Finally after a long delay the first Ukrainian online casino license has been granted to the international wagering and technology company, Parimatch. This is the fifth domain where the group will hold a license after Kazakhstan, Tajikistan, Belarus, and Cyprus. The firm is headquartered in Cyprus and was approved for an online casino license just last month.
The new Commission for Regulation of Gambling and Lotteries validated the Ukraine operator’s license to offer sports wagering, online poker and live casino products. The requirements for an online gambling license were met by the firm after an eleven year wait in the country.
There was some confusion regarding the granting of a license to operate in the Ukraine when the firm Spaceiks LLC which operates the Cosmolot brand was given permission to proceed before many of its competitors were still waiting to discover the rules to which they must first meet.
Although Ukraine’s Gambling Act was passed into law last summer Parimatch still is waiting a final decision by the legislature regarding taxation cost of the licenses and technical requirements of the proposed systems. Bill 2713-d was however approved by the nation’s Committee on Finance, Tax and Customs Policy with a flat rate of ten percent levied on all types of wagering.
Managing Partner of Parimatch Holding Maksym Liashko said in a press release, “Work still remains to be done on reforming tax legislation before the Ukrainian market becomes attractive to foreign investors. Taxation should be transparent and logical so that it doesn’t create additional obstacles for foreign investors. At this stage, the cost of licenses for various types of gambling activities is so high that, together with taxation, it does not make investments in the nascent Ukrainian market attractive. So Ukraine could lose the competition in terms of investment to other countries. Under favorable legal conditions, specialist market capacity and qualifications will allow Ukraine to become a gaming hub for the Eastern Europe region. Like Malta and Manila, Ukraine now has the potential to become a center of expertise for gambling entertainment”