Will the Russia-Ukraine Conflict Impact the Online Gambling Industry? – Onrec

Most notably, the United States, Germany, and Italy have even lent the Ukrainian government weapons and arms to defend themselves. Aside from that Ukraine has been receiving financial aid from other countries around the world. Locally, various Ukrainian businesses have also aided in beefing up the nations frontline defenses. One of the worlds oldest and most prominent gaming companies Parimatch was originally founded in Kyiv back in 1994. Nowadays, the company has its headquarters stationed in Cyprus, but it has gone so far as to donate $1 million US dollars to the Ukrainian military.

Many people are still keen on accessing their favorite online casinos on sites like Casinofy, but will the Ukraine and Russia conflict pose as a potential disruption to this growing industry?

In a LinkedIn post, the founder and CEO of BeyondPlay Karolina Pelc declared that she and other giants in the gaming industry are putting together a fundraiser for the purposes of Ukraine Relief. According to Rasmus Sojmark, the CEO and founder of SBC and also one of the organizers behind the fundraiser, The global gambling industry is a family and what has become clear over the past few days is the strength of responsibility it feels in providing assistance to the people of Ukraine. Most organizations employ people from the country, or have done business in the region, shared a drink with them and above all have made friends with them.

Its worth noting that the Ukrainian online gambling market is a significant sector of the entire industry, particularly in the European region. Ukraine first legalized gambling back in 2020. This was a momentous occasion for the country as it had lifted a gambling prohibition statute that was first instituted back in 2009. Parimatch was one of the first operators to be given a license in the country, and its only apt given that the company does have roots in Kyiv. Aside from that, CEO of GeoComply Anna Sainsbury announced on her LinkedIn that Our Ukraine team has been an important part of the GeoComply family for over a decade. As we continue to monitor these unfolding tragic events, supporting and protecting our friends and colleagues in Ukraine is our number one priority.

There seems to be a consensus of overwhelming support for Ukraine within the online gambling industry. However, its also worth mentioning that the current conflict as it stands is dramatically impacting the online gambling industry in Europe. Most notably, IGT, one of the largest gaming equipment makers and a prominent supplier of machines in Nevada, has already started feeling the negative impacts of the Russia-Ukraine conflict. The companys CEO Vincent Sadusky revealed to investors recently that the London-based company is still dealing with the impact of Omicron and that the increase of supply chain pressures paired with cost inflation and labor shortages have made it difficult for the company to be profitable. Sandusky also opened up about how the Russia and Ukraine conflict could potentially open the company up to even more losses.

It is difficult to predict whether the conflict between Russia and Ukraine will affect us, Sadusky commented. We have minimal direct exposure to these countries, but the impact on Europe and the rest of the world is difficult to assess at this time.

As it stands, it remains to be seen just what kind of impact the Russia-Ukraine conflict is going to have on the online gambling industry and the rest of the world. Currently, gas prices are continuing to rise everywhere as a result of the conflict. And gas prices have always been a huge determinant on inflation rates and the cost of goods and services. The future of the industry is not just reliant on the level of accessibility of Ukrainian gamblers to their online platforms. The entire global economy is deeply interwoven to a point wherein everything is impacting one another.

The world is already slowly emerging from a global pandemic and is gradually opening its doors once more to a pre-pandemic normal. However, given the complications brought about by the conflict in Ukraine, theres still a lot of uncertainty about how things are going to play out for the entire global market.

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Will the Russia-Ukraine Conflict Impact the Online Gambling Industry? - Onrec