Games & Gaming

How Does the Ukraine-Russian Conflict Affect the Online Gambling Market?

This week, the online casino gambling industry in Europe and the rest of the world has not only expressed their support to Ukraine but also to chastise the ongoing full-scale siege of Ukraine by the Russian forces headed by Vladimir Putin. 

On February 24, images depicting scenes of destruction inside Ukraine were shared to the world and it caused an outpouring of support from all over the globe to the Ukrainian people and government against the Russian invaders.

Gambling operators raise funds for Ukraine

Founder and head of BeyondPlay Karolina Pelc declared a support for the fundraiser named ‘Gaming Industry supporting Ukraine relief’ she and her colleagues set up according to her LinkedIn post.

“The Gaming Industry for Ukraine drive has a goal to raise £250,000 in support of the Ukraine Crisis Fundraiser of Choose Love, which helps to provide financial aid to the refugees that are currently in the middle of crisis because of the Russian invasion,” she said.

The head and founder of SBC Rasmus Sojmark, who is also the driving force behind the campaign, stated “The international gambling industry is like a family unit and what has become apparent over these trying times is that the industry remains strong and responsible in providing aid to the Ukrainian people. Several organizations have employed people from the nation, or have commercial ties with them, they are like friends to us.”

Ukraine’s role in gambling industry

Ukraine has been one of the countries that are leaders in the European gambling industry, both domestically and in the international market. The nation has made gambling legal on January 14, 2020, after a long duration of restriction that began in 2009. One of the operators that has received a license to operate in the country is the sports betting company Parimatch that is based in Kyiv.

In a social media post, the firm stated “Our people still operate in many parts of the country and in Kyiv. Some of them are helping to defend our territory, some of them work in the media to tell what is happening inside, and some have made voluntary efforts to provide food and resettlement for our compatriots. We are Ukraininas, we are employed here, we live here, so we want to stay here and fight.”

Impact of the conflict to the gaming market

According to gambling consultancy firm Regulus Partners, it stated “One of the rising problems that this political arrest creates is that the flow of funds, information and services could become restricted between the countries.”

“Online gambling, multinational businesses, and industries rely heavily on the harmony between the Western and Eastern blocs. Any Communist’s military advance and Western sanctions could restrict this flow of trade which is a vital element in the global gambling industry.”

According to the report of Macquarie Capital, “One of the potential effects of ongoing war between the two nations is that it can have a huge impact in the cryptocurrency, cyber security and it can suspend outsourcing which is very important for many companies that rely on the supplies from Ukraine or Russia.”

Contrary to the movements of many sporting organizations in which they remove their support to Russia and ban the teams from the country from participating in any sporting events, some casino trực tuyến still accept bets on Russian games.

According to the reports, despite the ongoing invasion of Russia into Ukraine, some sportsbooks are still accepting bets for Russia. Firms like BetMGM, Draftkings, Caesars Sportsbooks offer odds on Liga Pro table tennis in Moscow, while Bet365 offer odds for Russia Premier League.

Conclusion

The unity of gambling operators to raise funds to support the organizations that help Ukrainian refugees to be safe is genuinely commendable. This is an indicator that even in the competitive world of online casino and sports betting, there is still time to unite for a common cause.

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