Passage of Ukraine Gambling Bill Shows Optimal TimingPublished July 15, 2020 by Lee R
The brand new Ukraine market looks primed for success: here is why.
The Ukraine has adopted new legislation to open up the jurisdiction's gaming market.
On July 14th, Ukraine Parliamentary body Verkhovna Rada adopted draft law 2285-d “On regulation of activities related to organization and conduct of gambling” at the second reading stage.
This passage bureaucratically sets the table for ascendancy of the Ukraine gambling market to the global iGaming community.
By a vote of 248 deputies in favor of the law; 95 against; 17 abstained; and 27 non-votes did the Ukraine's new regulation model get ratified.
The new bill is scheduled to take effect the day after its publication.
The new era will be launched by hosting the large-scale industry exhibition Ukrainian Gaming Week 2020, an event organized by super-promoter Smile-Expo taking place as the first major conference after legislation.
That event, scheduled for October 6-7 in Kyiv, underscores the new environment that the Ukraine will morph into on the heels of this landmark new bill.
Bill 2285-D was introduced by Oleg Marusyak, with it the first reading denied, until the gambling minimum age was raised to 21.
The successful second reading legalised and create authority over online gambling, bookmaking and land-based casinos, whose locations were limited within hotels.
The bill is highly comprehensive, with the Rada passing more than 1000 as-yet unpublished amendments in the weeks leading up to the landmark second reading—with 3000+ submitted for consideration. Fee Schedule Licenced fees for online gambling provision were set at UAH30.7m (£906,000/€1.0m/$1.1m), renewable every five years. Bookmakers’ licence fees are set at UAH70.8m with an additional flat fee of UAH121.6m for casino licences within Kyiv hotels; while a UAH70.8m fee applies to casinos in hotels elsewhere.
With a bold conference complementing the landmark full passage of iGaming regulation, Ukraine looks truly positioned for success, and the market a highly attractive investment in the near term.