March 5, 2021 Gambling Law & Society News by Jovan Paunovic
Parimatch, Cyprus-based company, has been given permission from the Ukrainian government to receive a permission for a betting license. Ukraine has signed a law on legalization of gambling, moving closer to the standards of other European countries.
The nation’s government legalized gambling back on August 13. It has upgraded its laws to meet the European standards after 11 years.
Parimatch is now the first licensed operator in Ukraine. The license will enable the company to legally provide betting services, casinos and poker, generating tax revenue to the state budget. The Ukrainian license is the fifth license for the brand.
Looking Forward to Expansion
Representatives from Parimatch, which recently signed a deal with Global Bet, say that taxation should be transparent and that Ukraine became a gaming hub for Eastern Europe. They are looking forward to expanding operations within the market.
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,” said Managing Partner of Parimatch Holding Maksym Liashko.
Parimatch is one of the leading international betting and technology companies. It connects emerging markets with the industry and is headquartered in Cyprus. It is one of the most popular betting brands in the CIS region, with a top-performing sportsbook and gaming portfolios. The company is committed to offering the best sportsbook and gaming content. Moreover, it is the official betting and wagering partner of the UFC in EMEA.
“Parimatch became the first company in Ukraine to receive permission for a betting license”, europeangaming.eu, March 5, 2021.