More than forty percent of Ukraine's major casinos face financial losses.
The Ukrainian Gambling Scene: Profitability varies, with a shake-up among leaders 🚀
Contrary to popular belief, the gambling industry in Ukraine isn't all peaches and cream. While there's a minor 1% surge in revenues compared to 2023, only 6 out of 10 companies managed to end the year with a profit. The rest? Well, they're swimming in the red 📉
Sector Turmoil and Ownership Shuffles
Compared to 2023, the total revenue for 2024's top Ukrainian gambling bigwigs stood at a whopping 55.57 billion UAH. 💸
Online Casinos: Big Revenue, Small Profits
While revenue remains stable, the overall profit level has taken a significant hit 💔
In 2023, a collective 10 companies pocketed 7.25 billion UAH. But in 2024, only six companies showed a black figure, amassing a combined profit of 4.34 billion UAH – a 40% decline from the previous year. Four companies were left carrying a hefty financial burden ➡️
Market Titans: Revenue Galore, but Profit's another Story
By analyzing the 2024 results, we can spot the crème de la crème of the Ukrainian gambling scene 🏆
- FAVBET - took the top spot with revenue soaring to 21.32 billion UAH (38% of the entire pie). However, profits took a dip, shrinking by 20% to 1.38 billion UAH due to a change in ownership.
- Betking (Slots U.A.'s former alias) - bagged the second spot with a massive year-over-year revenue increase of 3.6x, reaching 12.4 billion UAH. They also set a new record profit for the rating participants, a staggering 2.55 billion UAH, 13 times higher than the previous year, thanks to obtaining a bookmaking license.
- Super Gra - saw a jaw-dropping 7.7x increase in revenue to 4.68 billion UAH, with profits skyrocketing 5.7x to 139 million UAH.
- ChampionCasino - registered a revenue bump of 1.8x under Lemon's management, with profits clocking in at 174 million UAH.
- SLOTOR777 - a fresh face on the scene, created by Starblume Gaming in 2023, boasts revenue of 814 million UAH and a modest profit of 27 million UAH.
- UNL - the only lottery representative, posted revenues of 866 million UAH, 1.5x higher than the previous year, and profits quadrupled to 56 million UAH.
- SLOTS CITY - operating under GameDev's brand, tripled revenue to 6.98 billion UAH. However, it reported losses of 793 million UAH.
- F1rst - registered a 27% increase in revenue to 2.54 billion UAH, but hung on to losses at a meager 2.57 million UAH.
- Cosmolot - experienced the most significant decline among all participants, witnessing a revenue drop of 25x to 1.12 billion UAH and racking up losses of 906 million UAH.
- VBET - revenues plummeted by 26% to 2.29 billion UAH, resulting in losses of 425 million UAH.
- PIN-UP - bid adieu to the Ukrainian market, with revenue halving to 1.97 billion UAH, and profits shrinking by 2.7x to 584 million UAH.
Boosting State Coffers with Tax Contributions
The gambling industry in Ukraine is emptying its pockets into state coffers 💸💼
In the first quarter of 2024, the sector coughed up a mammoth 5.4 billion UAH in taxes, highlighting the ongoing legalization and growing transparency in the industry. 💸🔥
[1] https://sportsbettingcompanies.com/ukraine/[2] https://www.transparency.org.ua/en/node/24264[3] https://h2g2.com/edited-entry/A17785246[4] https://www.playtech.com/press-releases/30-april-2024/playtech-reduces-ebitda[5] https://finance.nl/nieuws/2024/04/30/holland-casino-krijgt-uitbreide-laydown
- Despite the 1% increase in revenues compared to 2023, the Ukrainian gambling industry saw a significant decrease in overall profits in 2024, with only 6 out of 10 companies ending the year with profits.
- SLOTOR777, a new entrant in the Ukrainian gambling scene created by Starblume Gaming in 2023, reported revenue of 814 million UAH and a modest profit of 27 million UAH in 2024.
- Contrary to other companies in the top Ukrainian gambling scene, SLOTS CITY tripled its revenue in 2024 but reported losses of 793 million UAH.
- In an effort to boost state coffers, the gambling industry in Ukraine contributed a significant amount of taxes, with the sector coughing up 5.4 billion UAH in taxes in the first quarter of 2024 alone.
