Vbet Acquires Official Casino and Poker License in Ukraine
Author:
Scott Lawson
Ukrainian betting platform Vbet has been granted a gambling license from the government and is set to open a casino in Kiev as soon as possible. The parent company Betconstruct has been granted planning permission to begin construction of the casino resort as quickly as possible. Their online poker profile is set to increase with this rise in interest to align with the casinos massive planning and construction schedules. The new land-based gambling hall is set to be one of the largest in all of Eastern Europe.
Vbet acquired an official gambling license this week and is already setting plans to build a new casino-resort complex in Kiev. They’re aiming to complete the project by 2024. ?Roman_Polyanyk/Pixabay
BetConstruct’s CEO, Vigen Badalyan, has wanted to move into land-based casino operations since he founded the company over 20 years ago. Having been in a previous lengthy legal battle with his ex-wife over wealth division, he now looks forward to the future of his company. He has said that he aims to provide high-quality gambling facilities and maintain a secure and user-friendly online experience.
Vbet’s CEO is renowned throughout the Ukrainian business complex as a morally driven individual, proven by his numerous successful ventures achieving high ethical scores in the CSR index. As well as this, Badalyan supports local sporting organizations and funds both kids and adult football teams in and around Kiev. A strong sense of morality is often hard to come by in the gambling scene, but Badalyan is looking to change his position’s stigma.
The Ukrainian gambling authority known as KRAIL, are known for their ruthless action towards illicit organizations and rarely grant licenses for incomers. However, with a clear project in mind, which was successfully communicated to the governing body, enabled Vbet to acquire the rights to begin their casino construction. Plenty of legal issues are subject to review, and an approval process is often long and tiresome for the submitting party.
Vbet’s head of marketing, Seda Mkhitaryan, was overwhelmed by KRAIL’s decision and said he felt honored to have played a part in the next chapter of Vbet and BetConstruct. Before his job at Vbet, Mkhitaryan was a prominent figure in the Russian gambling scene, helping to establish Russia’s largest casino complex, Selena World Resort. He helped enable its national success through strict budgeting and efficient use of advertising.
The Reestablishment of Ukraine’s Gambling Scene
It’s easy to forget that Ukraine only legalized online betting in 2020. Having banned it back in 2009, the government made a major U-turn on their decision 11 years later; they’re now hoping to provide some stability to the gambling industry through fewer restrictions on advertising and approving casinos construction. Kiev is already a hotspot for land-based gambling halls; the cities bustling streets and strong nightlife culture all play into an already successful sports betting setup in the Ukrainian capital.
Ukraine’s president Volodymyr Zelensky officially approved the bill last year and reflected on its success in a recent press conference. Formerly a comedian and screenwriter, Zelensky’s presidential campaign initially started as a joke; unexpectedly he began to gain political traction. Before he knew it, he was the president of Ukraine. With 73% of the vote, he achieved a landslide victory over Poroshenko, the country’s previous leader.
The new laws state that both national and international sportsbooks are permitted for use within Ukraine. Each foreign organization must receive permission from KRAIL, subject to passing their strict quality and security checks. Despite an increase in Ukrainian firms since the legal change in 2020, foreign platforms still dominate the country’s betting landscape. Ukraine’s most popular casino games include Poker, Blackjack and Slots.
An ongoing issue with unclear guidelines has become far more apparent as firms sometimes struggle to recognize the key details it contains, especially the tax proposals. The Ukrainian government has implemented an exceedingly high tax bracket for gambling firms; supposedly, this is to help reduce consumption and to prevent addiction problems.
Ukraine Cracks Down on Illegal Gambling Setups
Ukraine’s national security service led a thorough operation to cease the operations of over 30 illegal gambling strongholds across the country, 12 of which were in the capital, Kiev. Two casinos were raided by armed police, suspected of numerous drug offences and fraudulent activity, and both casinos are closed indefinitely.
Close collaboration with KRAIL enabled police to better track down these back-alley operations and put a stop to them with one swift move. In a public statement, the police have confirmed that all 30 of these operations are connected to crime syndicates and terrorist organizations, serving as a front for various money laundering and smuggling deals.
Ukraine’s security service seized over 600 separate items in all subsequent police raids, including computers, poker tables, drug stashes and money. As well as this, mobile phone data has been transferred into police databases to understand the criminal ecosystem better and hopefully lead them to further arrests.
