Up until recently, the Prohibition of Gambling Business in Ukraine banned operating a gambling business as well as participation in similar activities. The law included all types of gambling, including sites like online casino real money no deposit that offers player real winnings without making first income. However, in 2020, the Ukrainian Parliament legalised gambling setting the minimum gambling age at 22.
So, how will this legislation of online gambling in Ukraine affect the country’s economy? Let’s find out more about it.
Even if casinos, sportsbooks and other gambling types are somewhat taboo, there are tons of great things they bring. It is no wonder that the Parliament of Ukraine, and the current president Volodymyr Zelensky, hopped on the bandwagon. The positive effects of the 2020 Gambling Legislation law could have on the Ukrainian economy are huge. Now Ukrainian players don’t need to choose American, European or Irish casino sites for trying favorite games online.
First of all, the development of any industry, including this one will provide new work positions, new technologies that help to enjoy mobile gambling at the apps for winning money. The employment rate is crucial for any country’s economy. New casino and sportsbook operators can help lower the unemployment rate significantly.
In addition, regulating this law will solve the problem of illegal and offshore playing, while collecting taxes from licensed operators as well as gamblers. In other words, this means more money for the government’s budget.
However, the negative effect of gambling in general can be quite damaging. The same goes for the effect of gambling on the country’s economy. Since playing casino games is very addictive, the funds spent on fighting the addiction and helping the gamblers can get quite high. Even though players can spend less at minimum deposit and have a great chance to win.
In addition, a multi-million industry such as this one is bound to be corrupted. And not only in terms of avoiding tax payment or operating illegally - there are tons of other ways in which individuals or even organizations can affect the Ukrainian economy.
Now that the gambling law is opening up the market for all the top casino brands, economical growth is imminent. More and more brands are allowing players from Ukraine to sign up and play. Some of the popular ones are 1xBet, 22BET, MELBET, Gate777 and more.
There are dozens of land-based casinos in Ukraine, and they are all located in the so-called gaming zones. In fact, all gambling activities except state cash lotteries are happening in these zones. Moreover, the zones include:
- 4-star hotels with 100 rooms
- cultural and entertainment complexes
- nonresidential premises
- the Autonomous Republic of the Crimea
- Ukraine-registered ships with a 500 sq. meters casino halls
Now that the Ukraine government approved this long-awaited gambling bill, a lot will change. Most importantly, this move will directly affect the country's economy and hopefully make it grow even more. However, we are yet to see the full effect of this decision on the Ukrainian economy.