According to UNL’s owner Michael Foggo, the lottery business in Ukraine needs qualitative changes, primarily in regards to the licensing of operators and the market settlement.
“Recently I have got acquainted with the position of the MSL President Georgiy Lozhenko, which he has in regards to the functioning of the lottery market in the country, and, naturally, in general, I support his statements. The Ukrainian government has not yet approved the licensing conditions under which the operators must act, which keeps the market in limbo and does not allow it to develop qualitatively. Moreover, new tax rules have been adopted, which foresee the payment of taxes even from the smallest winnings, which goes against the European and the world practice,” writes Foggo in his post on Facebook.
According to Foggo, if new license conditions adopted by the government, lottery industry could generate income for everyone – the state, society, players and investors.
Ukraine is very promising for investments, especially since the economy is gradually recovering from the crisis. I made the decision to invest in the lottery business, as I see growth potential in it, as well as I have the relevant experience and the resources. The Ukrainian government officials have repeatedly stated that they are ready to finally establish the uniform rules of the game and to settle the market, but they have not come to the implementation of these intentions up to now. Moreover, the draft of the licensing conditions has already been developed, but not adopted by the government. As far as I know, this issue has been expecting for its turn for more than 6 years already. I am convinced that the state is very interested in having a responsible business in the lottery market, paying major sums of taxes to the country’s budget. Therefore, I sincerely do not understand the reasons why this legal act, foreseen by the law on state lotteries, has not yet been approved by the government.
Foggo also beleives that Ukrainian lottery industry will be eventually built according to the best European models
I clearly understand that the current situation is beneficial first of all to those who work illegally, as it enables them to continue to exist and live off in the lottery business. For my part, at this time, there are still positive forecasts regarding the future of Ukraine’s economy and the lottery industry. Lottery companies will develop in the country: there is no other way. Ukraine is moving to Europe, and sooner or later, the lottery industry will be built according to the best European models.