Ukraine: iGaming Operators Post Significant Increase in Revenues

In 2022, the same year when Russia invaded Ukraine in an unprecedented act of war, online casinos and betting operators in Ukraine reported UAH 1.94 billion ($50 million) in total revenue. A year later, their revenue skyrocketed more than 28 times, hitting nearly UAH 55 billion ($1.4 billion).

Data released by the country’s service for monitoring company registration data, Opendatabot, reveals that in 2023, the total revenue reported by Ukrainian gambling operators hit UAH 54.92 billion ($1.4 billion), representing a staggering year-over-year increase.

The recently released data confirms that all companies within the top 10 recorded profits during 2023. Some operators saw an increase in the hundreds, such as Favbet and Slots YU. Others also enjoyed solid growth of revenue, despite the ongoing war with Russia.

The reported total revenue of UAH 54.92 billion ($1.4 billion) consisted of nine online casino operators and one lottery provider. Out of the nine online casinos, two offered not only iGaming activities but wagering as well.

The announced data comes after recently, Ukraine confirmed its plans for new restrictions on online gambling. This came after a petition filed by Pavlo Petrychenko, a Ukrainian soldier, who urged for iGaming restrictions for military personnel during martial law. Petrychenko highlighted the increased levels of stress Ukrainian soldiers go through and explained that gambling is the only way to cope with that stress for some.

Revenue Posted by Online Gambling Operators Soars

The highest revenue in 2023 was reported by Spaceix, a brand also known as Cosmolot. Overall, the company reported a 51 times increase in revenue for 2023 to UAH 27.95 billion ($716.5 million).

On the other hand, the second-highest total revenue was reported by Favbet, operating the popular FAVBET brand. Last year, the company’s revenue skyrocketed by 425 times, hitting UAH 9.79 billion ($251 million). This result marked the biggest increase out of all online gambling operators last year.

The popular PIN-UP brand, operated by Ukr Game Technologies, also recorded a successful year. The company posted the third-highest total revenue for 2023, hitting UAH 3.62 billion ($92.8 million), up by 4 times year-over-year.