Alexander Kogut, president of the Ukrainian Association of Gambling Operators, stated that a fully regulated licensed iGaming industry in Ukraine would have brought in about $1.36 billion in revenue in 2025.
This figure reflects the ongoing growth of Ukraine’s legal online gaming sector despite facing economic difficulties and changes in the regulatory framework.
Kogut said:
The industry generated about $1.36 billion USD in revenue in 2025. A total of 34 operators are active. The average weekly spend is $56 per week. Market growth, adjusted for inflation, has stalled. The market is in a saturation phase, and the grey market is exerting strong pressure – Ukrainians are still moving from the legal segment to the illegal one.
The official revenue numbers are really impressive, however, the shadow market is believed to be around 46 percent to 53 percent of the whole industry. If you translate that into money, it would be approximately $1.27 billion to $1.39 billion USD, taking the association’s data as a basis.
Kogut said:
Between 46% and 53%. There are estimates from three companies – Kantar, Gradus and Factum
Besides, he referred to the Ukrainian gambling industry which is said to be worth roughly $2.31 billion to $2.77 billion USD and he hinted that nearly half of the gambling activities are still done outside the regulated system.
He stated:
The total market volume is $2.31billion – $2.77billion USD.
Kogut pointed out that the underground market not only threatens the regulated industry financially but also structurally.
He said, referring to Russian operators:
The controlling stake in Ukraine’s illegal market is definitely in their hands.
He warned that without a genuine effort to suppress the illegal sector, the expansion of the regulated market will probably be limited to only around $1.39 billion USD per year in the short term.
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