BetConstruct’s business-to-consumer brand Vbet has been approved by the Ukrainian gambling and lottery regulator KRAIL for a license for operating online casinos and poker in the country. With permission from KRAIL, Vbet will become Ukraine’s very first official online poker room. Ukraine outlawed gambling in 2009 before finally legalizing it once more in 2020. An ecosystem will now have to be established anew.
Vbet Gets License for Operating Casino and Poker in Ukraine
BetConstruct’s founder and CEO, Vigen Badalyan, welcomes the opportunity to seize the moment and become a pioneer in the field. According to Badalyan, the gambling market should provide the highest quality of entertainment possible in a legal way in order to spark interest among Ukrainian citizens. The CEO believes in responsible gambling, supporting local sports, following the highest business ethics standards, combined with creativity and passion.
Vbet’s head of licensing and certification Seda Mkhitaryan rejoiced at KRAIL’s approval. Mkhitaryan felt honored to receive the official recognition of the Ukrainian Gambling and Lottery Commission. Despite the challenging times, Mkhitaryan shares Badalyan’s sentiments regarding establishing Vbet as a leading power on the Ukrainian gambling market. As of now, Vbet, Cosmolot, and Parimatch were all officially approved by KRAIL. Vbet will now work under the Vbet.ua domain in the country.
Gambling in Ukraine Has to Reestablish an Ecosystem
Gambling in Ukraine was outlawed because of an incident in 2009 where nine people perished in a gambling hall in Dnipropetrovsk. Many people demanded to ban gambling as a whole, which eventually happened when the parliament passed a law that forbade any gambling, regardless of the medium – online or land-based. Any participation in a game where people bet and are eligible to receive a prize was forbidden, with the sole exception of lotteries.
Gambling was legalized once more in 2020 with the approval of President Volodymyr Zelenskyy. The new law reads that both local and foreign operators can organize betting games as long as they have been registered and approved by the Ukrainian regulative organs.
It’s been just a few months since gambling’s legalization in Ukraine, and there is still a long way to go before a stable environment is established. Because the 2009 law didn’t stop people from betting illegally, now the government will have to hunt down unlicensed bookmakers in order to ensure a healthy future for gambling. Legal bookmakers, on the other hand, have been discontent with the government’s lack of decisiveness as the fine details around licensing and taxes are still unclear.
One is sure: Vbet now joins the ranks of the licensed bookmakers that will have the responsible task of paving the way to safe and legal gambling in Ukraine.