Legal Online Gambling Coming to Ukraine by Next Year

Published Wednesday, April 12, 2017 - Online-Casinos.com
Legal Online Gambling Coming to Ukraine by Next Year

Gambling whether online or offline is big business for governments all over the world. Government run gambling enterprises keep social programs alive in many jurisdictions creating a sort of dependency on the revenues. In the case of the Ukraine the debt the country owes the International Monetary Fund is to be paid back in part with revenues generated by gambling.

Ukraine has had economic, military and political issues for the past two decades including a revolution in 2014 that witnessed the overthrow of pro-Russian President Viktor Yanukovich. Ukraine received the first $1 billion installment of the economic relief package recently.  A review of the state’s economy by the IMF revealed that the country must “break with the legacy of weak governance and stop-and-go reforms” in order to generate sustainable growth. The Ukraine has made it known to the International Monetary Fund that it is ready to legalize gambling in the following year. Economic reforms are part of the strategy to sell the IMF on the proposed $17.5 billion financial assistance package offered to Ukraine. The Ukrain’s Prime Minister Volodymyr Groysman maintains that Ukraine is moving up, but it still has to convince the IMF of it initiatives by legalizing all forms of gambling.

IMF mission chief for Ukraine, Ron van Rooden commented on the current situation in the jurisdiction, “The economic and social costs of the crisis have been high,” Van Rooden continued,  “The government has undertaken important reforms under very difficult circumstances, but it has to do much more to recover the lost ground, to bring incomes closer to those in the neighboring states, to improve social conditions, and to build a modern market economy.”

Back in 2015 the nation failed in an attempt to legalize with legislation allowing land-based casinos, sports betting and online gambling. Operators protested the high licensing fees and taxes which halted progress on gambling reforms.

 

 

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