What are the biggest hurdles for operators entering these markets?
Ukraine is one of the region’s largest countries, so the sheer population size and quite big demand make it attractive. In fact, many see Ukraine as one of the most promising regions for gambling business in Eastern Europe.
Te downside of the regulatory requirements is that the license fees were set extremely high (one of the highest in Europe) and tax policies have created uncertainty.
Te ongoing conflict has also impacted operations. Still, the long-term growth potential is positive, given Ukraine’s large base of tech-savvy young adults – the key will be navigating regulatory hurdles as the market stabilises.
Serbia isn’t huge in absolute numbers – projected about $186m revenue by 2029. Tere’s a lot of room to acquire new customers as internet use grows. Te government has also set relatively accessible licensing requirements and offers preferential tax rates with long-term licenses.
Tis welcoming approach, combined with Serbians’ passion for sports betting and casino games, makes Serbia a very promising market for expansion.
Other markets on my radar include Georgia and Armenia in the Caucasus and some Central Asia markets. It’s relatively small population-wise, but historically Georgian players have shown high engagement with iGaming. Georgia’s market potential remains solid due to the gaming culture. Armenia, similarly, has a strong base of gaming tech companies and an active betting culture.
Lastly, I’ll mention Uzbekistan. While Uzbekistan is not yet an open iGaming market (gambling has largely been prohibited there), it’s a country of over 30 million people with rising internet penetration. Tere have been signals that the government might consider regulated betting or gaming in the future as part of economic reforms. If or when Uzbekistan legalises online gambling, it could become a huge new market in Central Asia almost overnight.
Expanding into Eastern European markets comes with its share of challenges. Te major one that I can definitely emphasise is the navigation according to regulations. Each country has its own licensing rules, taxes and compliance demands.
For example, Georgia suddenly raised the gambling age and banned ads in 2022. Tese kinds of shifts mean operators must stay very flexible and informed. Simply obtaining licenses can be a bureaucratic process requiring local legal expertise. In short, regulatory unpredictability is the major hurdle.
Another big hurdle is localisation – not just language, but cultural fit. Eastern Europe is very diverse: what resonates with Polish or Romanian players might not be a good fit in Armenia or Georgia. Everything from game themes, user interface, customer support, to marketing campaigns needs to be adapted. Payment systems and banking infrastructure are also local. You will need to integrate specific payment methods (like local e-wallets, mobile payment apps or even cash voucher systems) because credit card usage and trust in online transactions vary by country.
Overlooking those local financial habits can be a barrier to acquiring customers. Building player trust is another challenge, especially in markets that were previously unregulated. Players in some countries have been used to playing on offshore sites or have general skepticism towards online gambling. A new operator must overcome that by demonstrating strong security, good promo terms and localised customer service. In regulated markets like Romania or Serbia, players are starting to trust licensed brands, but in a newly- opened market like Ukraine, trust-building is an essential early battle.
Multilingual support is a must – you need Russian-speaking support for some markets, Romanian for others, etc. Operators must adjust their product offerings (e.g., smaller bet sizes, more frequent but lower-value bonuses) to align with local economies.
Finally, marketing and advertising restrictions can be a significant obstacle. As mentioned, countries like Armenia and Georgia have banned most gambling advertising
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