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President of Ukraine signed Law "On State Regulation of Activities on Organization and Conduct of Gambling"

Legalization of gambling business corresponds to both global practice and European

wpfordev
President of Ukraine signed Law "On State Regulation of Activities on Organization and Conduct of Gambling"

Legalization of gambling business corresponds to both global practice and European

wpfordev
President of Ukraine signed Law "On State Regulation of Activities on Organization and Conduct of Gambling"

Legalization of gambling business corresponds to both global practice and European

wpfordev
President of Ukraine signed Law "On State Regulation of Activities on Organization and Conduct of Gambling"

Legalization of gambling business corresponds to both global practice and European

Events

President of Ukraine signed Law "On State Regulation of Activities on Organization and Conduct of Gambling"

International Holding Parimatch welcomes the signing by the President of Ukraine of the Law "On State Regulation of Activities concerning the Organization and Conduct of Gambling". Legalization of gambling business corresponds to both global practice and European. This is a significant step in the development of the economy and technology, as well as an incentive for the influx of international investment. In addition, it is UAH 5 billion of regular revenues to the state budget from the sale of licenses annually.

One of the world's largest betling players , Parimatch is ready to start the licensing process to enter the Ukrainian market. It plans to expand cooperation with Ukrainian sport, which has been carried out in the format of philanthropic support for the past 11 years. The company remains open to dialogue and is ready to share experience and expertise on each of the remaining stages of creation in Ukraine of effective, working and beneficial for all participants of the betling and gambling market.

CEO parimatch Sergey Portnov: "As an international company and one of the leaders of the global betting market, we are pleased to observe that the Law on Gambling business adheres to important modern standards. Finally, the principle of responsible play is introduced, which is obliged to comply with all operators, as well as the requirements for the players and their identification. I would like to note that the principle of KYC (know your customer), aimed at effective and at the same time simple identification for the user, is all over the world one of the biggest drivers of the development of modern technological solutions".

What will happen to the market soon?The law designates requirements for managers, beneficiaries and other key persons of operators. In addition, strict requirements for the financial condition of gambling organizers are introduced — the authorized capital is not less than UAH 30 million, the bank guarantee is not less than UAH 34 million. All this will attract strong, competitive players who adhere to high standards of transparency and openness of business.Only one thing will be required from the state — control over compliance with the established rules.

Taking into account the cost of licenses and the interest of international operators in the new regulated market, we can expect regular revenues to the state budget from the new industry — at least UAH 5 billion annually.

What else do you need?The main task of the government will be the creation of a gambling control body — the Commission for the Regulation of Gambling and Lotteries, subordinated to the Cabinet of Ministers. Its creation is envisaged within 2 months after the signing of the Law. It is up to the Commission's competence to license operators, maintain relevant registers and establish requirements for certification of gambling equipment. Changes in tax legislation that will ensure a more efficient functioning of gambling business remain a particularly important issue.

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