Parimatch to Bid for Operating License Following the Legalized Gambling Industry of Ukraine

Published: 12/08/2020 | Last Updated: 23/10/2020

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After the approval of bill 2285-D by the Ukrainian President, Volodymyr Zelenskyi for the legalization of gambling in the country, Parimatch decided to apply for the operating license in Ukraine.

One of the global betting and technology firms, Parimatch is known to be the first bookmaker in the region of CIS that had quickly inclined towards the online betting platform. Now, the company has extended its reach globally to become a worldwide betting and software provider. By receiving the license, it will expand its supply across the home markets.

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Regulation of Fair and Reliable Gambling In Ukraine

Commenting on the recent bill approval, the CEO of Parimatch, Sergey Portnov said that he would like to congratulate the Ukrainian President for legalizing gambling in the country. He has proved to be the man of his words and they completely support his agenda in order to liberalize the country’s economy. The company also stated that the growth of the transparent regulated betting sector will benefit the country in the long run.

The company also addresses reforms and clarity is still needed on the current tax systems to develop a fair landscape for the gambling and betting operators. They are completely dedicated to regulating in their home market by providing services and products that can entertain the consumers of the country.

They are also proud that they can contribute to Ukraine’s economy and further assist to grow its technology sector. Although to make such aspects effective, they require a transparent and reliable system that is recently too incompetent and punitive as compared to other international regulated markets.

It is crucial to address these parameters as soon as possible to bring long-term viability of the gambling sector in the country.

The Bill Approval

The bill, 2285-D, was sent to Zelensky’s desk after Ukraine’s parliament, the Verkhovna Rada, passed it in the second reading. As per the law, bookmaking, land-based casinos, online gambling and slot halls would be operated legally except the casinos which are not situated in hotels.

As per the new drafted version of the bill, the licensing fees will be around UAH30.7 million for all the online gaming companies. For bookmakers, the licensing fee will be around UAH70.8 million. Moreover, all these licensing fees will become three times until the country’s online monitoring system comes into effect. This is most probably expected to happen within 2 years of the launch of the gambling market.

The bill was introduced in October 2019 by Oleg Marusyak. However, it failed to pass during its first reading or its first attempt that happened December 2019. It was further forwarded in January 2020 after some amendments such as increasing the legal age to gamble to 21.

The president has long been a supporter of the operation of gambling in the country. Now, the locally renowned company, Parimatch has declared to soon apply for the operating license once the process begins. Also, before the law comes into effect, the parliament may approve the tax policies for the gambling sector.

About Parimatch

Introduced in 1994, Parimatch combines technology, sports and business to provide seamless entertainment powered by innovation. It has grown to become one of the prominent betting firms in the CIS and Europe. It is constantly working to reach more potential markets.

The company performs with a digital-first mindset and is continuously building and enhancing the quality of its players’ experience. Its services and products are explored across 60 countries in the world.

The company is also the title sponsor of the renowned esports team such as Virtus.pro, and is the top betting partner of UFC in the CIS.