Ukrainian Crypto Bookmakers Operating Outside the Law
A new trend in Ukrainian online gambling has emerged, where crypto bookmakers offer instant bets in USDT and other cryptocurrencies. At first glance, this may seem like a convenient alternative to traditional bookmakers, but there is a crucial catch: operating outside the Ukrainian licensing system and state supervision.
Crypto bookmakers can accept 1000 USDT within minutes and show 5000 on the balance after a win, but Ukrainian legislation does not provide a cryptocurrency payment model for a legal bookmaker. The basic Law of Ukraine 'On State Regulation of Activities on Organization and Conduct of Gambling' No. 768-IX defines a bet as money or a gaming substitute for hryvnia, which is transferred by the player to the organizer.
The law obliges gambling organizers to make settlements exclusively in monetary form - cash or non-cash through current accounts opened in Ukrainian banks. This means that accepting USDT, BTC, or ETH directly as a bet does not correspond to the settlement model provided by Law No. 768-IX for a legal Ukrainian gambling organizer.
The state regulator PlayCity fights shadow gambling and has published official explanations and signs that may indicate the illegality of a gambling site. The main trap for players lies in violating Ukrainian laws, as well as the content of the Terms & Conditions of the specific platform, which can contain provisions about blocking an account or freezing a balance.