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Insight


UKRAINE New Gambling Law


Yury Mikhaylov, Sales Director CIS at BetGames.TV


Our company has been keeping a close eye on the territory and we have actively sought to build relationships with major companies that provide services throughout the region. As a result, our product is now a staple in the portfolios of many of the CIS region’s biggest players.


Ukraine clearly has potential but a great deal of clarity is required


Some experts note that the law sets a high threshold for entering the market and therefore serves the interests of large companies and those who already operate within it. Time will tell how the market develops, but I have an expectation that the market will encompass several large players who will likely divide the market among themselves.


Eleven years after the country imposed a gambling ban, President Volodymyr Zelenskyi has signed Bill No. 2285-d to legalise the gambling industry in Ukraine. Te creation of a legal gambling market in Ukraine is expected to generate around UAH5bn in annual budget revenues, as well as act as an incentive for the growth of related business areas and the creation of thousands of new jobs. G3 spoke to Yury Mikhaylov, Sales Director CIS at BetGames.TV, about his expectations for the newly legalised Ukrainian market.


How closely have you been monitoring the situation in Ukraine over recent years? Was it always a question of when, not if, the gambling market would be legalised once more?


Betgames.TV operates in numerous markets, many of which are at the formative stage, and Ukraine has taken the first steps to legalisation and we are very optimistic about the country’s potential.


Our company has been keeping a close eye on the territory and we have actively sought to build relationships with major companies that provide services throughout the region. As a result, our product is now a staple in the portfolios of many of the CIS region’s biggest players.


Te legalisation of the online gaming sector will undoubtably aid the development of the industry, which will inevitably result in additional investments in the gambling business. Nevertheless, some questions remain unanswered, and Ukraine’s gambling authority must now work on clarifying the


P32 NEWSWIRE / INTERACTIVE / MARKET DATA


necessary legal requirements, and explain the intricacies of its approach to taxation, licensing, and other important elements.


Several operators and suppliers have signaled their intention to enter Ukraine following the announcement of its regulation. How competitive do you expect the Ukrainian market to be?


Te cost of entering a new market in relation to potential demand is something must always be carefully considered. With the Ukrainian market set to expand, its paramount to diligently research both the legal and financial aspects of entering an emerging territory.


Some experts note that the law sets a high threshold for entering the market and therefore serves the interests of large companies and those who already operate within it. Time will tell how the market develops, but I have an expectation that the market will encompass several large players who will likely divide the market among themselves.


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