Earlier this year, Latvia became the launchpad for the international brand William Hill, a significant achievement for the Latvian gambling market. This became possible thanks to the collaboration with Gaming Innovation Group (GiG), which provided its iGaming platform for the online casino launch. Thanks to the high-quality content and innovative design from GiG, the operator maintains its leading position in the Latvian market. Although Latvia’s gambling industry is developing gradually, it still significantly lags behind Ukraine’s market. So, why don’t international brands start their businesses in Ukraine?
The Issues with the Ukrainian Market
One of the main reasons is the lack of clear legislation regarding gambling taxation in Ukraine. This is a significant hindrance to the development of the national gambling market. Legislative regulation of this issue is eagerly awaited by representatives of the legal industry, including online casinos like Vbet.
In contrast to Ukraine, Latvia has transparent legislation that effectively regulates both taxation and investment in the gambling industry. This allows businesses to clearly understand how much tax they need to pay, which greatly increases the stability and predictability of business operations. This is a view supported by gambling establishments in Ukraine, such as the online casino Slots City.
Read also: Gambling Industry in Ukraine – Development and New Opportunities.
The Importance of Fiscalization for Market Development
Opponents of the adoption of Bill No. 2713-d need to understand that fiscalization of the gambling business will not only increase tax revenue but also attract foreign investment to Ukraine’s economy.
Currently, Ukraine has some of the highest licensing fees for gambling and betting activities in the world. Delays in regulating this issue result in significant lost revenue for the country’s budget. Meanwhile, these delays benefit only illegal operators and their supporters.
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Supporting Business and Ukraine’s Economy
The dialogue between the government and business should be built on mutual respect. In this context, businesses must support economic development, and the government should create conditions that encourage and stimulate business growth.
This year, Ukrainian gambling companies have shown their social responsibility by actively supporting the country’s economy in challenging times. Since the early days of the war, legal gambling operators have launched numerous charitable and humanitarian initiatives to support Ukrainians. Want expert takes on gambling? Browse in-depth casino industry analysis.
