Law on legalization of gambling signed by the President of Ukraine
Finally, the long-suffering and long-awaited by many players Ukraine law number 2284-d on the legalization of gambling was signed by the president of the country. The significant event took place on August 11. The news came from the website of the state parliament. Based on the adopted law, the following are legalized in the country: casinos, halls with slot machines, online poker rooms, bookmakers and offices. Organizations that conduct lotteries and organize competitions in sports poker are not subject to the law.
According to the law, gambling is considered to be games that provide the following opportunities: bets, winnings, the probability of success depends solely on luck and RNG. Supervision of compliance with the law will be carried out by a special commission that regulates gambling and lotteries.
According to the new law, the organizer of the gaming process can only be a legal entity that is a resident of the country. The authorized capital of the company cannot be less than 30 million hryvnia. At the same time, the capital must belong exclusively to the company. It is not allowed to use even a small part of budget funds. The company must not have sponsors, shareholders or beneficiaries living abroad.
The organization of gambling in the state is prohibited for financial and banking institutions, companies included in the register of non-profit organizations, legal entities that, by court decision, do not have the right to organize such entertainment. Licensing of activities is mandatory. Only certified equipment must be installed in casinos and/or gaming halls. Also, the company is required to have a target deposit in the bank or financial guarantees that are necessary for the payment of winnings.
The license is issued for a period of five years, but in case of significant violations it can be revoked earlier by decision of a special commission. The adopted law will facilitate the closure of a huge number of illegal gambling sites that offered games for money under the guise of lotteries.
