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Ukraine Moves to Do Away With Gambling Ban

Ukraine Moves to Do Away With Gambling Ban

The Ukranian Minister of Finance has vowed to make gambling legal in the country after it was banned almost eight years ago. The promise is bound by a deadline in 2018.

Two years ago there was a legislative proposal to decriminalize casinos, sports betting and iGaming but it didn’t go through as operators opposed the excessively high tax rates and licensing fees.

According to media reports, if earlier regulations had been approved, there could have been annual revenues of US$1.5 billion.

At the beginning of the year, Finance Minister Aleksandr Danilyuk announced that the government has incurred US$370 million in lost taxes in the course of two years resulting from the delays in removing the ban on the market.

The Prime Minister of Ukraine has accepted the letter outlining the new proposal.