The Ukrainian parliament is in the headlines as it was announced that six new bills will be considered related to the regulation of gambling. This comprises two draft amendments to the current tax and budget laws involving gambling in addition to one rule change related to illegal gambling.
Currently only five have of the nine total bills and amendments have been made available to the public. It is expected that the other four will be released after a thorough examination to assess how they meet the regulatory framework.
The bills are supported by Ukrainian President Volodymyr Zelensky, who has been trying to legalize gambling within the country since being elected. These newly submitted bills however, are expected to act as a type of protection and were introduced by the People Party back in October. Each of these bills was made to establish a regulatory framework related to gambling, including the four most significant parts of the industry: lotteries, online gambling, sports betting, and casinos.
As mentioned on the Calvinayre.com website, the bills were submitted by Taras Tarasenko, who also wrote one of the bills. Any group applying for casinos in the capital city of Kiev would have to pay $3.2 million as part of the application process, according to Tarasenko.
Moreover, all online casinos would need to pay an estimated $2.1 million in licensing fees. One bill particularly addresses the licensing framework for sportsbooks, allowing these online sports betting sites to own 10 venues within the country.
It is expected that 32 licenses will be available despite the new regulation, with 16 set aside particularly for the capital city. The other 16 will be distributed among the other significant cities in Ukraine, including in Kharov and Odes.
While there is concern about the impact of gambling on the country, the fact that Ukraine expects gambling to generate $300 million in revenue each year is something that can’t be ignored. The country filed to legalize gambling back in October and that initiative was backed by the president immediately.
Although there is worry about the impact of gambling on the country, one can’t ignore the fact that Ukraine expects gambling to yield $300 million in revenue each year. Back in October the country filed to legalize gambling and that initiative was supported by the president immediately.
As stated by the bill, the country wants to set up gambling venues as quickly as possible, not just allowing for the establishment of these casinos at three, four, and five-star hotels but also building separate facilities.
Parts of these bills are also addressing the widespread problem of illegal gambling. Illegal gambling operations have plagued the country since the annexation of Crimea, and it is anticipated that providing legalized forms will lessen if not completely deter these illegal operations.
