten gambling laws, others are looking to liberalise the market. We have some details concerning Gambling liberalisation in Ukraine next.
Gambling liberalisation in Ukraine to boost economy
The Ukrainian president Volodymyr Zelensky has only just been elected this past July but has already been very busy. In a meeting, he stated his intention of liberalising the national gambling market through a new law which is looking to be ready by October, 1st and approved on December, 1st. The president believes that this liberalization strategy will boost the Ukrainian economy.
Loss of state revenue
Experts believe that the law that came into force in 2009 which prevented operators from offering gambling in the Ukraine has resulted in a vibrant underground economy. This has meant that the state has lost over €1.37 billion in tax revenue in 2017 alone!
This is expected to boost the Ukrainian economy through greater tax collection, mainly from tourists to the Black Sea region of the country.
Past failures to liberalise gambling
This is not the first time that attempts have been made to liberalise and regulate gambling in the Ukraine. In 2015, a bill attempted to open up the market to land based casinos, online gambling and sports betting. Again, in 2017 the government was intent on reintroducing a legalised gambling framework which was targeted by the end of 2018. These lofty goals ended in failure!
The president, Volodymyr Zelensky, believes that liberalising gambling in the Ukraine will boost the country's economy. This will particularly be of benefit to the touristy regions around the Black Sea.
Will we finally see a liberalised gambling market in the Ukraine? We'll know soon enough!