Will Ukraine make money on gambling?

An issue of gambling is one of the long-standing ones in Ukrainian politics. Many politicians are known as fighters against illegal gambling business. However, the situation may change dramatically this year, reports “Investor”.

The Ministry of Finance of Ukraine has finally decided not to hide the problem and solve it. Certainly, there’s a concern that a final solution to the issue of illegal gambling will be slowed down by some politicians.

Representatives of the Ministry of Finance explain that solving the problem has been faced with an active opposition. However, a position of the profile department is to adopt a comprehensive law. It is reported that a relevant government bill has been in parliament for two years.

“It’s because it is profitable to make billions and not pay much to the budget. There are more gambling institutions than pharmacies. We demand regulation of this activity because gambling has a negative effect on the society. Therefore, it is important to organize this market and make it civilized. What is more, the state loses billions of tax revenues each year,”

said the finance minister Oleksandr Danyliuk.

According to experts, legalization of the gambling business will bring the social security of citizens, support healthcare, sports and culture, and the state may receive additional 5 billion UAH annually.

A decision on legalization is not perfect but the money from it has already been put into the budget for 2018. Therefore, despite the concern, a legal action is expected in this area.

It should be noted that in most countries gambling business in general and lotteries are decriminalized and bring profits to the state. Quite often, earnings from lotteries come to special funds and are used for certain public needs. A striking example of the use of money from lotteries is in the UK where the money from a national lottery was used to hold Summer Olympic Games in 2012.

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