The Western gambling market is well-established and demonstrates steady revenue growth. However, one of the key challenges facing such markets is that once a certain threshold is reached, growth rates slow significantly due to high regulatory and tax burdens. Another major barrier is the extremely high “entry threshold” for new companies. In these markets, they are forced to compete with powerful gambling corporations that possess far greater financial and other resources. As

Current Ukrainian legislation places significant limitations on gambling advertising, leaving licensed operators with limited visibility opportunities. By contrast, illegal operators continue to promote their services without adhering to regulatory constraints, creating competitive imbalance within the market. Read more

Currently, Ukrainian legislation imposes significant restrictions on gambling advertising. Licensed gambling operators are forced to operate within a rigid framework in which, unfortunately, prohibitions far outweigh opportunities. This places them at a disadvantage compared to illegal operators, who use any advertising methods — both online and offline — without regard for restrictions. However, examples of balanced regulation do exist. One such example is the way legislatio

Only three operators — M.S.L., UNL, and Patriot — advanced to the final stage of the selection process under the updated rules. While the shortlist may appear to maintain the existing market hierarchy, industry observers note that the real significance lies not in the names, but in the system underpinning their future operations. Read more

Currently, Ukrainian legislation imposes significant restrictions on gambling advertising. Licensed gambling operators are forced to operate within a rigid framework where, unfortunately, prohibitions far outweigh opportunities. This puts them at a disadvantage compared to illegal operators, who use any advertising methods — both online and offline — without regard for restrictions, reflects Anton Kuchukhidze, Chairman of the public organization Ukrainian Gambling Council, in

It is commonly believed that the Western market serves as a model of sustainable development for the gambling industry. Many European countries with legalized gambling demonstrate record growth in online GGR, an increase in the number of gambling companies, and a growing player base. This has been made possible through the systematic development of a regulatory environment that balances business opportunities with player protection, prevention of gambling addiction, and other

Gambling addiction is not a critical problem for the Ukrainian gambling market. The number of potential problem gamblers usually ranges from 0.5% to 1% of the total player base. Nevertheless, gambling addiction exists and must be addressed. There are several mechanisms to tackle this issue — from government regulation through systems similar to the UK’s GAMSTOP, to technical solutions developed and implemented by businesses that analyze and monitor risky gaming behavior. Addi

The scandal involving an anonymous trader on the Polymarket platform, who earned $436K betting on the arrest of Venezuelan President Nicolás Maduro, exposed a systemic vulnerability in prediction markets. A new account, registered in December 2025, placed $32K just hours before the Delta Force raid on January 3, 2026 — the probability of “Maduro losing power by January 31” jumped from 6.5% to 11% ahead of Trump’s announcement. This is a classic insider trade: access to non-pu

Gambling addiction is not a critical problem for the Ukrainian gambling market. The number of potential problem gamblers usually ranges from 0.5% to 1% of the total player base, reflects Anton Kuchukhidze, Chairman of the Ukrainian Gambling Council, in his opinion column. Nevertheless, gambling addiction does exist and must be addressed. There are several mechanisms to tackle it — from government regulation through systems similar to GAMSTOP, to technical solutions developed

Over the past few years, lotteries have been the subject of intense discussion within the gambling sector. Unfortunately, these discussions have focused not on industry development or investment potential, but on the illegal activities of lottery operators, the imitation of gambling, and the non-payment of taxes and licensing fees. Finally, the newly established regulator, PlayCity, has taken notice of this situation and announced an open tender for obtaining lottery licenses

Traditionally, we are summing up the performance of Ukraine’s legal gambling market in 2025. Despite the fact that the market continues to operate amid tax and regulatory uncertainty, it still generates significant revenues for the state budget. Over the first 10 months of 2025, the budget has already received more than UAH 14.5 billion from gambling in taxes alone. Given current trends, this figure could reach UAH 16–17 billion by the end of the year. Read more

In developed countries, lotteries are one of the key sources of revenue for state budgets within the gambling sector. Through active regulation of the industry, governments receive substantial amounts from taxes and fees. In Ukraine, however, the situation remains uncertain. “As a result, we have a multi-million-dollar sector of the economy that is not controlled by the state in any way and creates problems for legal businesses. The first steps toward addressing this issue ha

The Ukrainian gambling market has existed in a state of uncertainty for far too long. And although licensed gambling operators have managed to adapt, it is impossible for the industry to unlock its true potential under such conditions. This uncertainty has, without exaggeration, become systemic. It has created a situation in which the legal segment is forced to compete with the illegal one for players — and under far more difficult conditions, since licensed companies must co

The Ukrainian gambling market is a typical young market — full of high expectations but marked by uneven institutional performance. State authorities delay decisions and create unpredictability: licensing procedures, by-laws, sanctions, and fines often appear not as a coherent policy but as fragmented responses. For an investor, this is a risk signal: tomorrow the rules may change without a transition period or clear logic. Read more

Ukraine’s gambling industry reflects the traits of a young market — full of promise yet hindered by uneven institutional effectiveness. Government agencies frequently postpone decisions, creating uncertainty: licensing processes, regulations, sanctions, and fines often appear more like ad‑hoc responses than coherent policy. For investors, this unpredictability signals risk, as rules may shift abruptly without clear rationale or transitional measures. Read more

The experience of most European countries and the United States clearly shows that excessive strictness in gambling regulation rarely produces the expected outcome. Combating the shadow market solely by tightening legislation not only fails to reduce it but often does the opposite — it strengthens it. The reason is simple: when the legal market becomes overly regulated, expensive, or inaccessible to the player, part of the audience inevitably shifts into the “grey” or “black”

France and Liechtenstein demonstrate two different but effective approaches to regulating the lottery sector — both based on transparent licensing, structured GGR, and no tax pressure on players. In France, lotteries operate under the supervision of the ANJ regulator, and the state operator FDJ has a 25-year concession. Read more

Kuchukhidze provided examples of successful international practices. In the United States, lotteries pay between 20% and 30% of GGR, which generates substantial revenue for healthcare, education, social assistance, and economic development. In Europe, lotteries have long been regulated on the same level as gambling: in Lithuania alone, lottery operators generated €14.7 million in tax revenues in the first half of 2025. In Germany, the total fiscal benefit from lotteries reach

The outlook for Ukraine’s gambling sector remains uncertain, even after recent legislative changes. Key challenges persist, including tax obligations for lotteries and the ongoing problem of illegal gambling imitations. This lack of clarity surrounding lotteries undermines their ability to contribute effectively to the state budget—leaving losses felt across the board. Read more

The Ukrainian gambling market and financial services sector are preparing for a major shift in their approach to combating shadow schemes. Deputy Chairman for Communication at the Ukrainian Gambling Council, Viktoriya Zakrevska, wrote about this in a new blog post, focusing on the launch of the “drop registry” — a tool designed to operate not reactively but preventively, before any violations occur. More details