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Bulgaria's Gambling Sector Sees Significant Growth and Market Shifts Over Four Years

In the past four years, Bulgaria’s gambling sector has undergone major transformations. Following the suspension of Vasily Bozhkov’s companies—once the dominant players in the market—the online gaming sector has expanded, with 22 companies now holding licenses, up from just six in 2020. This year has seen an influx of both local and international companies entering the market. Notably, bet365 has teamed up with EGT Digital to introduce Bulgarian players to offerings from providers such as Amusnet, Playson, CT Interactive, Wazdan, and 7777 Gaming.


Bulgaria's Gambling Sector Sees Significant Growth and Market Shifts Over Four Years

The Bulgarian online gambling industry is currently valued at €561 million (BGN 1.1 billion), according to Kapital. This figure is based on taxes collected from gambling activities over the past year and represents betting revenues minus player winnings. Last year, the sector's growth slowed to just under 12 percent, reflecting a deceleration from previous years.


Industry representatives report that online casinos dominate the market, accounting for two-thirds of the sector, while sports betting comprises 30-35 percent. At least one million Bulgarians engage in online gambling, with approximately 40 percent of bets placed by women, contrary to expectations of a male-dominated audience.


In 2023, the rankings of market leaders in Bulgaria’s gambling industry shifted significantly. Winbet, owned by Walter Papazki, has overtaken Efbet, which is owned by the Naydenov brothers, Boyan and Tsvetomir, and was previously the market leader. Palmsbet, associated with Milo Borisov and publicly traded by Telematic Interactive Bulgaria, also ranks among the top five, along with Top Bet, which operates under the 8888.bg brand. Last year, Top Bet underwent a change in ownership, with 60 percent of its shares acquired by Dencho Ganev, father of Dimitar and Milen Ganev, who were previously involved in the lottery business with Vasily Bozhkov.


The most visited gambling sites in Bulgaria are currently ranked as follows: Winbet holds 30.7 percent of the market share, followed by Palmsbet with 23.1 percent, Efbet with 11.5 percent, and Betano with 10.7 percent. The remaining 24 percent is distributed among other operators.


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Bulgaria’s online gambling market is forecasted to continue growing, with revenues expected to reach €136.6 million by 2024. The annual growth rate is projected at 5.42 percent, bringing the market size to €168.7 million by 2028. The online sports betting segment is expected to generate €60.81 million in 2024. This year, the average revenue per online gambling user is projected to be €411 annually, with user penetration estimated at 4.9 percent. By 2028, the number of online gambling users in Bulgaria is forecasted to reach 377,300, according to data from Statista.


In April 2024, the Bulgarian parliament approved amendments to the Gambling Law, which took effect on May 18, 2024. These changes introduced strict regulations on gambling advertising, particularly online. However, according to the National Tax Agency (NRA), these restrictions apply only to online media, and social networks are not classified as electronic media, meaning the ban does not affect them. Additionally, the NRA clarified that online media can post links to content from licensed gambling operators on platforms like YouTube, as long as the links themselves are not considered gambling ads and users are informed that they are being redirected to social media profiles containing gambling-related content.

By fLEXI tEAM

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