Almost half of the biggest casinos in Ukraine are losing money

In 2024, leading gambling companies in Ukraine earned a total of 55.57 billion UAH. This is only 1% more than in 2023.

The 2024 Opendatabot Index includes 9 online casinos (3 of them also run betting services) and 1 lottery operator. Four out of the 10 companies had changes in ownership.

Only 6 of the 10 companies made a profit in 2024 — earning a total of 4.34 billion UAH. In comparison, all 10 were profitable in 2023 and made 7.25 billion UAH.

Top of the list is Favbet (FAVBET brand) — a betting and online casino company. Its income doubled to 21.32 billion UAH — that’s 38% of the total market income. However, its profit dropped by 20% to 1.38 billion UAH. At the end of 2024, ownership changed from Andriy Matyukha to his son Dmytro.

Second place goes to Slots U.A. (brands 777 and SLOTOKING, now called Betking). Their income grew 3.6 times to 12.4 billion UAH. They had the highest profit of all companies — 2.55 billion UAH, 13 times more than in 2023. The company, owned by Pavlo Zhurylo, also got a betting license in late 2024.

Super Gra (by Native APPS) showed the biggest growth — income rose 7.7 times to 4.68 billion UAH. Profit went up 5.7 times to 139 million UAH. The owner is British citizen Irakli Chubini. The company jumped from 9th to 4th place in the ranking.

ChampionCasino (brand by Limon) saw its income rise 1.8 times to 2.54 billion UAH. Profit was 174 million UAH in 2024. The owner is Andriy Pokrovskyi.

Starbloom Gaming (brand SLOTOR777), a new company founded in 2023, entered the ranking with 814 million UAH in income and 27 million UAH profit. The owner is Volodymyr Naumets.

UNL (Ukrainian National Lottery) is the only lottery operator in the list. Its income grew 1.5 times to 866 million UAH, and profit nearly 6 times — to 56 million UAH.

Which companies had losses but stayed in the ranking?

• Gamedev (brand SLOTS CITY). Income grew 2.8 times to 6.98 billion UAH, but the company ended the year with a loss of 793 million UAH. In September, ownership changed — Pavlo Chyklykchi replaced the Israeli owner Yakov Finkelstein.

• First Element (brand First). Income increased by 27% to 2.54 billion UAH, but the company had a loss of 2.57 million UAH. New owners took over in March 2025.

• Spacesix (brand Cosmolot). Lost its top spot. Income dropped 25 times to 1.12 billion UAH and the company had a loss of 906 million UAH. In October 2024, it was bought by the American holding Nevada Gaming, now co-owned with German citizen Arnulf Neumann-Damerau.

• VBet (brand VBET). Income fell by 26% to 2.29 billion UAH, and the company had a loss of 425 million UAH in 2024. The owner is Armenian citizen Rudolf Poghosyan.

Out of the ranking: this year, Ukr Game Technology (PIN-UP) dropped out of the list. Its income fell by half to 1.97 billion UAH, and profit dropped 2.7 times to 584 million UAH.

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The gambling industry paid 5.4 billion UAH in taxes to the state budget in the first quarter of 2025. That’s 20% more than in the same period in 2024 — and 143 times more than in the same period in 2021.

Starting in 2024, gambling companies were required to use cash registers (RRO/PRRO). In January—February 2025, the total sales through RRO/PRRO reached 8.5 billion UAH.

Reminder: gambling became legal in Ukraine in 2020 after the adoption of the law “On state regulation of gambling” (Law No. 768-IX). However, the real shift out of the shadow economy started in 2021, when companies began getting licenses and paying taxes.