Effectiveness of the Leading Companies in the Ukrainian Gambling Market

The presented study examines the effectiveness of key leaders in Ukraine’s gambling market in 2024-2025. The research analyzes the structure and volume of tax revenues generated by the gambling industry for the state budget from 2021 to early 2025. The performance of the ten most profitable gam- bling companies in Ukraine is assessed. The analysis is conducted using Kotter’s innovation implementa- tion model, which allows for an evaluation of the stages of gambling legalization. The study’s findings confirm the need for improving state regulatory policies and strengthening oversight of the organization and operation of the gambling business.
The gambling industry is a crucial component of Ukraine’s economy, demonstrating dynamic growth following its legalization in 2020. However, the effectiveness of market leaders largely depends on the phased implementation and quality of state regulation, which directly impacts tax revenues, invest- ment attractiveness, and the sector’s social responsibility.
The application of Kotter’s model enables a structured assessment of the gambling legalization process, identifying key challenges that emerged at different stages of the implementation of the new reg- ulatory framework and determining the factors that contributed to the successful development of the gambling industry in Ukraine.
The aim of this study is to examine and analyze the effectiveness of market leaders in Ukraine’s gambling industry. Using Kotter’s innovation implementation model, the study seeks to determine the current stage of legislative and executive gambling legalization.
Research Objectives: to analyze the volume and structure of tax revenues generated by Ukraine’s gambling industry for the state budget from 2021 to early 2025, to identify key gambling market leaders and compare their revenues in 2024-2025, to apply Kotter’s model to assess the process of gambling legal- ization in Ukraine, to evaluate the impact of state regulatory policies on the gambling market’s operations.
The results of the research included: an analysis of the volume and structure of tax revenues to the state budget from the Ukrainian gambling business for the period from early 2021 to 2025. The identifi- cation of the prospect of monopolization of the Ukrainian gambling services market, as by the beginning of 2025, over 75% of the gambling business revenue is concentrated in the hands of 3 companies.