Gambling (games of chance, games for money) is an activity with the aim of winning money or other material values. The result in gambling depends entirely or largely on chance (lottery, slot machine games, bingo, roulette) in some case, and in other cases on a combination of strategy and chance (poker, blackjack, sport betting).
Gambling can provide for both active participation of the gambler (card games), and the opportunity to make a bet on the outcome of an event to which the gambler has no relation (professional athletics, horseracing). In any case gambling includes the following three elements: bet, risk and the opportunity to win.
Legal gambling is not just a super profitable business, but also an important sector of the economy
Gambling law is complex and includes the norms of economic, corporate, tax, banking, administrative and private international law. As a rule, business owners are not able to deal with overwhelming amount of laws on their own. In addition, this type of business is considered as a high-risk, therefore, issues constantly arise with tax and other public authorities and banks.
VigoLex team has a huge experience in legal support of gambling industry at all stages of its growth in various jurisdictions where such activity is permitted. Incorporating companies, obtaining licenses, ensuring compliance with various regulatory requirements, working with banks and public authorities – all this requires significant expertise in the field of law and finance, which VigoLex is ready to provide.
In addition, VigoLex professionals are regular participants of specialized exhibitions, seminars and round tables dedicated to gambling challenges, therefore, they are well versed in the current trends at the gambling market.
Due to legalization of gambling in Ukraine, VigoLex is already actively consulting potential participants of this market and, thanks to its experience abroad, is ready to provide them with comprehensive support in our country.
VigoLex provides the following services in the field of gambling:
- development of a business idea in the field of gambling;
- consulting on the specifics of each gambling activity (casino, lottery, poker, slot machines, etc.);
- company incorporation in jurisdictions where gambling is permitted by law;
- opening accounts in banks and payment systems;
- ensuring the compliance of gambling with regulatory requirements;
- obtaining licenses and permits (Ukraine, Curacao, Malta, the United Kingdom and other jurisdictions);
- optimization and payment of taxes;
- solving other legal and financial issues related to gambling.
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Gambling is the games of chance, the purpose of which is to win money or other material values. The result in gambling depends to a large extent on randomness (lottery, slot machine games, bingo, roulette), and in some cases – on a combination of strategy and randomness (poker, blackjack, sports betting).
The main body in the field of state regulation of the gaming industry in Ukraine is GLRC (the Gambling and Lotteries Regulation Commission).
The legislation of Ukraine provides for 11 types of licenses in the field of gambling business:
- license to organize and conduct gambling in casinos;
- license to organize and conduct online casino gambling;
- license to organize betting activities;
- license to organize and conduct gambling in the halls of slot machines;
- online poker license;
- license for a gambling table and / or for a gaming table with a roulette ring;
- license for a bookmaker’s office;
- license for a slot machine;
- license for the provision of services in the field of gambling;
- license to conduct betting at the hippodrome;
- investment license.