News and developments in online gambling this week

Ukraine

Last week, Ukrainian lawmakers passed the first reading of a bill that would legalise and introduce online gambling and sports betting in the country. Bill 2285-D, if fully approved will authorise both land-based casinos and online casinos to conduct their operations in and from the country. Those wishing to conduct online casino and betting would have to ‘bid’ for a licence with a starting price of some $280,000. The response of online casino operators in Europe was positive as they noted an important step towards a fair and transparent gambling market in the state. The law is required to be read and voted on another two times before being signed off by President Volodymyr Zelensky. If implemented it is expected to generate some $200 million in income for the country.

The State of Colorado

Colorado is expected to issue its first sports betting licenses this week after seven brick-and-mortar casinos have applied for Master Licenses. Obtaining this kind of license is the first step required before bets are allowed to be placed and they allow operators to offer land-based sportsbooks, or to offer digital sportsbooks via the internet. In order to be able to offer online gambling and sports betting in Colorado, platform and app providers are required to affiliate with a land-based casino in the state. Those that have applied for a license include Monarch Casino Resort Spa, Saratoga Casino, Dostal Alley, Double Eagle Hotel, Brass Ass Casino, JP McGills Hotel and Casino, Midnight Rose Hotel and Casino in Cripple Creek.

UK

As if the UK did not have enough woes after it crashed out of the EU just two weeks ago, shares in its online gambling companies have plunged by hundreds of millions in a matter of hours. Last week, Gambling Commission chief Neil McArthur said he would consider MPs proposal to cut stakes to just GBP 2 over six months. Following the news, operators such as Ladbrokes Coral, Playtech, William Hill, Flutter and 888 fell by as much as 8% shaving some GBP 500 million off the industry. In November last year, the industry lost some GBP 1.2 billion after MPs called for stringent curbs and regulations in the online gambling industry.

The prognosis of online gambling in the UK has been somewhat confused recently, due in part to Brexit but also a number of government plans to constrict online gambling. Recently, the government made changes to the law so that gamblers can no longer pay for bets with credit cards in an effort to curb problem gambling.

Fast Offshore has been advising and assisting international online gambling providers and operators for over two decades. We work with regulatory authorities and licensing providers to assist our clients in a smooth and efficient licensing process. We can provide comprehensive advice on which license, jurisdiction, corporate structure, or other is suitable for the clients business needs, and we can also assist with setting up payment providers, bank accounts, and taking care of fiscal considerations. With experience on every continent, wherever you are looking to set up your online gambling business, we can help you get the ball rolling.