Ukrainian online casinos earned UAH 55.6 billion last year: who has ties to the Russian Federation
The Ukrainian online casino market earned 55.6 billion hryvnias in profit last year, however research YouControl found a worrying trend: three companies failed to provide financial statements, undermining confidence in the industry’s transparency.
Market leaders and connections with the Russian Federation
“Spacesix” LLC (Cosmolot) received the largest income – UAH 27 billion. However, the company is associated with Russian businessman Sergey Tokarev, known for his activities in the field of gambling and IT in Russia.
LLC “Vbet Ukraine” (VBET) declared UAH 3 billion in net income. Although the company belongs to a Cypriot firm, until December 2022 its beneficiaries were the Badalyan brothers, who are associated with the Russian bookmaker Fonbet.
Canceled licenses and sanctions
Parimatch LLC earned UAH 2 billion, but lost its license in August 2023 after falling under the sanctions of the NSDC. In addition, licenses were revoked in Play Fan Investment LLC (Fan Sport), Pointlotto (POINTLOTO1) and Your Betting Company (1XBET) due to their ties to Russia.
Other market players
Among other companies that received significant incomes, it is worth noting PIN-UP Ukraine (3.6 billion UAH), LLC “Slots yu ey” (3 billion UAH), LLC “Bookmaking Company “Favbet” (9.7 billion UAH), Kazino.yua LLC and SLOTS CITY (2.5 billion UAH).
