Ukrainians Unknowingly Funding Russia’s Onslaught Via iGaming

Posted on: December 10, 2024, 03:55h. 

Last updated on: December 10, 2024, 03:55h.

Ukrainians gambling on a popular online casino platform could be unknowingly funding their perpetrators in the country’s ongoing defense in the Russia-Ukrainian war.

Pin-Up is a leading iGaming website and app in Ukraine. The company, however, is based in Russia-controlled Luhansk Oblast and is owned by Russian citizens.

The platform is additionally accused of pinpointing online gaming participation among the Ukrainian Armed Forces and relaying that info to Russian war leaders.   

iGaming on Hold for Service Members 

Two months after Russia launched an unprovoked full-scale invasion of Ukraine in February 2022, Ukrainian President Volodymyr Zelensky in April 2022 signed a decree prohibiting military personnel from gambling online until the end of martial law.

Despite the Zelensky order, it appears many members of Ukraine’s armed forces aren’t obliging and are instead continuing to play on sites like Pin-Up. All forms of gambling in Ukraine were outlawed until Zelensky authorized it, inclusive of brick-and-mortar casinos and online play, a year after he assumed the presidency.

The 2020 gaming law only allows for casinos at hotels that have a minimum of 100 guestrooms at a four-star or higher rating. Cultural and entertainment complexes and Ukraine-registered ships additionally qualify for gaming privileges.

Licenses cost a one-time fee of $5 million. Gaming revenue is taxed at 10% for slot machines and 18% for table games and other betting.

While the U.S. government is bankrolling the bulk of Ukraine’s defense, Russia has been supported by China, so believes U.S. State Secretary Anthony Blinken. It appears Ukrainians are also partially funding Russia’s attack through Pin-Up.

Ukraine’s defense against an unprovoked Russia has now endured more than 1,000 days.

After President-elect Donald Trump met last week with Zelensky, the incoming U.S. commander-in-chief called for an “immediate” ceasefire.

Zelensky and Ukraine would like to make a deal and stop the madness,” Trump wrote on his Truth Social media platform. “There should be an immediate ceasefire and negotiations should begin.”

Trump maintained a close relationship with Russian President Vladimir Putin during his first presidency. It’s expected that Trump’s reelection will restrengthen ties with Russia and perhaps finally bring an end to the Russia-Ukraine war. 

Pin-Up Global Business

Pin-Up provides interactive slot machines, table games — including live dealer — and sports betting. Pin-Up Global, the parent company of the iGaming platform, has offices in Ukraine’s Kyiv, Poland’s Warsaw, Cyprus’ Limassol, Armenia’s Yerevan, Kazakhstan’s Almaty, and Peru’s Lima.

How much revenue Pin-Up is generating isn’t publicly available, but global gaming analysts believe the firm’s annual revenue is likely more than a half-billion U.S. dollars. Pin-Up remains a privately owned company and therefore is not required to disclose its financial results.