Positive sum game. Five key trends in Ukrainian gambling in 2023
Date: 2023-07-16 Categories: TECHNOLOGY
Despite the war and a number of unresolved problems of the new industry, Ukrainian and international licensed operators managed to stay afloat, reformatted their work in wartime and identified the approach of victory as the only possible option for business development in Ukraine.
Over the past year, market representatives have expressed their pro-Ukrainian position and confirmed it by saving thousands of jobs for Ukrainians, while continuing to pay taxes to the state budget.
Thanks to large-scale pro-Ukrainian marketing campaigns, the Cosmolot gaming brand has become one of the most prominent operators, having already donated about UAH 15 million to the needs of the army.
Given the difficult experience of 2022, we have collected five key trends in the legal gambling market in Ukraine for the next year.
1. Cryptocurrency and Open Banking
The legalization of cryptocurrency in Ukraine in the spring of 2022 has become another chance for gambling operators to expand the limits of their financial capabilities and develop the digital economy within the country.
Today, the range of possibilities for using cryptocurrency is actively expanding, given its circulation in various digital transactions and the development of promising decentralized technologies for investment. That is why gambling can become a powerful driver for the introduction of decentralized finance in various sectors of the Ukrainian economy.
Legal companies are also accelerating the implementation of the Open Banking concept in Ukraine, enshrined in the European Payment Services Directive (PSD2) and which will allow the creation of new fintech products based on open international technologies.
2. Business patriotism
Cosmolot did not provide its services to users from Russia and Belarus long before February 24th. The first and so far the only one among the market refused the Russian language on the site. In 2022, the brand promoted its pro-Ukrainian position at the international level, confirming this with powerful advertising campaigns in support of Ukraine.
“Fortunately, no one is interested in the Russian Federation, there is no talk among experts about it, and no one has any interest in entering its market. In addition to being a terrorist country, its market is small compared to the much smaller Germany or the UK,” says Dmitry Dyachenko, head of operations at Cosmolot.
According to him, the abolition of all ties with Russia and the strengthening of patriotic advertising of the gambling business in Ukraine will continue next year.
3. Responsible gaming
The principle of responsible gaming remains the basis for the legalization of gambling. Licensed operators and the state are interested in developing a new entertainment sector that always protects players and creates a positive image of a business that has been in the shadows for years.
Following the example of international companies, Ukrainian brands promote responsible gambling and develop gambling as a new legal service sector.
This sector of services is characterized by the exclusion from the game of persons under the age of 21 and persons included in the register of gambling addicts, the protection of the player and his personal data at all levels, the support of social projects and the promotion of corporate responsibility of all market participants.
Appropriate measures to promote gambling as a new legal and safe entertainment industry are planned at the state and corporate level in the long term.
4. Investment
The incorporation of gambling opens up prospects for the development of the Ukrainian economy side by side with the whole world.
With the adoption of transparent legislation for the gambling business, a new industry for Ukraine can attract huge investments in the IT industry, given the development of new payment technologies, user verification systems, big data tools, marketing and other areas.
Therefore, increasing the investment attractiveness of Ukraine remains a priority for both legal operators and the state.
5. Restoration of Ukraine
Thanks to the efforts of the Ministry of Digital Development, Cosmolot and other gaming operators have already introduced verification of their users through the Diya application.
Since the Ministry will continue to deal with this market in the near future, we can expect the work of all legal companies within the framework of the new Diya.City legal initiative, which has greatly simplified the conduct of IT business in Ukraine.
Thanks to such initiatives, gambling will certainly become (in fact, it has already become) an integral part of the restoration of the state after the victory.
License fees, taxes, jobs and social initiatives, primarily in support of Ukrainian defenders and victims of the war, all significantly increase the prospects for legal gambling for the Ukrainian economy not only in 2023, but at least over the next decade.
Over the past year, market representatives have expressed their pro-Ukrainian position and confirmed it by saving thousands of jobs for Ukrainians, while continuing to pay taxes to the state budget.
Thanks to large-scale pro-Ukrainian marketing campaigns, the Cosmolot gaming brand has become one of the most prominent operators, having already donated about UAH 15 million to the needs of the army.
Given the difficult experience of 2022, we have collected five key trends in the legal gambling market in Ukraine for the next year.
1. Cryptocurrency and Open Banking
The legalization of cryptocurrency in Ukraine in the spring of 2022 has become another chance for gambling operators to expand the limits of their financial capabilities and develop the digital economy within the country.
Today, the range of possibilities for using cryptocurrency is actively expanding, given its circulation in various digital transactions and the development of promising decentralized technologies for investment. That is why gambling can become a powerful driver for the introduction of decentralized finance in various sectors of the Ukrainian economy.
Legal companies are also accelerating the implementation of the Open Banking concept in Ukraine, enshrined in the European Payment Services Directive (PSD2) and which will allow the creation of new fintech products based on open international technologies.
2. Business patriotism
Cosmolot did not provide its services to users from Russia and Belarus long before February 24th. The first and so far the only one among the market refused the Russian language on the site. In 2022, the brand promoted its pro-Ukrainian position at the international level, confirming this with powerful advertising campaigns in support of Ukraine.
“Fortunately, no one is interested in the Russian Federation, there is no talk among experts about it, and no one has any interest in entering its market. In addition to being a terrorist country, its market is small compared to the much smaller Germany or the UK,” says Dmitry Dyachenko, head of operations at Cosmolot.
According to him, the abolition of all ties with Russia and the strengthening of patriotic advertising of the gambling business in Ukraine will continue next year.
3. Responsible gaming
The principle of responsible gaming remains the basis for the legalization of gambling. Licensed operators and the state are interested in developing a new entertainment sector that always protects players and creates a positive image of a business that has been in the shadows for years.
Following the example of international companies, Ukrainian brands promote responsible gambling and develop gambling as a new legal service sector.
This sector of services is characterized by the exclusion from the game of persons under the age of 21 and persons included in the register of gambling addicts, the protection of the player and his personal data at all levels, the support of social projects and the promotion of corporate responsibility of all market participants.
Appropriate measures to promote gambling as a new legal and safe entertainment industry are planned at the state and corporate level in the long term.
4. Investment
The incorporation of gambling opens up prospects for the development of the Ukrainian economy side by side with the whole world.
With the adoption of transparent legislation for the gambling business, a new industry for Ukraine can attract huge investments in the IT industry, given the development of new payment technologies, user verification systems, big data tools, marketing and other areas.
Therefore, increasing the investment attractiveness of Ukraine remains a priority for both legal operators and the state.
5. Restoration of Ukraine
Thanks to the efforts of the Ministry of Digital Development, Cosmolot and other gaming operators have already introduced verification of their users through the Diya application.
Since the Ministry will continue to deal with this market in the near future, we can expect the work of all legal companies within the framework of the new Diya.City legal initiative, which has greatly simplified the conduct of IT business in Ukraine.
Thanks to such initiatives, gambling will certainly become (in fact, it has already become) an integral part of the restoration of the state after the victory.
License fees, taxes, jobs and social initiatives, primarily in support of Ukrainian defenders and victims of the war, all significantly increase the prospects for legal gambling for the Ukrainian economy not only in 2023, but at least over the next decade.
