Parimatch will operate in Ukraine after becoming the first operator to receive an official license for online gambling.
The license will allow the operator to offer sports betting, live casino and online poker in Ukraine, with the country where Parimatch will be licensed being the fifth.
The sports betting operator was initially approved by the Ukrainian Gambling and Lottery Regulatory Commission (KRAIL) last month to receive a gambling license, but still has to go through procedures such as paying license fees in order to operate under the license.
Gambling was legalized in Ukraine last August after President Vladimir Zelenski signed the Law on Gambling, which legalizes online gambling, bookmaking and land-based casinos, although they can only be located in hotels.
In any case, the draft law on taxation of the industry is still under development in the Ukrainian legislature, which has delayed the issuance of licenses.
Parimatch said legalizing gambling would attract international investment to the country, and parliamentarians believe that "€255 million ($304.4 million) in government revenue in 2021 will come from gambling.
Parimatch managing partner Maxim Lyashko said: "There is still work to be done to reform the tax legislation before the Ukrainian market becomes attractive to foreign investors.
"At this stage, the cost of licenses for various gambling activities is so high that, together with taxation, does not make it attractive to invest in the nascent Ukrainian market.
"Under favorable legal conditions, the capacity of the market and the qualification of specialists will allow Ukraine to become a gambling hub for the Eastern European region.
"Like Malta and Manila, Ukraine now has the potential to become a gambling hub of expertise."