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What Happened to the Tangiers Casino?

Just a few years ago, the gaming community could not even imagine that Ukraine would be able to open its doors to the legal casino. Under the law of Ukraine, the gambling is any game, for participation in which you will need a bet that gives you the opportunity to win a prize, the amount of which and the probability of getting it fully or partially depend on the chance or player’s knowledge and skills. The prosperous bookmakers had to turn down their clients who wanted a wider range of services, or to look for other jurisdictions to realize themselves not only as the bookmaker, but also as the Casino provider. Let's get insight into the meaning of the Law on Gambling in Ukraine and the prospects for its application. In order for this or that event or game to be categorized as the gambling, it should meet all of the following criteria: If you pay attention to the list of licensed games and the list of exceptions, the concept of gambling is not only strictly limited, but also very narrowed.

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And now, after the law was adopted, it would seem that everything has changed, it's time to return to your home country, accept foreign investors and, having received a license, legally accept clients from Ukraine. So, for example, the games in claw vending machines, although they meet all gambling criteria, are classified as the exceptions. This means that Lootboxes with the similar mechanism will also fall under this exception. The law provides for many types of licenses, for all occasions.

In addition, all sports events are classified as non-gambling games, but the issue of e-sports events has not been solved yet, where, in addition to the prize, there is a buy-in for the game. Let's divide them into types: When organizing a land-based casino, the gaming license cannot exist on its own, in addition to the operating license itself, you will need to obtain a license for each slot machine, table and roulette. First of all, you will need to be patient, since the legislation is new and the law-abiding state authorities have not yet studied all possible pitfalls and are just beginning to adopt international experience of considering licensing applications. The case is much easier for the online gambling license. Therefore, the process will be long and the path is thorny.

Secondly, you will need to invest fairly large amount of funds. The authorized capital should be approximately equal to 1 million euros at current UAH rate.

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The company must also be registered in Ukraine and have the bank guarantee amounting to slightly over 1 million euros. The license fee will depend on the type of license and will amount to 8 million euros for the land-based casino in Kyiv and 920 thousand euros for online gambling in Ukraine, and this does not count the costs for licensing software and physical hardware in Casino rooms.

Thirdly, it is necessary to comply with all the regulator’s requirements. Namely: The license is issued for 5 years, which is a fairly long period during which the company can cover the costs incurred at the start.   If you have decided to be pioneers and are ready to capture the Ukrainian market right now, you need to contact trusted specialists with many years of experience in jurisdictions, whose ideas were laid down in the Law on Gambling of Ukraine.  

Such specialists will help speed up and facilitate the procedure for obtaining a license, allowing you to fully immerse yourself in development of a new market.

David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes. Maverick is an active trader, commodity futures broker, and stock market analyst 17 years of experience, in addition to 10 years of experience as a finance writer and book editor." tabindex="0" data-inline-tooltip="true" David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.

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Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands. There’s one certainty in gambling: Nothing is left to chance. A casino is a business, not a charitable organization throwing free money away.

Like any other business, it has a business model in place designed to ensure its profitability.