Compliance Updates
Parimatch became the first company in Ukraine to receive permission for a betting license
After signing a law on the legalization of gambling, Ukraine moved closer to regulation’s European gambling market standards. Parimatch received the first official Ukrainian permission for a license for betting activities in Ukraine.
On August 13, the law on the legalization of the gambling market came into force – one of President Volodymyr Zelensky’s promises to the people of Ukraine. After 11 years, the gambling business emerged from the shadows, and the state finally brought the country’s betting industry regulations in line with those of Europe.
Parimatch became the first licensed operator in Ukraine. The license allows the company to legally provide betting services, casinos, and poker, which will generate tax revenues to the state budget. The Ukrainian license became the 5th for the international holding Parimatch.
Restarting the gambling market according to European standards will catalyze the inflow of international investments into the country. Parliamentarians have already stated that in 2021 alone, the budget of Ukraine expects about 255 million euros in revenues from the gambling industry. The state will direct the money received from the sale of licenses to support socially significant areas such as medicine, culture, and sports. The influx of foreign investors also contributes to developing of technologies that will give Ukraine the impetus to compete in the international entertainment market.
“Work still remains to be done on reforming tax legislation before the Ukrainian market becomes attractive to foreign investors. Taxation should be transparent and logical so that it doesn’t create additional obstacles for foreign investors. At this stage, the cost of licenses for various types of gambling activities is so high that, together with taxation, it does not make investments in the nascent Ukrainian market attractive. So Ukraine could lose the competition in terms of investment to other countries. Under favorable legal conditions, specialist market capacity and qualifications will allow Ukraine to become a gaming hub for the Eastern Europe region. Like Malta and Manila, Ukraine now has the potential to become a center of expertise for gambling entertainment.” – Managing Partner of Parimatch Holding Maksym Liashko
Compliance Updates
Aviatrix lands in the Netherlands
Aviatrix, the award-winning crash game, has received its certification in the Netherlands, meaning Dutch players can enjoy the popular title for the first time.
The certification in the Netherlands opens up yet another important regulated market for Aviatrix, which was recently named ‘Game of the Year’ at the EGR Operator Awards 2024.
Gross gaming revenue in the Netherlands hit €1.39 billion in 2023, and is expected to continue to grow over the coming years.
Dutch operators will now be able to capture this growth via Aviatrix’s innovative title, which is proving hugely popular in regulated markets worldwide.
Anastasia Rimskaya, Chief Account Officer at Aviatrix, said: “The Netherlands has been on our radar for some time, so this is a big day for us here at Aviatrix. We can’t wait to see Dutch players enjoying the title, and we will be working closely with some very special partners in the Netherlands to ensure this game is widely available very soon.”
Part of what makes Aviatrix so successful is the constant updates to the game, which keeps it fresh and exciting for players.
This has included a full redesign with new, 3D assets, as well as a first-of-its-kind free bets function via in-game promo codes.
Compliance Updates
Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content
Comtrade Gaming has obtained a supplier license from the UK Gambling Commission (UKGC). Players in the UK can now enjoy a variety of games from Comtrade Gaming’s portfolio, including the latest Witch Crash’d, Pilot Piggy, Sweet Treasures, Wild Minner, Diamond King, Diamonds in the Sky, White Elephant and many more.
“This is a significant achievement for Comtrade Gaming. The UK market is a core part of our growth strategy, and this license allows us to bring our games to more operators and players. We’re excited to work with all operators in the UK market and provide a unique gaming experience for their audiences,” said Steven Valentine, Chief Commercial Officer.
This milestone marks a pivotal step for Comtrade Gaming as it continues to grow within regulated markets and reach new players globally.
Compliance Updates
Spillemyndigheden: Anti-Money Laundering: Screening of Sanctions Lists
Gambling operators must comply with the EU’s sanctions regarding freezing of assets. Freezing of assets means that it is prohibited to make funds and assets directly or indirectly available to individuals who are subject to the EU’s sanctions.
Freezing of assets must take effect immediately when an individual, business or organisation is added to a list of sanctions. Consequently, a gambling operator must screen their costumers in accordance with the existing and updated lists.
The EU keeps several sanctions lists that are updated regularly. Therefore, the EU has created a database, EU Sanctions Map, which includes all current sanctions lists concerning anti-money laundering. The map can also be used to search across the lists. Individuals, businesses and organisations that are subject to a requirement for freezing of assets is marked with a frost symbol.
In addition to the individuals listed in the EU regulations, gambling operators are also obligated to ensure that the operator’s customers do not appear from the UN’s consolidated asset freeze list. The list is available on the Danish Business Authority’s website: UN’s freezing of assets list.
Gambling operators are responsible for ensuring that funds are not made available to a sanctioned individual – for example by paying out winnings. Please note that breaches of sanctions adopted by the EU or UN may be punishable by fine or imprisonment.
See more information on sanctions and asset freeze on the Danish Business Authority’s website, where a guide on freezing of assets is also available.
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