Since June 22, the National Bank of Ukraine has introduced a ban on the transfer of customer credit funds to the accounts of gambling organizers for participation in gambling games
Points of attention
- The ban on using credit funds for gambling in Ukraine aims to stabilise the country's financial system.
- The petition to restrict the gambling business in Ukraine received significant support from President Volodymyr Zelenskyy.
- The importance of introducing new restrictions also lies in the protection of consumer rights and the development of responsible consumer lending.
- The legal gambling business in Ukraine has significantly increased the amount of taxes paid, which indicates its significant contribution to the country's financial system.
Limiting credit funds use in gambling stabilises Ukraine's financial system
The corresponding measure will make it possible to minimise risks to the safety and stability of the financial system, reduce the negative consequences of the functioning of the field of gambling on the Internet, contribute to the protection of consumer rights and the development of responsible consumer lending, the NBU press service reports.
Starting from June 22, 2024, the National Bank of Ukraine will introduce a ban on payment transactions of customers to the accounts of gambling organizers for participation in gambling games at the expense of funds received under the terms of the loan, the message says.
Earlier, a petition appeared on the website of the President's Office with a call to limit the gambling business. Its author — a soldier of the 59th Brigade, Pavlo Petrychenko — emphasized that the military, who have been at the front for the third year in stressful conditions, are particularly psychologically vulnerable.
Therefore, for many of them, gambling becomes the only way to cope with stress and, as a result, quickly causes dopamine addiction and weakens self-control.
The petition received the required 25,000 votes in less than four hours. After that, President Volodymyr Zelenskyy instructed the relevant authorities to collect analytics and propose solutions regarding the operation of online casinos.
The NBU explained the importance of introducing new restrictions on bank transfers
The Central Bank expects that making it impossible to use card "drops" will bring certain capital and businesses out of the "shadows." For example, thanks to the NBU's supervisory actions in 2022 — 2023, the volume of transactions on the websites of licensed gambling operators increased significantly.
As a result, the legal gambling business paid 10.4 billion hryvnias in taxes in the 12 months of 2023, more than 14 times the amount of taxes it paid in 2022 (0.73 billion hryvnias).
In February, March, and April 2024, tax revenues from the gambling business consistently exceeded 1 billion hryvnias (1.81 billion hryvnias, 2.02 billion hryvnias and 1.26 billion hryvnias, respectively).
According to data from the official website of the Ministry of Internal Affairs of Ukraine, these are people who, for a reward, give criminals access to their bank cards and accounts.
