The Bulgarian gambling industry has grown by more than 50 percent in the past two years. They based the numbers on the improved tax revenue from the industry.
According to Bulgaria’s National Income Agency figures, total revenue from the gaming sector in 2021 was around BGN 241 million ($128.6 million), representing a 25% increase over the previous year.
The results for 2022 are significantly better. So far this year, the gaming business has generated BGN 233 million ($128 million) in tax income, equivalent to the amount received for 2021.
Bulgarian Gambling Industry
This rate will result in a 30% increase over 2021 if it continues for the final three months of 2022.
The rapid rise is primarily due to the expansion of the online gaming business. Due to COVID regulations affecting brick-and-mortar venues and the Bulgarian government cracking down on the market’s largest investor, Bulgarian billionaire Vasil Bozhkov, who ran many regulated gambling companies, online gambling websites proliferated.
These factors encouraged competition and enabled new enterprises to enter a market that Bozhkov’s firms no longer controlled.
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Licensed Online Gambling Firms
According to bookie PPH reports, Bulgaria’s National Revenue Agency revealed that the online gaming business provided around BGN 133.4 million ($70.9 million) to the country’s coffers from January 1 to September 30, 2022. However, in 2020, the total tax collection from online gambling was only BGN 73.8 million ($39.3 million).
Since the beginning of the epidemic, the number of permitted online gambling businesses has also increased significantly. However, only six firms were offering online gaming services in the Bulgarian market starting in 2020.
The Bulgarian State Commission for Gambling has licensed 18 businesses to provide online gambling services. According to bookie pay per head sources, these 18 organizations operate 11 sites and have 32 licenses, which are given for a range of online games.