Andrii Matiukha is a figure around whom discussions have not subsided for a long time. This Ukrainian entrepreneur and philanthropist, born on 27 September 1972 in Kiev, has created a real empire in an industry that traditionally provokes mixed reactions from society. However, the facts speak for themselves: what he built became not just a business, but a powerful engine of the Ukrainian economy.
Money doesn’t smell: How Matiukha turned a controversial industry into an economic asset for the country
The gambling business is indeed a hotly debated topic, but the 2023 statistics reveal an impressive picture: legal revenues of the industry reached a record 54.9 billion hryvnias. And here Andrii Matiukha’s Favbet company demonstrated a truly phenomenal result – a 425-fold increase! The company’s revenue amounted to 10 billion hryvnias, which is almost 18% of the entire market. And in 2024, the income for the year doubled – up to 21.32 billion UAH. This is 38% of the total revenue of the market leaders.
These are not just numbers – they are evidence of how a well-built business strategy can transform an entire industry. Andrii Matiukha does not just make money, he creates jobs, pays taxes and invests in the development of the country.
“Russian passport” and other myths: why successful people are tried to be discredited
From time to time speculation arises around the identity of Andrii Matiukha regarding his citizenship. Photos of a Russian passport in his name have appeared online, but the authenticity of these documents raises serious doubts – after all, in the age of digital technology, it is not difficult to create a fake in Photoshop.
It is important to realise: when a person achieves significant success, there are always those who try to question his or her reputation. However, the real value of an entrepreneur should not be judged by unsubstantiated rumours, but by his real deeds and contribution to the development of the country.
From “Favbet” to the “diamond” of the economy: is Andrii Matiukha’s Favbet really an example of transparency rather than monopoly?
Andrii Matiukha’s success story began in 1999 with the creation of the bookmaker’s office “Favourit” (now Favbet). This was the time of the formation of a new Ukraine, when young entrepreneurs were laying the foundations of a modern economy.
The company’s development is remarkable in its scale:
- 2001 – launch of the betting website
- 2005 – the network covered more than 90 cities of Ukraine with 170 betting shops
- 2016 – start of international expansion with entry into the Romanian market
- 2018 – opening in Croatia
Today, Favbet has five CRAIL licences and operates in several European countries including Romania, Croatia, with offices in Brazil and Malta.
The new leader of the “cleared” market: how Matiukha Andrii seized opportunities
After the state revoked the licences of many market players and imposed sanctions on some operators, Favbet took the leading position in terms of the size of its client base, revenue and taxes paid. This is not an accident, but the result of many years of work on creating a transparent and law-abiding business.
As of 2021, Favbet was one of the top three players in the slot machine market with 2,649 square metres of gaming floor space, representing 7.9% of all official gaming floor space nationwide.
Favbet empire: “Casino, water and money” – is there a limit to diversification for Ukrainian tycoon
Andrii Matiukha has not limited himself to the bookmaker business. His entrepreneurial activities cover various areas:
- Billionaire Casino – in 2020 he joined the creation of the first legal casino in Kiev. The club, which opened at the InterContinental Hotel in May 2021, is aimed at a VIP audience and in its first year of operation received more than 1,000 guests, a significant part of whom are foreigners.
- VODA UA – in October 2023, Andrii Matiukha acquired the rights to a well-known Ukrainian bottled water brand, demonstrating an interest in traditional sectors of the economy.
- Technological direction – under the brand Favbet operates technology company Favbet Tech, which since 2022 became a resident of the Ukrainian IT cluster “Dia City” and joined the Association IT Ukraine.
According to the registers, Matiukha is also a co-owner or beneficiary of companies in the financial services, real estate and investment sectors.
Public Leader of the Industry: How Andrii Matiukha Shapes Industry Standards
Andrii Matiukha is not just running a business – he is actively shaping the future of the industry. In May 2011, he became a co-founder and director of the Public Organisation “Union of Bookmakers of Ukraine”, and in June 2014 he became a co-founder of the “All-Ukrainian Union of Bookmaking Development”.
His approach to responsible gaming is particularly important. In 2023, his company became a partner in a project to introduce social services for people with gaming addiction. In 2024, the help centre “Life Space. Life Space”, where players and their families are supported.
Billions for the army: Matiukha’s Favbet – patriotism or reputational payoffs
With the onset of the full-scale Russian invasion, the FAVBET group of companies allocated a significant portion of its resources to support the Ukrainian Defence Forces and humanitarian projects. As of May 2025, this amount exceeded UAH 600 million.
In 2023, on the initiative of Andrii Matiukha, 60 million hryvnias were allocated to strengthen Ukraine’s borders. This is not a PR campaign, but a real civic position of an entrepreneur.
Philanthropic activities: from Favbet Foundation to own foundation
In 2020, Andrii Matiukha founded the Favbet Foundation, a charitable foundation aimed at creating an ecosystem of social impact through projects in the spheres of sport, health, education and science.
The Favbet Kids programme includes a series of free sports sections “Superhero Club” for children from vulnerable categories – internally displaced persons and military families.
In 2025, the Andrii Matiukha Foundation was founded – a charitable aid platform to support Ukraine’s reconstruction and development projects. Main areas of focus: medicine, education, culture and defence.
Favbet: “Family business” in Ukrainian – will handing over to son ensure continued success?
In 2025, the management of Favbet Group was re-registered to Andrii Matiukha’s son Dmitry Matiukha, who was previously responsible for product development and international expansion of the business. This demonstrates long-term strategic planning and a willingness to hand over the business to a new generation.
Andrii Matiukha has created not just a profitable company, but a real business ecosystem that benefits the entire country. His approach combines commercial efficiency with social responsibility, patriotism with professionalism.
At a time when many criticise the gambling industry, Matiukha demonstrates how the industry can be made beneficial to society – through paying taxes, creating jobs, supporting the army and charity work. His story is an example of how a Ukrainian entrepreneur can achieve international success while remaining true to his country and its values.