What you need to know about arbitration in Ukraine in 2024

What you need to know about arbitration in Ukraine in 2024
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Greetings, everyone! Today we will focus on a detailed discussion of the gambling industry. Our goal is not only to analyze the current state of this market but also to predict its future behavior and trends.

Gambling in Ukraine is no longer in the shadows

Not so long ago, namely in 2020, Ukraine legalized online casinos and other types of gambling, including lotteries. The Commission for the Regulation of Gambling and Lotteries (CRGL), established in 2021, is responsible for the regulation of gambling activities. The CRGL, which is subordinated to the Ministry of Digital Transformation, determines who will be eligible for licensing and official operation in the Ukrainian market.

Has legalization solved all the problems?

Gambling legalization was an expected step in line with global trends. This step allowed Ukraine to take a leading position, even compared to some European countries. However, this does not mean that all problems have been solved.

One of the key issues for many companies is the settlement of tax relations and the fight against the illegal market.

In America, the gambling industry has already been legalized in different states. For example, Governor Stitt of Oklahoma has introduced a sports betting plan that will allow physical and mobile betting. His office sent a statement saying: “It’s great that casino operators recognize that the betting market is moving to mobile apps, so as part of the Oklahoma plan, we will allow mobile betting anywhere in the state. Our hope is that by opening this up to all providers and allowing players to determine which platform they choose, we will have a well-balanced, high-quality market for gaming apps in the future.

Sanctions against Russian casinos and bookmakers

On March 11, 2023, the National Security and Defense Council of Ukraine introduced sanctions against numerous bookmakers, lottery organizers, and casinos. It remains unclear why this decision was made in the second year of the war, but it is not so important anymore.

It is interesting that the sanctions list includes not only Russian but also Ukrainian companies, including Parimatch and others. This is due to the attempts of some companies to work simultaneously in two markets, which ultimately led to negative consequences.

However, not all companies have been sanctioned, at least for now. For example, Mostbet continues to operate in Ukraine.

It is important to note that the presence of Russian companies in the Ukrainian market is becoming increasingly difficult. One of the main forecasts for the next year is the reduction of the presence of Russian companies in the Ukrainian market, including in the gambling sector, and, hopefully, in other industries.

Gambling business growth after the recession

At the outbreak of war, gambling in Ukraine, like many other sectors, suffered significant losses. According to Dmytro Dyachenko, Head of Operations at Cosmolot, the volume of payments during this period decreased almost fivefold. However, over time, the situation stabilized and began to improve. This can be explained by the fact that for some Ukrainians, gambling has become a way of relaxation and distraction from tense news.

Casinos are also trying to adapt to modern realities by launching charity initiatives and fundraisers. This helps to activate the market, as players not only play but also help the Armed Forces at the same time. Of course, there are those who do not like such charity, but this is another topic.

As for the global gambling market, it continues to grow. According to The Business Research Company, by 2032, the size of the global gambling market may quadruple to approximately $850 billion, and by 2027, this figure may reach $765 billion.

What awaits us in 2024?

Given the current trends in the gambling market, we can expect its further growth and adaptation to changing conditions. The decreasing presence of Russian operators opens up new opportunities for the industry development. It is important for affiliates as it creates the potential to fill the vacant space in the market.

However, there are risks that can negatively affect the market. Experts highlight potential threats in the form of data leaks and violations of user privacy. These problems can arise due to cyberattacks, which will prompt the introduction of stricter regulatory measures in different countries. Thus, 2024 may bring both new opportunities and challenges for the gambling industry.

Сергій Кравченко

Lead Panda is a highly skilled internet marketing and SEO expert with years of experience. With a successful track record in creating and implementing digital advertising strategies for various businesses, we are always eager to share our knowledge and best practices with other industry professionals by providing valuable information and advice on our website.
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