Inaugural Ukrainian iGaming license award prompts confusion

Monday’s move by regulators in the Ukraine to award an online gambling license to operator Spaceiks LLC has reportedly dumbfounded many who are still waiting for the nation to clarify a raft of specific technical and system requirements.

According to a report from SBCNews, the decision from the Ukrainian Commission for the Regulation of Gambling and Lotteries (KRAIL) represented the first time a firm had been issued with an iGaming license for Europe’s second largest country. The source detailed that the operator is responsible for the online casino at Cosmolot24.com, which was previously run by the Ukrainian National Lottery, and is now licensed to offer a wide range of games including slots, roulette and baccarat to adult punters across the nation of some 42 million people.

Industry imbroglio:

However, the award reportedly came despite no specific terms having yet been set for ‘technical accreditation’ requirements covering such aspects as operating systems, technologies, software and compliance controls. Spaceiks LLC moreover purportedly got its online casino license while the applications of approximately 15 rivals were languishing ‘without consideration’ owing to their inability to meet the as yet undetermined regulatory obligations.

Litigious likelihood:

This state of affairs has reportedly left many industry observers wondering how and why Spaceiks LLC was granted a Ukrainian iGaming license when so may of its competitors are still waiting to discover the rules to which they must first meet. Ilya Machavariani from gambling consultancy 4H Agency purportedly explained that KRAIL was established only three months ago and could now face a series of legal challenges should the operator now utilize its new license to go live in the Ukraine.

Reportedly read a statement from Machavariani…

“Developments continue to gather pace in the Ukraine but applicant parties are still waiting for vital information on technical certification to address legislation requirements. The next months will be critical in how a regulated market shapes up. Out of the blue, KRAIL offered its first licence this month but greater transparency certainly could help the market.”