Ukraine legalises online games
President Volodymyr Zelensky has followed through on a commitment to release a gambling bill to legalise it.
Back in September, we wrote in our blog about president Volodymyr Zelensky looking to liberalise the Ukrainian gambling market by December 1st, 2019. It was made illegal in 2009. Liberalisation aimed to provide a boost to the Ukraine economy by capturing the lion's share of lost revenue from the underground economy estimated at €1.37 billion in 2017. Today, we've got an update that we wanted to tell you about as it would seem Ukraine legalises online games.
Gambling Reform Bill Wording Released
Casinos can qualify to participate in an auction for a license with an annual fee.
The Ukrainian parliament has now released the text of the bill which would legalise gambling in the country of over 42 million people. The gaming bill would liberate online betting and online poker. The state would issue ten online casino licenses and ten betting licenses. Twenty casino licenses would be issued to five-star hotels. Any operators would be required to hold capital of at least £940,000 to qualify for the application for a license.
Licenses would be determined by auction starting at UAH37m for casinos in Kyiv but UAH25m to land-based casinos. The fee would increase each year according to inflation with the proceeds going towards a special fund in support of Medicine, Sports and Culture.
Birth of a National Regulator
The bill would also create a national regulator that would have the power to impose punishments, create exclusions lists and more.
In addition to the news that Ukraine legalises online games, the bill would also create a new gambling regulator for the nation. It will have the power to penalise operators violating the terms of their license, create a self-exclusion list and ensure fairness.
We look forward to seeing how the market in Ukraine evolves in the coming weeks and months.