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.
GGBET LLC acquired the rights to use the GG.BET brand in Ukraine and received a decision to issue licenses from the Commission for Regulation of Gambling and Lotteries for its activities (decisions No. 128, No. 129 of 08.08.2023). The date of the start of GGBET UA operations will be announced shortly.
GG.BET is an international esports bookmaker with Ukrainian roots, known for its partnerships with the world’s largest CS:GO and Dota 2 tournaments. The brand actively supports the development of global esports and acts as an official partner of major esports tournaments. In addition, the brand is a sponsor of the legendary NAVI and Team Vitality clubs.
GGBET UA will develop the esports community and promote the principles of responsible betting and online casinos. It also plans to support Ukrainian sports through investments, implementation of thematic social projects, and collaborations with sports leaders.
“Ukraine has a great potential for the development of the betting market, so obtaining licenses for the GG.BET brand is an expected and balanced decision. Ukrainian esports is characterized by a developed fan base and its own history of tournaments and high-profile victories. In addition, we are confident that fans of classic sports will also find attractive conditions and gain new interesting experience. We will offer Ukrainian bettors an excellent betting product and high-level service that the GG.BET brand provides to users in the global market,” the company’s press service commented.
As a reminder, the GG.BET brand has recently started operating in the UK under the license of the UK Gambling Commission, which is considered one of the most standardized and prestigious in the world.
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About GG.BET
GG.BET is an international eSports betting brand with operations in the UK, Europe, South America and Asia, operating under the licenses of the UK Gambling Commission, Antillephone (Curacao) and Malta Gaming Authority. GG.BET is a member of the ESIC public organization and stands for fair play in esports.
