Bets on the outcome of any event (sportive, musical, political, etc.) are called betting and have long been among the top gambling practices around the world.
Millions of people actively follow football, basketball, hockey matches and other sports, film festivals, musical competitions, elections in order to raise money on the victory of their idol.
Betting is making a stake. One party of the bet (the bookmaker or other gambler within a betting exchange) offers the odds, and the other one (the gambler) accepts. Each event has its own coefficient – the probability of a particular outcome determined by analytics
The higher the probability of particular outcome of an event, the lower is the coefficient. The bookmaker’s margin is obligatorily included into the coefficient, and therefore regardless of whether the client wins or not, the bookmaker always makes a profit.
Bets may be:
- ordinary bets – for a single event (victory of a socker team);
- express bets (sometimes called “trains”) – for several independent outcomes of events (to win, all outcomes of events must be guessed correctly);
- handicap bets – a bet on the additional superficial disadvantage for one of the teams or an athlete;
- bets on total – the result of the event, expressed by the number of goals scored, yellow cards, fouls, offsides, ball control percentage, etc.
Bettors can participate in both offline and online bets, make bets before the start of the event – a pre-match betting or during the game – live betting. Despite the latest global events, online betting market has proven to be stable and flexible, even in spite of the long absence of public events to bet on. VigoLex team advises online bookmakers and assists them to conduct legal and profitable activities in compliance with all the rules of socially responsible gambling.
In order to conduct online bookmaking activities, you must have:
- a license – It is very important to choose the correct jurisdiction to obtain a license. VigoLex traditionally recommends its clients to pay attention to Curacao, Malta, Costa Rica, Isle of Man and the United Kingdom. In 2020 bookmaking has become legal in Ukraine as well, so VigoLex is looking forward to the market launch in order to evaluate all its advantages and disadvantages;
- a website and/or a mobile application – at the stage of development, launch and promotion of software, legal assistance will certainly be required, since the legislation of each jurisdiction sets its own requirements regarding the technical component – identification system, deposit restrictions, advertising, etc.;
- payment instruments – a website or a mobile application must be connected to payment systems. VigoLex lawyers will help you to choose a reliable payment services partner;
- the rules of interaction between the gambler and the bookmaking network, the rules for the processing of personal data and other documentation available to the user – only lawyers will be able to ensure the necessary compliance, warn and protect from many problems.
This is not a complete list of what is required to conduct an online betting business. You may always contact VigoLex professionals for more detailed information.
According to the legislation of Ukraine, bookmaking activities can be carried out both online and offline – in bookmaker’s offices.
In order to open a bookmaker’s office in Ukraine, you will need:
- a license;
- premisesina 3/4/5-star hotelwith 50 guest roomsinKyivorwith 25 guest roomsinotherterritories, or premises atthehippodrome;
- an area of premise not less than 50 m²;
- an online system of the betting organizer;
In order to organize an online betting you will need:
- a license;
- an online system of the betting organizer;
- a website with a .UA domain name, owned or used, or a mobile application.
VigoLex team is ready to support and ensure legal compliance of betting, to minimize all possible risks.