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Gambling Bill in Ukraine

Gambling Bill in Ukraine

Will Ukraine Casino Bill Pass?

Gambling in Ukraine was first made illegal in 2009 after a fire breakout in a gambling hall that killed close to 9 people. This rule also applied to online casinos. These new laws create a fundamental change in government policy since it was assumed that the gambling ban would last for a certain period. Later on, the ban was lifted with adoption of the new legislation. It's now been ten years without the law of gambling, and now there is a legit attempt to bring a change of the situation. That has been done through the creation of a gambling market that is regulated.

This change of bill is the first significant step for the Eastern European country.  This Ukraine gambling bill would allow online betting to pass its first reading in parliament. There are a lot of tough times ahead before this bill becomes the law. The bill 2285 –D, allows regulation of gambling in some hotels and online. It also had passed 450 – unicameral deputy legislation by a vote of 260 in favor of it. The need for the simple majority led to the advancement of the statute without any problem and now players can access the best online video best UK online slots in Ukraine as well.

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How would Entities Benefit from the New Law?

In case the bill becomes law, it would only authorize online gambling, land-based casinos, lotteries, and five-star hotels. Five star hotels would be allowed to include gaming places into their property.  To qualify for a license, the bid would start with UAH 42.7 million which is approximately $ 1.72 million. This amount applies to hotels with a capacity of 200-250 rooms. Online gambling casino operations will begin at UAH6.7 million, which is $280 00 dollars. And finally, for resorts with 251 or more spaces, the authorization fee would be $ 2.6 million.

It’s safer to note that the European and Russian facing gaming companies were in celebration of the new bill. The ideal gambling age would be set at 21. This new bill allows the establishment of an exclusive government agency or commission. Its role is to supervise the casinos and revoke any licensure if need be and make laws for the industry. Now players are celebrating as they will be able to access the best free slot games in the world without any problem!

The chairman of this commission is appointed and dismissed by the government and the cabinet ministers. The members of this agency will not have the right to have or to hold any corporate rights with regards to betting operation. They will also not manufacture any gambling equipment or remunerate any material or contain any position. All the licenses will be obtained electronically. 

One of the primary significance of the drafted law is the grants will be provided for all types of betting. This applies to both online and offline. The poker games, bookmakers, Slots, and offline lotteries, will only be valid for 5 years.

However, there will be strict laws on foreign players. For every customer identification, the law requires a copy of the person’s taxpayer number given by Ukraine taxpaying services. Not forgetting identity document. These strict laws have kept away the foreign players.

The bill was accepted in its first reading to initiate the first step to creating equality and transparency in the gambling market.  This would create more investment opportunities and new technology in the country. An online gaming bookmaker, Pari Match, said that once the bill is legal, the market will provide more job opportunities. This applies to the state and local budgets as well. These would, in turn, lead to the increase of tourism and curb corruption. Increment in tax revenue and the creation of a special fund will benefit the health care, sports, and culture sectors. These special funds will come from the payment of the licenses.

It’s important to ask ourselves, how does the bill become law? This new bill would create more than 20 hotel-casinos and ten authorized internet platforms. Each of the casinos is expected to measure approximately 500 square meters (5, 382 square feet). The bill does not allow more than 40,000 slot machines across the land-based venues for approval. The law also enhances responsible gambling through the introduction of self-restriction on players.  The operators have the responsibility of enlightening their players on gaming addiction.

In US Congress, the bill has to pass through two legislative chambers. This is because the Ukraine Verkhovna Rada Parliament is the principal legal jurisdiction. Before the bill moves to President Volodymyr Zelensky’s desk, it will pass the other two readings. The government is taking all the exceptional changes in gambling. There will be stringent regulations in each place.

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Ukraine Casino Bill Hearing

The State of Ukraine’s Economy

Ukraine experienced its economy go down when Russia annexed Crimea in early 2014. Despite declaring its independence from the Soviet Union in 1991. A recession followed through 2017. There has been remarkable economic growth and an increase in domestic product projects.  Through the funding of the International Monetary Fund (IMF) by a 3% growth in 2020. According to IMF, it believes that consumer prices will increase and rise to 6%. Its managing director Kristalina commended the president for the impressive progress that he and the government made. Most especially in advancing reforms and continuation of sound economic policies in the recent months.

The Ukraine government is very optimistic. It expects that the gambling bill would help to generate and provide approximately $ 200 million yearly for the country.  This would be possible through the authorization and association of taxes.

Bucharest will hold this year's edition of the central European Gambling Summit on March 10-11. The new Ukraine gambling status will be revealed and debated in the Regional Environment panel.

The next thing for this Ukraine bill is that it is going to pass through various debates. And the procedure of proposals, and making it law in the parliament. Still, there would be challenges since there are Members of parliament who decided that they will submit another version of the drafted rules.  The whole process must be very transparent to create room for the participation of the expert community. And the people of Ukraine in further clarification of the regulations of the legalized market.