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which gambling companies deemed too heavy. Last year play c

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Poker’s New Status

 which gambling companies deemed too heavy. Last year play casino online

Last year, the Ukrainian government penned a letter to the International Monetary Fund, promising that it would implement the necessary changes to the country’s economy in a manner that would make it eligible for a $17-billion financial assistance and that it would look to re-regulate its gambling market so as to secure additional revenue sources.

According to data from the Internet Association of Ukraine, the websites of different betting operators are often among the most visited ones in the country. And data provided by different bookmakers suggests that small bettors, or ones who wager smaller amounts of money but do that regularly, comprise the greater portion of Ukraine’s market.

The game was thus defined as a form of gambling, together with slots and popular table games such as blackjack and roulette. Under Ukraine’s On Prohibition of Gambling Business Act from 2009 all such games were and still are considered illegal in the country.

Ukrainian lawmakers recently listed poker in the country’s Register of Recognized Sports after the game was considered a form of gambling and was therefore illegal for nearly a decade. This latest move raises two important questions – is the Ukrainian government gearing up for the introduction of a new poker-focused regulatory framework and will lawmakers eventually introduce a sweeping gambling reform that will replace the current ban on practically all forms of gambling with a regime that better reflects the demands of the contemporary gambling customer?

However, the draft legislation was met with heavy protests from the industry due to the proposed license fees and tax rate, which gambling companies deemed too heavy.

Despite the existing ban on almost all forms of gambling in the country, it should be pointed out that Ukraine’s unregulated/black market is thriving and this has been the case for quite some time. Online gambling has been particularly popular in the country over the past several years as services of this kind can be easily accessed by customers and can be easily promoted to customers.

Last month, Ukraine quietly recognized poker as sport, adding the game to the Register of Recognized Sports. Poker had been considered a sport up until 2010, when it was taken off the afore-mentioned register by the then Justice Minister.

According to estimates from that period of attempts for a change in the Ukrainian land-based and online gambling landscape to be implemented, a re-regulated and liberalized gambling market could have produced revenue of more than $1.5 billion per year, of which the government would have scooped more than $300 million in tax revenue.

Thriving Unregulated Market

 which gambling companies deemed too heavy. Last year play casino online

According to unofficial statistics, Ukraine’s online gambling market could be worth around €300 million in terms of revenue generated. It is believed that sports betting is the most popular type of online gambling service in the country and that the local online betting could be worth more than €200 million, leaving the rest to online casino games and similar other products.

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