Despite legalization and technological development, the gambling business continues to be shrouded in numerous myths that shape a negative or distorted perception of the industry in society. Mykhailo Zborovskyi, an expert in the strategic development of iGaming products, says, “When I worked with CosmoBet, the mythologization of the industry was already on the decline, but some myths are quite difficult to eradicate from society.”
Debunking these misconceptions is critical to fostering dialogue between the state, society, and legal operators. Modern iGaming is a high-tech, regulated, and responsible part of the economy.
The most common myths about iGaming
MYTH #1: “Casinos don’t pay taxes and operate in the shadows.”
This perception is a direct result of the long-standing existence of illegal gambling, which did indeed avoid any fiscal obligations. Mykhailo Zborovskyi emphasizes that legal operators are significant taxpayers in the country, as evidenced by billions in contributions to the budget. Companies pay high license fees, income taxes, and taxes on winnings.
MYTH #2: “Operators can manipulate game results.”
This myth is completely outdated and does not correspond to the realities of technical development. Platforms use certified software based on a random number generator (RNG). The operation of this software is confirmed by international certificates.
MYTH #3: “All money is transferred offshore”
This statement again refers to the shadow market, while legal operators make significant payments to the Ukrainian economy. It is also worth noting that, as this is a technically complex industry, a significant amount of funds go towards maintaining large IT teams, developing infrastructure, marketing, and paying for licenses and taxes.
Technology and security
Modern gaming technologies are designed to ensure transparency and security. Mykhailo Zborovskyi, who participated in building the CosmoBet brand, cannot help but note the giant leap forward in technical security. The ethical side should not be forgotten either. Society has had its say, businesses have implemented the best global practices, and have reached a fundamentally new level.
What has changed recently?
- Platforms must verify players, who must be at least 21 years old.
- Players can set their own limits on deposits and playing time.
- Easy access to tools for temporary or permanent account blocking.
- Notifications about the duration of the gaming session.
- Mandatory verification of players through the state Register of persons with restricted access to gambling establishments.
The gambling industry can afford to implement the highest standards of cybersecurity. Operators invest in protection against fraud and DDoS attacks and ensure the confidentiality of user data. These measures often exceed the standards set for other digital services. While working at Cosmobet, Mykhailo Zborovskyi insisted on using advanced IT solutions to protect customer data.
