Ukraine Heading Towards Online Gambling RegulationPublished December 11, 2015 by Lee R
Ukraine's Ministry of Finance sets sights on moving towards online gambling regulation.
Another country is ready to regulate online gambling.
The Ukraine Proposition
This time it's Ukraine, where the Ministry of Finance has officially proposed legalizing all economic operations of casinos, bookmakers' offices and online gambling.
Published Tuesday on the ministry's website on Tuesday, the bill calls the creation of a national service for gambling that will regulate through issuing licenses to gaming establishments, as an operation to be coordinated by the Cabinet of Ministers.
In a country where online casinos such as Tivoli Casino, Slotty Vegas Casino and Winner Casino are already popular with players, the bill would permit application of entities in the territory of the Ukraine who show charter capital of over EUR 2 million in fluidity to organize and offer gambling. Borrowed funds will not be accepted.
A single operator on lottery will also be introduced, which will be required to submit a tender to the national service for gambling to obtain licensure.
The comprehensive bill specifies requirements pertaining to the building of casinos, providing minimum numbers for equipment (tables, gambling slot machines and other equipment) and employee ranks, fixed to the city or district size and economic outlook. The fee range for a one-year license for land-based casinos varies is EUR 300,000-1 million, with a flat fee for online casinos of EUR 1.5 million.
Zoning requirements have also been offered in the bill proposal to address size of office according to buildings in which they are placed, with bookmakers offices zone for online operation.
Two licenses will be required according to the plan. The first is an EUR 1.5 million fee for bookmaker transactions and a business place opening fee of EUR 1,500-3,000 depending on the city or town.
It is always a big moment for iGaming when a new country adopts regulation, because every new national model for regulation provides more solutions for common problems facing countries which have been unable to this point to resolve their own policy issues in the greater interest of harnessing the benefits of added state revenue which regulated online gambling can bring to any national economy.