Gambling business leaders in Ukraine multiplied their fortunes by 28 times in a year

The leaders of the gambling industry in Ukraine earned 54.92 billion UAH in 2023. This is 28 times more than in 2022, which was 1.94 billion UAH.

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Nine online casinos, two of which also engage in bookmaking activities, and one lottery operator made it to the top. While only a third of the businesses in the Index were profitable in 2022—Spaceiks, Ukr Game Technology, and Native Apps—last year was profitable for all companies in the top 10.

The leader in the gambling industry is Spaceiks (known as Cosmolot), owned by Sergiy Potapov and British businessman Arnulf Damerau. The company’s revenue in 2023 exceeded the previous year’s figures by 51 times, reaching 27.95 billion hryvnias.

In second place on the list was Favbet (brand FAVBET), owned by Andriy Matyukha. The company’s revenue in 2023 increased phenomenally by 425 times, reaching 9.79 billion hryvnias. This is the largest growth among all gambling companies that made it into the Index. In addition to online casinos, the company is also engaged in bookmaking activities.

Ukr Game Technology (brand PIN-UP), owned by Ihor Zotko, last year’s leader in the ranking, couldn’t maintain the top spot despite a fourfold increase in revenue for the year. With revenue of 3.62 billion hryvnias, the company dropped to third place.

Increasing its revenue by 103 times and earning 3.4 billion hryvnias, the next position in the top was taken by Slots U.A. owned by Pavlo Zhurylo. This company owns two online casino brands — SLOTOKING and 777.

In fifth place with revenue of 3.1 billion hryvnias is Vbet (brand VBET), owned by Armenian citizen Rudolf Poghosyan. In 2023, the business managed to increase its revenue by 19 times compared to 2022. Vbet earns profits from online casinos, online poker, and bookmaking activities.

Next in the top was GameDev (brand SLOTS CITY), owned by Israeli citizen Yakiv Finkelshtein. The company’s revenue was 2.5 billion hryvnias last year. This is 35 times more than in 2022.

Seventh place is taken by First Element (brand F1RST), owned by Artem Yushkov and Serhiy Bielik. The company managed to increase its revenue by 43 times and earn 2 billion hryvnias last year.

Lemon (brand ChampionCasino), owned by Ruslan Drozdov, ranked 8th with a revenue of 1.42 billion hryvnias. This is 357 times more than in 2022.

The last online casino to make it into the top is Neitiv APPS (brand Super Gra), owned by British citizen Irakli Chubini. The company increased its revenue by 55 times and earned 604 million hryvnias.

The Ukrainian National Lottery (UNL) became the only lottery operator to enter the Index. Its revenue increased by 2.5 times last year, totaling 516 million hryvnias. UNL belongs to a Chinese company founded by British businessman Michael John Fogo.

Who dropped out of the top in 2024?

The lottery operator M.S.L. (brand MSL) and the company Volna 4444 (slot machine halls, brand 4444) exited the Opendatabot Index, having only a 1.5 times larger revenue in 2023.

The casino Favorit saw an 8% decrease in revenue last year compared to 2022 and dropped out of the ranking. As for the company Joker UA (brand JOKER), it had its license revoked in December 2022.

Context

Recall that in April, the Committee of the Verkhovna Rada of Ukraine on Finance, Taxation, and Customs Policy approved bill 9256d on the liquidation of the Commission for the Regulation of Gambling and Lotteries (KRAIL) and advocated for strengthened control over the gambling business.

The bill proposes restrictions on gambling advertising, limitations on the visitation and participation in gambling for vulnerable populations during the period of martial law, and the establishment of additional criteria for license revocation.