Ukraine: Nearly 70 Percent Of Revenue From Sale Of Casino Licenses Will Be Used To Fund Education Programs

Ukraine: Nearly 70 Percent Of Revenue From Sale Of Casino Licenses Will Be Used To Fund Education Programs

Ukraine is moving towards launching a regulated gambling market. The draft state budget for 2020 expects to raise UAH 3 billion in revenues from the sale of gambling licenses.

The state budget also allocates nearly 70 percent of the proceeds from the sale of the license (UAH 2 billion) to fund educational programs in the country.

In a Facebook post, Chairman of the Accounting Chamber Valeriy Patskan wrote: “The draft state budget developed by the Cabinet for the second reading provides for UAH 3 billion in revenues from gambling licenses. I have already stressed that national lotteries, as well as gambling businesses in general, are one of the real sources of replenishing the budget.

In particular, we are glad that most of the revenues from this activity will be spent on education – UAH 2 billion is planned to be allocated for the implementation of the program Efficient School for Better Results.”

Last week, the Ukrainian parliament released the full text of the draft gambling bill. The new draft bill calls for legalizing igaming, online betting, online poker, and retail bookmaking.

To begin with, Ukraine will allow 10 online casino licenses, 10 online betting licenses, and five online poker licenses. On top of these, 80 retail bookmaker licenses will be issued.

There will be 20 casino licenses available only to five-star hotels. The hotels seeking to host a casino should have a minimum of 200 rooms if located in the capital city of Kiev and 150 rooms if it is in any other city.

Also, a mandatory pre-requisite of the license is that the operators must demonstrate capital of at least UAH30m (£940,000/€1.09m/$1.20m) to apply for a casino license.

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