UKRAINE

Experts suggest legalizing gambling in Ukraine

Gambling is still mostly illegal in Ukraine. The government promised to lift the ban until the end of 2018, but this never happened.

According to Michail Sololov, a Ukrianian tax expert, the amount of funds that state budget could have withdrawn from the shadow of the gambling business is from two to five billion UAH.

New memorandum with IMF

In his post on Delo.ua the expert also writes that the new text of the Memorandum on the economy and tax policy in Ukraine within the new program for 2018-2020 does not contain any demands regarding gambling industry.

The key demands of the Memorandum are as follows: maintaining the monetary policy; independent National Bank of Ukraine will continue following the policy of the flexible currency; inflation rate will make 7% since December 2018 till December 2019, and 5 +/- 1% in 2020.

Sports betting ban is unreasonable

Anyone who wants to bet on sports can do this despite the ban. And this is absolutely legal, because a player does not bet in Ukraine, but abroad, using the services of online offshore bookmakers, the expert writes.

Michail Sololov believes that the ban on sports betting is the most stupid ban, because it gives nothing, except loss of tax payments. This area could normally be regulated and generate income.

To evaluate amounts of taxes that could be payed to the budget, you need to understand how much money now goes in bets abroad. A tax on betting can be imposed on the activities of the gaming companies: on profit or turnover – this depends on the regulation. It is also possible to impose a tax on personal income from the winning.

Monopoly owned by lotteries

According to the experts, lottery operators are not interested in changing gambling regulation. Therefore, it is not surprising that bills aimed at legalizing bets on sports betting or gambling in general, do not pass the approval of the parliament. After all, there is a lobby that hinders changes in this area.

 

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