Cosmolot licence reveals doubts on Ukraine’s Gambling Law

Cosmolot licence reveals doubts on Ukraine’s Gambling Law

Added:
Posted by: AffPapa

The Commission for Regulation of Gambling and Lotteries in Ukraine issued its very first gambling licence last week, and the country’s gambling stakeholders have been speechless over the occurrences.

Last week, the CRGL stated that it had issues its first online gambling licence to Speisiks LLC. The company owns and operates the Cosmolot brand, which used to operate in the country under the UNL’s instant lottery licence. This was discontinued after July of 2019.

CRGL’s approval of Speisiks LLC’s online casino licence was supposed to indicate the launch of Ukraine’s new regulated gambling marketplace about six months or so after President Volodymyr Zelensky approved the Ukrainian Gambling Law. However, the CRGL’s decision has been facing lots of probing and inspection after it ratified Speisiks’ licence. Aside from that, interested parties are still waiting for a decision from the government on the settlement of important requirements concerning the technical certification of the Gambling Law.

Before the announcement, CRGL refused and left ‘without consideration’ about 15 licence applications, without revealing any of the technical requirements.

And despite the fact that the terms of the Gambling Law were approved last summer, which allows businesses to apply for licencing, Ukraine’s government has not yet taken on ‘technical accreditation’ requirements when it comes to technologies, operating systems, software and compliance controls.

This sticky situation has left viewers Ukraine baffled on how CRGL approved Speisiks’ licence without knowledge of any ultimate market requirements. This is why the CRGL approval could possibly set off legal problems if Speisiks launches the Cosmolot brand without fulfilling any of its technical duties.

Scepticism already encompasses CRGL as a government agency, as it was formed merely three months ago to handle licences, and it has been unsuccessful at attaining its first regulatory hurdle. Moving on from technical requirements, Ukraine’s interested parties have not received word on whether or not the government has finally made a final decision on the market’s gambling tax framework yet. However, it is looking like the necessary legislation has been hindered ‘midway to the Rada’s floor’.

Ilya Machavariani, CEO and Senior Partner of CIS gambling consulting firm 4H Agency, said:

“Developments continue to gather pace in Ukraine, however, applicant parties still await vital information on technical certification to address legislation requirements. The next months will be critical in how a regulated market shapes up. Out of the blue, CRGL offered its first licence this month, but greater transparency certainly could help the market.”

  • Caesars Ent to obtain naming rights for Superdome stadium
  • Pickering Casino Resort to reopen in Ontario
  • Golden Nugget Casino to start operating in Michigan