Ukraine signed a law on the legalisation of gambling, and Parimatch received the first official Ukrainian permission for a license, thus for betting activities.
Last year, in August, the law of the legalisation of the gambling market fell on the table, after President Volodymur Zelensky promised to do so. After 11 whole years, the gambling business emerged and the state finally brought the betting industry regulations in line with those of Europe.
This licence allows Parimatch to provide betting services to players, poker, casinos and more, which will all generate tax revenues to the state budget.
The Parliamentarians commented that they expect the budget of Ukraine to be 255 million euros, in 2021 alone, in revenues from the gambling industry. The state will direct the money received to support other areas, like sports, culture and medicine. Foreign investors will contribute to the development of technologies, giving Ukraine the impetus to compete in the international entertainment market.
Maskym Liashko, the Managing Partner of Parimatch Holding stated: “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 favourable 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 centre of expertise for gambling entertainment”.