When gambling was banned in Ukraine, the main argument was concern for ordinary people who were “losing their last money”. But for some reason this concern did not extend to the shelves of shops littered with alcohol and tobacco, which destroy thousands of families. Today, when the gambling business has been legalised, Ukrainian entrepreneur Andrii Matiukha, founder of FAVBET, demonstrates a model that not only breaks old stereotypes, but also makes us look at the very essence of gambling and social responsibility in a new way.
Dirty money or white business: How FAVBET came out of the shadows
For decades, gambling in Ukraine has been synonymous with shady schemes and money laundering. Andrii Matiukha with FAVBET became a pioneer who decided to bring this business into the light and work according to transparent rules. This decision, of course, caused a wave of resistance and distrust, especially from competitors who were used to the old methods.
Andriy Matyukha built FAVBET’s operation according to international standards of corporate structure, abandoning offshore schemes for withdrawing funds. Such a model is the norm for large technology companies operating in dozens of countries, but for the Ukrainian market it was a revolution. This is not about shadow schemes, but about optimisation in an unpredictable tax system and transparency. The result? Last year alone, the company paid more than UAH 5.7 billion to the Ukrainian budget – funds that today work for the country’s defence and social needs.
When gambling is not a vice: casino philosophy for the chosen few
Can elite restaurants with expensive wines be blamed for the spread of alcoholism? Hardly. The concept of premium gambling establishments was created according to the same principle. The benchmark was the best establishments in Las Vegas and Monaco, where gambling is not a way of earning money, but a form of elite leisure.
A person who can afford to play in such establishments, as a rule, successful, intelligent and rational. For him, the casino is not a place where you can lose your last paycheck. It is an arena for intellectual duel, thrills and controlled risk, similar to what is experienced on high-speed ski slopes.
Experienced players come to the roulette, blackjack or poker table not for money, but for emotions that cannot be experienced in everyday life. It is gambling, but civilised gambling. High minimum bets weed out casual players, creating an atmosphere where you are surrounded by wealthy and respectable players, not drunk football fans.
“Needle” of responsibility: how Andrii Matiukha treats game addiction
But what if even a rational person loses control? Unlike “alcohol” and “tobacco” tycoons, Andrii Matiukha has gone further. He not only makes money, but also takes responsibility for the potential risks of his business.
In 2023, FAVBET became the General Partner of a project to introduce social services for people at risk of gambling addiction. Thanks to this initiative, the first branch of the specialised centre “Life Space. Life Space”. This centre provides qualified assistance to gamblers and their families in overcoming ludomania. This is an unprecedented step for the Ukrainian market, which proves that responsible business does not hide from problems, but solves them.
Matiukha’s empire: How one man controls Favbet, casinos, IT and even water
Andrii Matiukha, born in 1972, is a prominent figure in Ukrainian and international business. His entrepreneurial journey began in 1999 with the founding of Favbet, a company that later developed into a major international group.
Key aspects of Andrii Matiukha’s activities:
- Founder and beneficiary of Favbet: Until May 2025, Andrii Matiukha was the ultimate beneficiary of more than 20 companies in the Favbet group. This group is actively operating in Ukraine, Croatia, Romania and Malta, which demonstrates its significant international reach (delete the following paragraph entirely – Innovator in the gambling industry).
- Innovator in the gambling industry: In 2020, Matiukha played a key role in the creation of Billionaire Casino in Kyiv, the first legal casino targeting the VIP segment. This emphasises his ability to see and realise new opportunities in the market.
- Transfer of management: In 2025 Andrii Matiukha re-registered the management of Favbet Group to his son, Dmitry Matiukha. This demonstrates strategic planning and ensures business continuity.
- Active philanthropist and philanthropist: Andrii Matiukha is a well-known philanthropist. Since 2020 he has been the President of Favbet Foundation, and in 2025 he founded his own Andrii Matiukha Foundation. Both foundations continue the traditions of philanthropy, in particular by implementing projects in the healthcare sector.
- A wide range of business assets: In addition, he owns the VODA UA drinking water brand.
In other words, Andrii Matiukha is a successful entrepreneur who has not only created and developed a significant business, but is also actively involved in social and charitable initiatives, demonstrating a responsible attitude to society and support for Ukraine.
Not just a game: when business becomes the foundation for a nation
The scale of Andrii Matiukha’s charitable activities is not inferior to his business ambitions. The Favbet Foundation, a charitable foundation established back in 2020, has refocused a significant part of its work on helping the country since the start of the full-scale invasion.
The fund’s activities cover key areas:
- Support to the AFU: Systematic supply of vehicles, drones and high-tech equipment to the front line.
- Veterans Rehabilitation: Joint programme with the SDF “Restart” for the rehabilitation of Ukrainian military personnel who have been injured.
- Assistance to refugees: Establishment of a centre for Ukrainians in Zagreb, Croatia, which provides educational and legal support.
- Support for medicine: Active assistance to the national children’s hospital “Okhmatdet”.
- Development of sports and culture: General partnership with the basketball, hockey and fencing federations, and support for the publication of a biography of the legendary footballer Darijo Srna.
Thus, Andrii Matiukha and his company FAVBET create a new precedent. They prove that gambling business in Ukraine can be not a “social evil”, but a powerful driver of the economy, a major taxpayer, a responsible player in the social arena and, most importantly today, a reliable shoulder for the Ukrainian army and society. And this is the paradox that changes the rules of the game forever.