Ukraine and Gambling: Successes and Changes in 2022
Since 2020, Ukraine has legalized the gambling business. Since 2021, world-class licensed gambling complexes are opening all over the country. At the same time, illegal casinos are gradually being closed. The country is just starting out in this industry, and much still needs to be changed. In general, in 2021, the country received a fairly significant contribution from the gambling business. But, according to experts, it can be more. And Ukraine can turn into a gambling hub, according to Darren Keane, Storm International CEO. And given that in neighboring countries the conditions for the gambling business are deteriorating, this is a really good advantage of Ukraine – the country can take a big step forward and increase profitability.
It is tax stabilization that the world companies of the gambling market expect. But, nevertheless, already at the autumn profile summit, the British company Entain, specializing in sports betting and gambling, announced its intention to enter the Ukrainian market. There are other companies that operate on a large scale in international markets and will enter Ukraine.
At the same time, due to imperfect legislation, not all large gambling providers will enter the market. Accordingly, not all games in demand on the international market will be available to Ukrainians.
Factors that may boost cash flows in Ukraine
For a more active opening of a casino in Ukraine and the development of the gambling market in general, comfortable investment and tax conditions for activities, amendments to legislation and, of course, a peaceful sky are needed, noted the founder of Shangri La, Michael Boettcher.
In addition, market participants identify several other important factors that can increase tax revenues to the state budget from the gambling sector in 2022.
Firstly, a change in tax legislation for the gambling business. For more than a year, the market has been waiting for the authorities to put taxes in order and make them suitable for the normal functioning of the gambling industry.
Secondly, the fight against illegal gambling establishments that still operate in different cities of the country. On the one hand, over the past two years, a certain part of the underground casinos has indeed been closed, but such a business still continues to exist.
Thirdly, there are a number of circumstances that the gambling business itself cannot influence. This is, for example, the development of the situation with the Covid-19 pandemic, the political situation, economic stability in the country, etc.
The volume of budget revenues will definitely grow. What Ukraine received in 2021 is, in fact, a start from which you can build on. There should only be growth further. Nobody can predict exactly what the absolute numbers will be. But country definitely should many times exceed what they received in 2021. Perhaps not this year, but in some time the result should be more than positive.