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Western companies are interested in Ukrainian gambling market, but they are not in a hurry

Representatives of various Western companies consider investing in the Ukrainian economy. However, none of the potential investors is in a hurry to either invest their own funds or use the funds in trust management until they are absolutely sure that such an operation will guarantee them a significant economic profit and will be safe and risk-free.

From 21 to 23 June, the third international conference in one year was held in London (the first was held in Lugano, Switzerland, and the second was held in Berlin, Germany). It was dedicated to the future post-war reconstruction of Ukraine. Its participants included a large number of representatives of Western business, who were presented with projects in various fields, in which the Ukrainian government expects to attract foreign investments. However, investors pay attention not only to presentations, but also carefully study the working conditions in the market of those countries where they plan to invest.

The Ukrainian gambling market attracts the interest of many global brands, especially after the top gambling companies left the jurisdiction of Russia. However, despite the fact that our market is quite attractive and has every chance to transform into a regional leader, there are a number of still unresolved issues that stand in the way of this, which can be addressed only by the domestic authorities. And all this deters Western investors from investing in the Ukrainian gambling segment. Among these issues, the most important are the following:

- Arrangement of fiscal legislation and aligning provisions of the Tax Code with changes in the legislation that were introduced in 2020 due to the adoption of the law on the legalization of gambling in Ukraine;

- Implementation of the State Online Monitoring System, which will allow real-time monitoring of all operations related to registration of players in the game, as well as receipt and payment of funds by game organizers;

- Completion of blocking the operation of Russian gambling companies and other illegal gambling businesses, primarily in the online segment;

- Stopping informational attacks on the Commission for Regulation of Gambling and Lotteries by individual politicians and officials, since the existence of an independent regulator is a normal civilized practice that effectively works for the creation and development of the gambling sector, and the delegation of the regulator's powers to third-party institutions is hardly he first a sign of non-transparency of the rules of the game for all market participants.

Let me remind you that the global gambling community is constantly looking for and creating more perfect models for regulating the gambling market to make gambling a safe entertainment for everyone. For example, in June this year, the International Gaming Standards Association supported the idea of creating a Responsible Gaming Committee to develop a global standard, process and approach to responsible gambling.

This standard will enable legal gaming operators and national regulators to shape a predictable model of responsible gambling. This fact once again proves that the regulatory policy on gambling in the civilized world is becoming more and more unified. Ukraine, if it really wants to attract foreign investments, should create and maintain the same stable and predictable legal provisions that regulate the activities of gambling organizers.


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