Why are Ukrainian gambling entrepreneurs building their businesses in Curaçao instead of Ukraine?

The Dutch publication Follow the Money has published an investigation based on leaked documents from Curaçao’s gambling regulator. Journalists analysed 646 gambling companies and identified 767 ultimate beneficial owners. Ukrainian nationals formed the largest national group, with 98 individuals. They were followed by the United Kingdom, with 65, and Cyprus, with 56. In other words, Ukrainians outnumbered nationals of countries that have been regarded as global gambling industry hubs for decades.

Many have already started capitalising on this story, but I want to look at it from a different perspective. These figures demonstrate one key point: Ukrainians know how to build gambling businesses. They know how to develop technology platforms, manage complex international corporate structures, navigate licensing requirements in foreign jurisdictions, and compete with British and Cypriot entrepreneurs on their own turf.

And this is about much more than the gambling industry. Ukrainians are a highly talented nation. We have a strong education system, a solid foundation in mathematics and engineering, and a powerful IT sector that remains one of the key drivers of exports even during the full-scale war. Modern gambling businesses are, first and foremost, technology-driven enterprises: payment systems, cybersecurity, data analytics, and player protection tools. These are precisely the areas in which Ukrainians excel on a global scale.

This raises an obvious question: why are these people building their businesses in Curaçao rather than in Ukraine? The answer is simple: our tax framework is still not right. Gambling market reform began with legalisation, but it has never been completed. Draft Law No. 2713-d, which was intended to complete the reform and introduce a clear taxation framework based on international practice, passed its first reading and that was where the process stopped. The Verkhovna Rada has not returned to it since.

Capital does not like uncertainty. Investors looking at Ukraine see an unfinished regulatory framework and make their decisions accordingly — often in favour of other jurisdictions. As a result, some of our best talent and capital operate under foreign licences, pay taxes to foreign governments, and create jobs abroad rather than at home.

Had Draft Law No. 2713-d been adopted, these Ukrainians could have operated in their home country legally, under Ukrainian licences, and within a transparent regulatory framework. They have experience and connections with international investors, which could help attract capital to Ukraine. The growth of a legal gambling industry would generate additional budget revenue, funds the state urgently needs to finance the Armed Forces, social programmes, and support for Ukrainian citizens. Moreover, a strong legal market is one of the most effective tools for combating illegal gambling: when experienced gambling operators work within the law, there is less room for unlicensed websites to operate.

We do not need to look abroad for talent — we need to bring it home. This does not require special tax breaks or privileges. What it requires is a clear, stable, and competitive regulatory framework. Completing the tax reform is a decision that would benefit the state, businesses, and every citizen of Ukraine.