Looking to Revamp Economy, Ukraine President Introduces iGaming Legislation

Published September 12, 2019 by Lee R

Looking to Revamp Economy, Ukraine President Introduces iGaming Legislation

A new President has commissioned a new political superteam to draft effective legislation after many failed attempts in the Ukraine.

The Ukraine market is looking to reform and adapt.

Presidential Initiative

Word is the Ukraine President has taken the most active role, commissioning the new federal government to pass laws to legalise and regulate gambling by the end of the year as part of a greater overall economic stimulus package.

The Timeline

In a meeting with newly elected leaders of the Ukraine Parliament Verkhovna Rada, President Volodymyr Zelensky instructed the July election winners to draft new gambling legislation by October 1st, with a target approval date of December 1st.

The New Policy

The directive is consistent with a new policy to integrate the regulation of gambling into an overall mission to “de-shadow” the Ukraine economy.

The Dark Times

Legitimate Ukraine operators have been fully stifled from offering to the market going on a decade. Since prohibition was introduced in 2009, a thriving black market is known to have arisen, with he economists estimating in 2017 that some $1.5bn in potential tax revenues could be raised through regulation.

Failed Attempts

Among the recent attempts to bring regulated gambling to the Ukraine was the drafting of a gambling bill in 2015 proposing to open the market to land-based casinos, sports betting and online gaming.

Two years later, in 2017, the Ukraine government committed to a legalised gambling system within a year by the end of 2018 which ultimately never came to fruition.

The First Roll-Out

Since the Prohibition, lotteries have been the only form of legalized gambling in the Ukraine.

For the current plan, President Zelensky targets first legalisation and activity as casino gambling at five star hotels in popular tourist destinations in the Black Sea region.

The Team

The regulation development team includes Prime Minister Oleksii Honcharuk and Minister of Finance Oksana Markarova overseeing the drafting of the gambling bill; Presidential Servant of the Party Leader David Arakhamia; and Verkhovna Rada chairman Dmyro Razumkov to oversee legislation adoption.

Outlook

If the team is successful, this could pave the way for the Ukraine President to seek cross border alliances for joint ventures and even foreign investment.

See also

World Cup 2018 Qualifiers: Iceland vs Ukraine

Euro 2016 Qualifiers Betting: Spain vs. Ukraine

Live Betting: Ukraine v. England

Prestige Casino Undergoes Revamp

Croatia and Ukraine Square off for the First Place in Group I


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