Ukraine grants Parimatch gaming license – the first in history

Ukraine grants Parimatch gaming license – the first in history

Parimatch has just become the first company to secure permission for a license in Ukraine.

Ukraine enters betting and casino scene

Ukraine is now close to meeting the European gambling market standards just under a year after the legalization of betting activities in the country.

On March 5, Parimatch announced that they have received the green light from Ukraine’s gaming authority to operate in the country by virtue of a gambling license, marking the first time the country has given permission for a license application.

President Volodymyr Zelensky fulfilled his promise of turning Ukraine into a regulated gaming market by vouching law allowing betting activities on August 13 of last year.

After 11 years of wait, the gambling business finally becomes legalized as Ukraine brought its betting industry regulations in line with those of Europe.

With the license secured, Parimatch can now operate its betting business, including casinos and poker. The company had already four international holdings prior to securing the Ukraine license.

Ukraine expects a windfall in tax revenues generated by casino and betting operations in the country.

The country views legalized betting operations as another source of income for its economy. The restart of the gambling market in tune with the European standards will only lead international investments to pour into the country.

Parliamentarians have forecasted big returns from gaming operations in 2021 as Ukraine expects around 255 million euros in revenues from the gambling industry.

The state said it will be using the money received from the sale of licenses to support socially significant areas such as medicine, culture, and sports. The arrival of foreign investors would also spur technological development, giving Ukraine an edge in competing in the international entertainment market.

Parimatch on securing the license

Managing Partner of Parimatch Holding Maksym Liashko said:

“Work still remains to be done on reforming tax legislation before the Ukrainian market becomes attractive to foreign investors. Taxation should be transparent and logical so that it doesn’t create additional obstacles for foreign investors.”

“At this stage, the cost of licenses for various types of gambling activities is so high that, together with taxation, it does not make investments in the nascent Ukrainian market attractive.” So Ukraine could lose the competition in terms of investment to other countries. Under favorable legal conditions, specialist market capacity and qualifications will allow Ukraine to become a gaming hub for the Eastern Europe region. Like Malta and Manila, Ukraine now has the potential to become a center of expertise for gambling entertainment.”

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.