Gambling industry in Ukraine could generate millions

The Finance Minister from Ukraine said that legalised gambling in the country could generate between €177 million and €319 million.

Ukraine.- The President of Ukraine has recently urged lawmakers to legalise gambling in the country. As part of the government’s process to initiate the industry, the Finance Minister Oksana Markarova said that gambling could generate between €177 million and €319 million.

In an interview with lb.ua, Markarova said that according to conservative estimates, the industry can be fully mobilised if everything works out. Gambling Bill 2285 was finalised and submitted to the Verkhovna Rada.

The €177 million and €319 million estimations are way higher than earlier predictions from Prime Minister of Ukraine Oleksiy Honcharuk. He had said that legalising gambling in Ukraine would result in additional €70 million – €88 million to the budget.

Ukraine to feature gambling machines only at hotels

The president of Ukraine Volodymyr Zelensky recently revealed that gambling machines in Ukraine will only be available in 5-star hotels. Zelensky backed the bill that was approved by the Cabinet of Ministers last month, which allows gambling at hotels. It also establishes the approval with the use of software that meets international standards. The president said that more regulation will be in place in the near future, as this is only the first stage of the legalised market in Ukraine.

Zelensky explained that in order to apply for a gambling licence, hotels will need to feature at least 200 rooms in Kiev. Hotels in other locations will need 150 rooms.

“Because we know the market and we have 5-star hotels, but they are very small, we want hotels built,” he said. “For example, if there is a small boutique hotel in a particular city, we will give them a licence, which should cost a little more but could also be more profitable for the hotel to finish the necessary rooms.”