Will the conflict between Russia and Ukraine have an impact on the online gambling industry?

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Top user Asked on April 4, 2022 in Gambling.
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Since Russia decided to invade Ukraine earlier this year, many countries have helped Ukraine in various ways.

Most notably, the United States, Germany and Italy even borrowed weapons from the Ukrainian government to protect themselves. Apart from that Ukraine has been receiving financial assistance from other countries around the world. Locally, various Ukrainian businesses have also helped to strengthen national security. One of the oldest and most prominent gaming companies in the world Parimatch was originally founded in Kyiv back in 1994. Today, the company has its headquarters in Cyprus, but it has even donated $ 1 million US dollars to the Ukrainian military.

Many people are still eager to access their favorite online casinos on sites like Casinofy, but could the Ukraine-Russia conflict be a potential disruption to the growing industry?

United Gaming
In a LinkedIn post, BeyondPlay founder and CEO Karolina Pelc announced that she and other giants in the gaming industry are pooling funds for Ukrainian Relief purposes. According to Rasmus Sojmark, CEO and founder of SBC who is also one of the fundraisers, “The global gambling industry is a family and it has become clear over the last few days the power of responsibility to provide services. the people of Ukraine. Many organizations employ locals, or those who do business in the region, share a drink with them and, above all, have formed friendships with them. ”

It is noteworthy that the Ukrainian online gambling market is an important sector for the whole industry, especially in the European region. Ukraine began officially authorizing gambling back in 2020. This was a landmark event in the country as it had lifted its first anti-gambling law in 2009. Parimatch is one of the first licensed employees in the country, and it is only fitting that the company has its roots in Kyiv. In addition, GeoComply CEO Anna Sainsbury announced on her LinkedIn that “Our Ukrainian team has been an integral part of the GeoComply family for over a decade. As we continue to monitor these traumatic events, the support and protection of our friends and colleagues in Ukraine is our priority. ”

Should Sports Companies Worry?
There seems to be a strong support for Ukraine within the online gambling industry. However, it should also be noted that the current conflict as it stands has a huge impact on the online gambling industry in Europe. Most notably, IGT, one of the largest toy manufacturers and leading supplier of equipment in Nevada, has already begun to feel the negative effects of the Russian-Ukrainian conflict. The company’s CEO Vincent Sadusky recently revealed to investors that the London-based company is still facing Omicron’s influence and that rising supply chain pressures associated with inflation and staff shortages have made it difficult for the company to make a profit. Sandusky also pointed out how the Russia-Ukraine conflict could open the company to further losses.

“It is difficult to predict whether the conflict between Russia and Ukraine will affect us,” Sadusky notes. “We cannot be less exposed to these countries, but the impact on Europe and the rest of the world is difficult to assess at present.”

An Uncertain Future
As it stands, it remains to be seen what kind of impact Russia and Ukraine’s conflict will have on the online and global gambling industry. At the moment, electricity prices continue to rise everywhere due to the conflict. And gas prices have always been a major factor in inflation and the cost of goods and services. The future of the industry does not depend solely on the level of access of Ukrainian gamblers to their online platforms. The global economy is so deeply connected that everything has an impact on each other.

The world is slowly emerging from the global epidemic and is slowly opening its doors to the pre-epidemic. However, in view of the problems brought about by the Ukrainian conflict, there is still a lot of uncertainty about how things will work out in the global market.


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Default Answered on April 4, 2022.
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