Ukraine’s gambling prohibition that has lasted one decade came to an end on 14 June last year when Verkhovna Rada, the state’s national parliament made this decision. Ukraine’s authorities capitalized on this ‘monumental event’ and intended to restart a controlled gambling market this year. Rada and cabinet ministers are putting in efforts to establish all the necessary bylaws.
Eterna Law Managing Partner and Expert Advisory Council of the Gambling and Lottery Regulation Commission of Ukraine Andrey Astapov told CasinoBeats the significant possibilities that legalized gambling presents. He then talked about the legal implications as the CIS region and Eastern Europe have more importance in the gaming sector market. Astapov talked about the upcoming Ukrainian’s potential and stated, ‘It is phenomenal for most major industry leaders when Ukraine goes back to legalized gambling.’ Some estimations in the market say that the Ukrainian gambling sector volume in the underground totaled to over €5 billion.
‘The amounts will go up after the market commences its legal operations. Therefore, the Ukrainian market has significant possibilities. Even though there are a lot of local operators keen on getting various gambling licenses, international investors and major international brands in the gambling sector get special focus. ‘Presently, online gambling is more lucrative because of the pandemic. However, soon, brick and mortar gambling will revive. Ukraine is famous for its strategic location in Europe and is an attractive and accessible tourist destination.
Therefore, it has many advantages for investors who want different markets to set up brick & mortar betting points or casinos. Also, Astapov talked about the reasons the procedure to legalize Ukraine gambling took so long. He mentioned that the main reason was that the activity was forbidden for a long time. ’Creating the legal structure for the sector that remained unregulated for many years can be challenging due to various reasons,’ he said. ‘Detailed assessment and consideration of every industry detail in general, and every gambling item is essential for this procedure.’ ‘A significant amount of time is also invested in ongoing discussions with different stakeholders.
Sector representatives, parliament deputies and politicians; they all have different ideas.’ All their ideas will be treated fairly and considered. ‘A lot of public deliberations have already began at the initial levels of drafting the gambling law. At first, they resulted in the coming up of some different gambling regulations. Afterward, the Verkhovna Rada introduced various amendments. Therefore, the process of implementing the regulatory program was long. However, it shows that outlining any superior and straightforward regulation is a lengthy process and varied methods and tactics need to be examined meticulously.’ Astapov went on to talk about how effective the approvals procedure will be for people who wish to join the upcoming Ukraine gambling market in the future.’ ‘The licensing procedure is a lot easier compared to different areas since the key objective of the gambling laws’ authors was to start the market fast,’ he said.
‘The gambling planner arranges the set of documents and presents them to the Gambling Commission; they take 15 days to check the application. After this, the planner either gets the license or a regret, and is allowed to apply again. Where requirements are concerned, the gambling law suggests specific requirements for the gambling planner. For instance, usually, the gambling planner’s firm is registered in Ukraine.
The allowed capital is 30 million hryvnias and the winnings payment bank guarantee. Also, there are several organizational and reputational requirements. Lastly, Astapov illustrated the knowledge imparted from gambling rules in other governments, where markets and connected legal structures were firmly implemented. ‘The objective was and still is the creation of straightforward, consistent and accountable legislation,’ he stated.
So, it is clearly understood that the gambling legislation in the Ukraine should match the standards and regular global activities for the gambling legislation. ‘The gambling law authors’ main focus was on various gambling activities in states where the sector regulation existed for a long time, for instance, the countrywide legal structures of the UK, Malta, Georgia and Russia.
‘All structures were assessed carefully at the level when the gambling regulation in Ukraine was just being created. Because of this, the gambling law in Ukraine already establishes the rule of accountable play. It includes appropriate techniques to fight ludomania and similar issues, requirements for anti-money laundering and a variety of other essential rules.’
