Will the Russia-Ukraine Conflict Impact the Online Gambling Industry?
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Russia invaded Ukraine earlier this year. Many countries have come to the aid of Ukraine. Ukraine has received financial aid from other countries and various Ukrainian businesses have helped beef up the nation's frontline defenses. Parimatch, one of the world's oldest and most prominent gaming companies, donated $1 million US dollars to Ukraine's military.
There is a fundraiser for the purposes of Ukraine Relief. The Ukrainian online gambling market is significant in the European region. Ukraine legalized gambling back in 2020. Parimatch was one of the first operators to be given a license in Ukraine. GeoComply's Ukraine team has been an important part of their company for over a decade.
The Russia-Ukraine conflict is negatively impacting the online gambling industry in Europe. IGT, one of the largest gaming equipment makers and a prominent supplier of machines in Nevada, has already started feeling the negative impacts of this conflict. The company's CEO Vincent Sadusky revealed to investors that the increase of supply chain pressures and cost inflation and labor shortages have made it difficult for the company to be profitable.
The future of the online gambling industry is uncertain. The Russia-Ukraine conflict is increasing gas prices and has a huge impact on inflation rates and the cost of goods and services. The world is slowly emerging from a global pandemic and is gradually opening its doors once more to a pre-pandemic normal.
