The Gambling and Lotteries Regulatory Commission (GGRC), at its first meeting after a six-month break on August 8, made 10 decisions to issue various licenses to operate in the market, a significant number of them to companies of the Favbet brand and a new market participant, GGBET, which will operate in Ukraine under the international brand GG.BET.
“There is a new participant in the gambling market, which, subject to payment of fees for the first year of validity of the relevant licenses in the manner and timeframe defined by law, will be issued two licenses at once to carry out activities to organize and conduct gambling – casino on the Internet and betting activities,” – the regulator indicated on its website.
In turn, created in February this year LLC “GGBET” reported that acquired the rights to use in Ukraine cybersport betting brand GG.BET, represented in the UK, Europe, South America and Asia. It is stated that GG.BET – has Ukrainian roots, is known for its partnerships with some of the world’s biggest CS:GO and Dota 2 tournaments, and is a sponsor of NAVI and Team Vitality clubs.
“Ukraine has great potential for the development of the betting market, so for the GG.BET brand, obtaining licenses is an expected and balanced decision. Ukrainian cybersport is characterized by a developed fan base and its own history of tournaments and high-profile victories”, – commented in the press service of the company. It is also said that the line of offers will include betting on classic sports.
According to Opendatabot, the authorized capital of LLC “GGBET” is 30.47 million UAH, its founder is LLC “GGBET Holding”, in turn owned by Cyprus Terasida Ltd. created in late November last year. The beneficiary of the company since mid-July became Petro Kozyrev instead of Konstantinu Argiro.
KRAIL also reported that it issued a license for a betting shop in the Mercure Kyiv Congress hotel, which became a precedent, introduced a new type of service in the gambling market and “will serve as an example for other market participants and potential investors”.
In addition, “Favbet Game Slots” received three licenses for gambling machines in the hotels “IBIS Kiev railway station”, “Tisa” and Siesta in Petropavlivska and Sofievska Borschagivka respectively.
Similar licenses were also obtained by Volna 4444 LLC (Bratislava) and Aifar Group LLC (Dnipro). At the same time, Aifar Group was simultaneously deprived of its license for certain gambling machines due to non-payment of funds, and one of its applications was left unsuccessful.
Finally, Favbet TEC LLC and Sharkscod LLC were granted licenses for gambling services.
The regulator reminded that the licenses are issued after receiving a document confirming the payment of the fee for the first year of their validity, and said that at the next meeting will also consider the first application for an investment license.
“The above demonstrates the investment attractiveness of Ukraine even under the current martial law conditions,” CRAIL pointed out.
