Ukraine's legal gambling sector struggles under banking restrictions
Ukraine’s legal gambling market is facing major challenges due to limited banking support. Only a handful of banks currently process transactions for licensed operators, creating a near-monopoly. Meanwhile, illegal gambling continues to grow by using alternative payment methods like cryptocurrencies and peer-to-peer transfers. As of now, just three banks in Ukraine handle gambling payments under the Mastercard system. Only one bank supports Visa transactions for these businesses. Sense Bank dominates the sector, holding the largest share of gambling payment services.
The National Bank of Ukraine (NBU) has confirmed it has not received any new requests from banks willing to work with gambling operators. This lack of competition has led to a quasi-monopoly, making it harder for legal operators to function smoothly. With 34 licensed gambling operators active in the country, the industry is struggling under banking restrictions. Illegal operators, however, bypass these issues by relying on unregulated payment methods. The head of PlayCity, a major gambling company, has urged the NBU and the Bureau of Economic Security to take stronger action against illegal gambling.
The current banking limitations are putting legal gambling operators at a disadvantage. Without more banks entering the market, the legal sector may continue to face payment processing hurdles. Illegal gambling, meanwhile, remains unchecked due to its reliance on alternative financial channels.
