Revenues of Ukrainian gambling sector can grow by 3 times in the first year

The Gambling Industry Association (BGC) has sent an official appeal to the Verkhovna Rada of Ukraine. In it the body calls on MPs to adopt as soon as possible amendments to the bill on the regulation of the country’s gambling sector.

In particular, the document contains information that the amendments to the law will be a catalyst to launch the process of attracting large international operators to the local gambling services market.

The authors of the initiative believe that the proposed items will strengthen the fight against illegal gambling business, protecting consumers from low-quality services. This, in turn, will ensure the flow of taxes directly into the state budget.

At the same time BGC noted that the current law on legalization of gambling in Ukraine established an unreasonably high fee for obtaining a license, so many companies do not intend to cooperate with the local regulator.

The official appeal states that the proposed changes to the Tax Code regarding the size of the license fee and tax deductions, which are based on the exemption of operators from paying taxes in the initial two years of operation, will generate about 36 million euro to the state budget only for the first of them.

Besides, the absence of collection from companies of the triple license fee and the gross income of the operator of 10%, which are proposed by the Association, will send to the budget additional 96 million euros of income. Thus, according to the statements of BGC analysts, these initiatives will allow for a year to triple the income of the gambling sector in Ukraine.

Recall that Macau casino revenues fell by 70.5%.