In a surprising turn of events, the Ukrainian gambling regulator has reportedly received a staggering 192 license applications in the first quarter of 2021. The influx of applications comes as the country recently legalized gambling after a long-standing ban that lasted over a decade. The regulator, known as the Commission for Regulation of Gambling and Lotteries (KRAIL), has been inundated with requests from both local and international gambling operators eager to enter the burgeoning Ukrainian market.
The sudden surge in applications underscores the growing interest in the Ukrainian gambling industry, which is expected to be a multi-billion-dollar market in the coming years. The new gambling legislation, passed in August 2020, allows for both online and land-based casinos, as well as bookmakers and lotteries, to operate legally in the country. This has attracted a wide range of operators, from established industry giants to up-and-coming startups, all vying for a piece of the Ukrainian gambling pie.
According to KRAIL, the majority of the license applications received are for online gambling operations, with 120 applications falling into this category. The remaining 72 applications are for land-based casinos, bookmakers, and lotteries. The regulator has stated that they are carefully reviewing each application to ensure that only reputable and financially stable operators are granted licenses to operate in Ukraine.
In addition to the flood of license applications, KRAIL has also been tasked with implementing strict regulations to ensure fair play and responsible gambling in Ukraine. The regulator has implemented measures such as age verification, self-exclusion programs, and responsible gaming tools to protect players from the potential harms of gambling addiction. KRAIL has also set strict advertising guidelines to prevent gambling operators from targeting vulnerable populations, such as minors and problem gamblers.
Despite the challenges of regulating a newly legal gambling industry, KRAIL remains optimistic about the future of gambling in Ukraine. The regulator has stated that they are working diligently to review and approve license applications in a timely manner, in order to kickstart the country’s emerging gambling market. With the influx of applications and the potential for significant revenue growth, the Ukrainian gambling industry is poised to become a major player in the global market in the near future.
