Ukrainian Authority Grants Stakelogic B2B gambling license
Stakelogic has secured an official B2B license from the Ukrainian Gambling Authority, making them one of the first entrants into the country’s iGaming market. Having only recently expanded into online casino games, Stakelogic is poised to impact a fresh European market and establish itself early on in its lifecycle. As the countries new licensing laws only passed in 2020, they are one of the first European providers to complete an application successfully.
Stakelogic has successfully acquired an official Ukrainian gambling license which lasts until 2024. They’re in a fortunate position, as they are one of the first iGaming suppliers in the Ukrainian online betting market as online gambling was only legalized in 2020. ©5598375/Pixabay
Some finer details such as tax regulations and advertising declarations are still yet to be resolved; however, the finalization process is expected to be completed by the end of the week. The supplier license was granted prior to other conditions meaning Stakelogic will offer their full range of iGaming services such as live casinos, eSports related events and much more.
Ukrainian gambling laws are still overly confusing, and many bookmakers struggle to interpret the necessary advice they must follow when establishing their brand in the country. For example, land-based casinos are only permitted to open if they are located on a hotel complex/resort; therefore, no independent casinos can exist as of this moment. Government spokespeople have fuelled speculation that casino laws could change in the near future.
The Ukrainian President Volodymyr Zelensky signed the deal himself back in August 2020, since then, iGaming services have been clambering over one another to enter the countries online gambling market. It’s obviously an exciting opportunity as gambling hasn’t been legal since 2001. It’s expected that the worlds leading betting brands will also be looking to save themselves a spot at the Ukrainian table as the market is predicted to grow significantly in the coming years.
Ukraine is one of Europe’s largest countries, with a population of 44 million. A significant user base is yet to be established in the turbulent Eastern European nation. Political tensions with Russia aside, a stable economy and democratic government with capitalistic ideals serve as a perfect hunting ground for small and large firms looking to establish themselves.
How Will the Ukrainian Market Change?
As previously mentioned, several cabinet members have already mentioned plans to amend current casino regulations; however, it’s still unclear when these changes will come into effect. There’s no doubt the government have high expectations for the countries gambling scene, and with appropriate taxes and financing, the framework to develop a sustainable national industry is there.
Market researchers have tipped the Ukrainian market to be one of Europe’s fastest growers over the next annual period. A territory with great potential and a pre-existing framework like Ukraine is essential for the industry’s sustainable future. A spokesperson for Stakelogic expressed his excitement over the license approval, pointing out that they’re one of the first to obtain an official gambling license from the national gambling authority.
Having previously experienced similar situations in Holland and Sweden, Stakelogic is used to risking it on a new market when it arises. They’re also familiar with strict regulations employed in the UK, for example, where advertising standards are followed to the tee. Stakelogic often receives praise for their outstanding security measures on their websites, enabling the prevention of underage gambling as well as stopping any fraudulent activity.
Stakelogic Innovate Live Casino
A surprising aspect of Stakelogic’s company structure is its R&D team. They have produced unique live casino games for years, often distributing them to other online platforms. Despite this, they have successfully built up their own diverse catalogue, including casino, eSports themed, and live sports games. A very diverse user base has provided significant feedback, and now 11 years after their founding, the company runs like a well-oiled machine.
They are among the world’s fastest-growing online betting game providers globally and have significant stakes all over Europe. Recently they developed a new live gaming setup sourced in Malta which will provide the maintenance and development of 23 unique casino games for their website. Several types of games have been considered, and after plenty of in-house research and feedback, they have refined their service to offer the best possible live casino experience.
