New Life Of Gambling Business In Ukraine

Ukraine has decided to return the gambling business to the country. Now we all have a real chance to see how the country’s leadership at the legislative level gives a way to the legalization of the gambling business. Everyone clearly understands that this initiative will bring tremendous benefits to the state, which is doing everything possible to revive its economy by developing its gambling and tourism destinations.

On June 30, 2020, the main executive body of the country began to consider this issue in the second reading. As expected, more than three thousand amendments were submitted to this bill. Thus, the people’s deputies are trying to show and prove to everyone that they perfectly understand the importance of the issue and should be personally interested in completing the consideration as quickly as possible and going directly to voting. On July 14, 2020, the law was adopted.

Colossal world experience shows that the regulation of the gambling business at the legislative level should always take into account the individual features of each. This is one of the main ideas, which is the basis of this bill.

Professional experts in this industry assure that during this important law adoption it will not do without some nuances list, without which this law will be difficult to put into operation. One of these nuances is the presence of a regulator with a reference transparent terms. This should completely exclude corruption in this industry, which with a huge negative impact will affect public opinion, which is indisputably important for all, and this applies to all issues related to the gambling business legalization.

It is proposed to place bookmaker’s points in hotels of 3-5 stars with at least 25 rooms (for Kiev – at least 50 rooms), as well as at hippodromes.

At this time, it was decided to delegate the regulator powers to the Ministry of Finance. This will maximally help avoid communication between specific important persons of a given business and the state. There is a second idea, it implies the urgent creation of a specialized commission that will regulate the entire gambling business in the country.

UKRAINE LEGALIZES GAMBLING BUSINESS

Illegal Activity Will Be A Thing Of The Past

The new law adoption will lead to tougher punishment for the so-called illegal gaming activity. It is expected that the minimum imprisonment term for those convicted of such crimes is proposed to be doubled – from 3 to 6 years. And what is even more pleasant, the patronage of illegal activities by law enforcement agencies is planned to be punished by ten years in prison.

Now Ukraine has a great chance to legislatively regulate the gambling market, which entails a return to normal world practice.

Who Can Run A Gambling Business?

Only Ukrainian legal entities can engage in gambling business, whose main activity is the organization and conduct of gambling. The authorized capital of such a company must be at least UAH 30 million, including securities and property rights. At the same time, the formation of the authorized capital from unknown sources is not allowed.

An important condition for a participant in the gambling market is the impeccable business reputation of its owners and managers. It is also necessary to confirm that the owners and managers of the company are not associated with assets on the aggressor states territory.

What Is Also Important

It is a good news that in the current document’s version, the minimum age of players has been increased. Initially, they intended to make possible access to gambling entertainment for those who have already turned the full eighteen years. But now, in practice, we are already talking about the age of twenty-one years and older. With this amendment, lawmakers completely cut off that part of the audience that had the maximum risk for the formation of harmful gambling addiction.

There is one drawback in this law version – the absence of clear and distinct restrictions on the possibility of advertising any gambling. There is a huge possibility that the entire stream of advertising for already legalized gambling will immediately burst into the Internet with a powerful influx.

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The Opinion Of Professionals

All real and stable players in this entertainment market look into the near future with great hope, hoping that the new law will create a healthy field for activity. And everyone will be able to revive their activities in this business segment. Thus, the global gambling brand, Michael Boettcher’s Storm International, is also expecting and ready for its solemn entry into the gambling market of Ukraine. The company’s management expresses the hope that the day is not far off when all the taboos in the gambling business of Ukraine will be removed, and they, on equal terms with the state, will be able to carry out mutually profitable gambling activities.

Everyone has been waiting for this event for a long time with great hope – both those currently living in Ukraine and temporarily working abroad, all for the same reason. In many units of Storm International, Darren Keane, company CEO said, a huge number of Ukrainian employees. All of them, no doubt, will be very happy to return to their native land and continue their work already at home next to loved ones.

The Cabinet of Ministers of Ukraine hopes that the entire gambling business of the country will officially resume its work in December 2020! There is a certainty that this is not in vain – that this will only have a positive effect on the economy of the state, and on gambling operators, and on employees of entertainment complexes, and on ordinary amateurs to compete with fortune.