Ukraine's gambling boom shadowed by illegal operators' dominance

Licensed iGaming firms thrive, yet shadowy operators—many Russian-linked—drain billions. Can Ukraine's $1.39B legal market ever break free?

, and Administrator

2026 February 20 . 10:23 PM

1 min read

The image shows a black and white drawing of a bustling market in the old town of Kiev, Ukraine.... — The image shows a black and white drawing of a bustling market in the old town of Kiev, Ukraine. People are standing and sitting on the ground, some of them holding umbrellas, while others are sitting on benches. There are tables with various items on them, and in the background there are buildings, trees, hills, and a clear sky.

Ukraine's gambling boom shadowed by illegal operators' dominance

Ukraine's gambling market continues to face challenges from illegal operators despite recent growth in the regulated sector. With 34 licensed iGaming companies active, the industry shows potential—but unlicensed activity still dominates. Experts warn that without stronger enforcement, progress may remain limited.

The Ukrainian gambling market is currently valued between $2.31 billion and $2.77 billion. However, nearly half of all activity—around 46% to 53%—takes place outside the legal system. Illegal operators, including many from Russia, contribute to an unregulated stock market today worth an estimated $1.27 billion to $1.39 billion each year.

Licensed operators report steady growth, with an average weekly spend of $56 per user. Yet, without stricter measures against illegal gambling, the regulated sector's expansion could stall at roughly $1.39 billion annually in the near future. Alexander Kogut, president of the Ukrainian Association of Gambling Operators, previously projected that a fully regulated stock market could have reached $1.36 billion in revenue by 2025.

No updated data on regulated online gambling turnover has been available since 2023. The lack of recent figures makes it difficult to assess the full impact of economic pressures and regulatory shifts on the industry.

The legal iGaming sector in Ukraine has made gains, but illegal operators still hold a significant share of the stock market today. Without further action to curb unlicensed gambling, the industry's growth may remain constrained. Current estimates suggest the regulated market could stay below its full potential for now.