Volodymyr Zelensky Signed the Law on Gambling Business Legalization
Today, on August 11, 2020, the President of Ukraine Volodymyr Zelensky signed the bill 2285-d about legalization of gambling business. Earlier, the document was signed by the Chairman of the Vekhovna Rada Dmytro Razumkov. The new law will come into effect the next day after publication.
Briefly about the new law
Deputies of the Verkhovna Rada adopted the bill about legalization of gambling business at first reading on January 16, 2020. On July 14, the document was approved at second reading, supported by 248 people’s deputies.
The enactment of the bill 2285-d legalizes land-based and online casinos, betting outlets, online betting, slot machine halls, and online poker in Ukraine.
According to the new law, only legal persons that are residents of Ukraine can organize gambling business. Besides, company owners and managers cannot include citizens of the country acknowledged as an aggressor and (or) occupant.
To conduct gambling business, a company has to hold a corresponding license. The cost of license issuance depends on the type of activity that an entrepreneur plans to conduct. Standalone fees will be charged for every license for a gambling table, roulette table, and slot machine.
The law sets a number of requirements to, among other things, the location of gambling facilities, minimum number of gambling equipment items, floor area of premises, population size in towns where gambling activity will be conducted.
Besides, the law specifies age restrictions for visitors of gambling facilities. For instance, individuals under 21 years of age are prohibited to participate in gambling.
Reasons for legalization
The new gambling legislation is expected to bring the market out of the shadow and fill the budget.
According to forecasts of the people’s deputy Danylo Getmantsev, gambling business can bring around 7-8 billion hryvnias to the budget of Ukraine by the end of the year.
Moreover, experts of different fields state that legalization of gambling industry will have a positive impact on the development of the labor market, tourism, and infrastructure.
Where to find out about subtleties of the new law?
On October 6-7, big gambling exhibition Ukrainian Gaming Week 2020 will take place in Kyiv. At the event, Ukrainian and foreign companies will present cutting-edge solutions for gambling industry.
The event will involve a conference, where specialists of state agencies and global experts will delve into core provisions of the law, analyze key industry trends, and discuss opportunities of the market.
Join UGW 2020 and be the first to know about the most promising directions of the gambling field!