The legislative proposal to pull gambling and betting businesses out of grey legal terrain was recently approved in the second reading by the Parliament. The new age of gambling in Ukraine is expected to start as soon as the law would be signed by the President of Ukraine. It would not only transit gambling businesses to the legal environment but – above all – protect the gaming industry from fraud by providing a governmental endorsement to the industry.
How the Law Would Bring Clarity and Security to the Ukraine Gambling Business System
Pursuing the aim to embed gaming businesses onto the economy, the Parliament had to root out mercilessly the outdated law. It forbade gambling in general since 2009. The new law would put strict constraints on the market players, all for the sake of transparency and accountability of the businesses.
Soon, the license for an online casino (per one website) would cost an overwhelming sum for a young company. Such a high entry point would filter small fly-by-night companies from the appealing industry, allowing only tried-and-true organizations to flood the market with their services.
The restrictions would set a sizeable standard of quality and security for companies. At the same time, the unified control system would eliminate every possibility of fraudulent activity coming from both the players and gaming providers. This would force companies to evolve by getting rid of old technologies and equipment on behalf of the new tools, more reliable security protocols, and more transparent financial accounting.
Now, complex procedures precede the entrance to the Ukrainian gaming market. However, the gambling area would highly benefit from the introduction of the new law. First and foremost, the legalization of the business would mean protection from penalty charges and criminal prosecution. One would no more face a need to search for the legal loopholes and operate on the fringes of the law: a single license would allow companies to grow sustainably, not expecting the unpleasant surprises from the governance system.
Secondly, the possibility to freely engage new players promises an increase in the number of people seeking entertainment. Altogether, the legal protection and access to a broader market would only bring prosperity to those companies that will decide to operate on Ukraine’s territory.
Why Not All Companies Will Succeed
The new law demands a lot of transparency from the Ukraine gambling businesses seeking a gambling license. All gambling locations should be ready to submit the comprehensive list of purchase, exchange, return & other financial operations to the governmental monitoring system.
What is more, the business – be it a casino or a betting place – should possess the highest security measures to protect users’ personal and financial information from outside intervention, leakage, or stealing. A qualitative, elaborated, and, more importantly, a faultless system is an expensive project that might take a lot of time to develop. Luckily, there is no need to work it out from scratch, as BetInvest offers its pre-made solutions that could be customized for one’s business needs.
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Over more than 20 years in the industry, BetInvest has collected more than enough knowledge to develop sophisticated and faultless betting, casino, lottery systems. To make sure that one’s customers will receive a top-notch gambling experience, we constantly upgrade our products, making them comfortable in use both for our clients and the clients of our clients. One can rely on our time-tested solutions, and be sure that with BetInvest, you only get the best product available on the market.