But competition afterall brings out the best in you, if you’re not competitive then you don’t deserve those revenues. For us it’s also an opportunity to fully become wide, even though the markets will become more competitive. “This is taking place now, foreigners just need to be patient. Everything that gets big eventually get somehow regulated because governments, auditors and everybody’s jumping on it and try to put an order into that chaos. Portnov concluded: “There is no big system globally today which is in chaos. Moreover, the Parimatch CEO eluded to the fact that the growth of the CIS market mirrored his desire to branch away from the stereotypes that are directed at those who work within the Eastern European market. People love sport, penetration of betting is growing so once everything is prospering it will eventually become proper system.”Īs well as the growth of sports betting within the region, Portnov also cited that patience would be needed from those involved within the market. But this will change, the market is growing. “Now at this stage it’s a bit dark waters, even though it looks white on paper, but we know inside you have a lot of dangerous pitfalls and those pitfalls are scaring foreigners big time. I’m sure in five years time it is going to be a properly regulated market, everything legal, everything monitored and all players KYC’ed so it’s going to be good.
But every year now counts as two or three, so in two or three years time you can catch up.
I would say today that the market, if we look at it as a whole, is behind the UK maybe seven years. He added: “As time goes by things get refined and become more modern. With this being said and despite the current ‘pitfalls’ it currently faces, the Parimatch CEO remained positive in his outlook regarding the potential development that he believes the CIS market can expect in the coming years. Those gaps today they preclude foreigners to come in and operate freely because those gaps are dangerous.” “The laws and regulations in Russian speaking countries its there, it allows you to work but it has a lot of flaws and a lot of gaps. Now Ukraine is about to regulate, ten years in prohibition but now finally it’s going to get regulated.
Regulation becomes more deep so right laws are written and right percentages are given. Speaking at SBC’s ‘ Betting on Sports 2019‘ Conference, Portnov discussed the current development of the CIS market whilst underlining difficulties it incumbents currently face: “The market is developing quickly on multiple levels. However, Portnov warns that CIS ambitions can only be matched if regulatory gaps are fulfiled. Sergey Portnov, Chief Executive of Parimatch, has emphasised how the CIS and wider Eastern European betting markets could track the UK’s performance within a three-year span, noting fast-changing developments.
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