This study is the first scientific study in Ukraine on the issue of investment attractiveness of the gambling market in conditions of full-scale war, in which the authors attempted to calculate and assess the costs and benefits that an investor can receive from investing in this type of activity. This study used the method of comparative analysis, the method of system analysis, the hermeneutic method, formal-logical (synthesis, analysis, deduction, analogy), economic analysis, absolute and comparative advantages and statistical methods. The authors analyzed the economic indicators of the market and concluded that despite the hostilities, the market shows a large and stable growth due to the online segment. At the same time, although more than 20 different licenses were issued, the market was divided among only five major players, which indicates the potential for new organizers to enter the market. The assessment of losses and benefits for the investor was carried out according to the following indicators: calculations of official costs for starting a business in Ukraine (license fees); assessment of the tax system of Ukraine regarding the gambling business from the point of view of the benefits of running such a business; assessment of the war risks of running a gambling business in Ukraine. The calculations showed that the high cost of licenses can be the main obstacle to entering the market for new investors, since in neighboring countries the entry price is much lower. The research conducted allowed us to conclude that today the only promising direction of investment can be the gambling business on the Internet. After the end of hostilities, we expect that the implementation of investment projects and obtaining free investment licenses will become attractive for investment, because today the potential of free investment licenses in Ukraine has not been used, not a single license has been issued, but there are no similar offers in other European markets. Promising areas of research remain the issues of the impact of gambling market taxation rates on market development, as well as on the fight against illegal gambling. A promising direction is the issue of researching the investment attractiveness of the Ukrainian lottery market and the possibilities of holding interstate lotteries in Ukraine.