Anton Kuchukhidze: Global gambling business hastily leaves russia

Every day, dozens of new businesses are added to the list of global companies leaving russia. The most powerful global brands are leaving the russian market, realizing the lack of prospects and toxicity in the next few years. Powerful global player in legal gambling are no exception.
While not all sanctions against russia for unleashing a bloody war in Ukraine are being imposed, the existing economic restrictions imposed by Western partners are already bearing fruit. The negative consequences of sanctions on the russian economy are quite obvious: inflation rapidly growing, country’s foreign exchange reserves decreasing on daily basis, and national companies losing capitalization at the speed of light.

Today, a number of once powerful russian companies, both private and public, are declaring their inability to service their debt obligations. Even russia’s senior management is talking about the inevitable economic collapse.

In the context of the russian economy collapse, it is particularly interesting to observe the massive outflow of international companies from the domestic market. And it is not just about companies producing branded clothing, perfumes or furniture. The russian market is losing powerful tech giants supplying critically important equipment and components for a number of strategic economy sectors, such as agriculture, engineering, light industry, etc.

The massive outflow of global business from russia suffering from quite complicated domestic production will very soon lead not only to a severe lack of goods and destroyed supply chains, but also to mass unemployment and the rapid impoverishment of the russian population.
Legal gambling is also no exception to this global trend. Here are some of the most striking examples.

1. On February 28, bet365 betting company informed its partners on terminating its services in russia. Another betting company, William Hill, also closed access to its products to players from russia and belarus, having fulfilled all financial obligations to them.
2. The Parimatch Tech board of directors announced that the company has withdrawn the franchise to use its trademark in russia due to russia’s military aggression against Ukraine.
3. Genuis Sports providing, in particular, information services to betting companies, has ceased all commercial and advertising activities in russia and belarus.
4. NagaCorp providing, among other things, gambling services, has also decided to stop all commercial activities in the russian market.
5. The Malta Gaming Authority has reminded its licensees of their obligation to withdraw from russia due to sanctions imposed against the aggressor country.

It should be noted that this is not the final list of gambling companies withdrawing from russia, and it is constantly updated. That is why the trend is quite obvious – it is the exodus of international companies from russia, which brings closer the economic and political collapse of the Putin regime. This is good news, since the more companies leave the russian market, the faster the aggressor’s economy will decline. And it is great that legal gambling representatives are also contributing today to the overthrow of the regime, which in the 21st century decided that it could start a war in the centre of Europe and get away with it. It is encouraging that global brands value democracy and human life more than money.

Anton Kuchukhidze, Chairman of the Ukrainian Gambling Council, exclusively for the Ukrainian News
Anton Kuchukhidze