It’s official, as of yesterday, Ukraine residents are now able to legally bet on sports or gamble in casinos. According to the latest sports news, Ukraine Legalizes Gambling after the legislature took a vote on their gambling bill. Furthermore, the voting in favor of legal sports betting won by a large majority of 248-95.
According to Online Casino Forums, the Ukrainian Bill 2285-D will allow both land and online gambling. Therefore, as long as a sportsbook or casino have the proper license they can operate in Ukraine. However, casinos will only be able to operate in hotels.
Ukraine Legalizes Gambling in Hope of More Revenue
The bill to legalize gambling has gone through many changes since it first made its way to the legislature. This is because the introduction of the bill was first seen by the Ukrainian Parliament in October of 2019.
Bill 2285-D by Oleg Marusyak did not pass the first reading last December. However, after raising the legal gambling age to 21 it made it through in January of 2020.
While many things remain unknown about the Bill, we do know that the licensing fees and taxes were already approved. The Ukrainian government is hoping that legal gambling will help their economy as it fell 10% last quarter. In addition, at its current pace, financial experts do not believe that its economy will recover until 2024.
At the moment, online casino gambling and sports betting is one of ways they can recover faster. This is because they will charge $1.1 million for an online gambling licensing fee which is renewable every 5 years. However, land sportsbooks and casinos will have a different fee. Sportsbooks will pay a flat fee of around $2.6 million while a casino license will cost almost $4.5 million.
Keep in mind that these fees come from the last version of the bill as the new version is not yet available to the public. However, this part of the bill was given the approval of the Committee on Finance, Tax and Customs Policy. Thus, many believe that these numbers will remain in effect for the gambling law.
The only thing remaining before casinos and sportsbooks can open is for Rada to pass another bill. This Bill would be about how the rate at which they will tax the gambling industry.
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