The Bulgarian online casino market has come a long way, from sudden boom, through regulation jolts, to a more recent balanced phase. Here's the full story.

So, let's talk about gambling, online casinos in Bulgaria, to be precise. The past few years have found Bulgaria on a roller coaster ride within the online gambling world. First of all, expansion fuelled by liberalisation in the market and healthy adoption of tech. And then a tide of regulation to dampen things down. Now the landscape is characterised by familiar names, emerging trends like live‑dealer and Megaways slots, and the latest buzz around rules of self‑exclusion. A closer examination follows of what's happening, and why it's important.

How we got here: A fast-growing industry

Opening the floodgates (2020–2022), as previous major players lost their licences in 2020, the market opened spectacularly, with licences rose from some 6 to 22 towards the close of 2024. Revenue from online casino gambling came in at about BGN 200 million (~€102 million), with casino games taking about two‑thirds of the total share.

Tax benefits and mobile mania

One of the lower European gambling taxes (some 15 % GGR) attracted big foreign players and investment. With smartphones ubiquitous and fast internet, mobile gaming was the norm, Statista highlights live dealers and slots gained real traction on mobile phones and tablets.

A tech boom front

The iGaming market in Bulgaria welcomed innovation at an incredible pace. We saw better mobile platforms, live-dealer integration, VR/AR trials and crypto payments. All signs of an industry preparing for a long haul.

Regulation shake‑ups and ad ban

In May 2024, the Parliament of Bulgaria enforced sweeping ad bans, no gambling ads on television, radio or internet. Billboards were subject to strict placement restrictions and warning requirements. Media operators saw flat ad revenue drops. A few even considered defecting. Exceptions only remained, outdoor advertisements away from schools, with mandatory warning messages

Increase in licence fees and capital requirements

Around the same time, the entry hurdle received a big shove: Licence fees doubled to BGN 500k from BGN 750k. Newcomers suffered the pinch; some global brands pulled out, creating space for well-heeled or local-smart locals to fill it.

Responsible gambling takes centre stage

Bulgaria's self‑exclusion scheme, which had been suspended, resumed by 2023, allowing as little as a 40-day exclusion period. This scheme has now been updated, with a minimum one‑year exclusion. More than 24,000 registered in the first year, and there are currently almost 54.000 members. 

Operators now must cross‑check entrants prior to admitting entry, guests or personnel. Hiring an excluded individual may bring a fine up to BGN 20,000. Industry‑wide, self‑excluded persons are unable to work in casinos or gaming rooms .

Tech and AML upgrades

NRA created an AML (anti-money-laundering) department and API-based enforcement software. Bulgaria passed with flying colours from Moneyval, so it's up to European AML standards.

Operators and games: What's popular

Market leaders and online casino operators contains local brands such as Efbet, Winbet, Palmsbet, and newcomers such as Sportingwin. A handful of internationals such as Bet365 and erstwhile Bwin also play.Winbet took over from Efbet in 2023 in online casino market share.

Gaming trends: Megaways and live dealers

Gamers are reaching deeper for immersion: Live-dealer games and branded slot types are picking up steam. And in that spirit, Casino Kings is one of the players offering Megaways mechanics alongside live-dealer tables, showcasing how Bulgarian sites remain aware of global trends.

Crypto payments, gamification, personalisation and ongoing VR/AR test beds round out innovation.

Market forecast

It is projected that the online gambling sector in Bulgaria will reach US 0.43 million in 2025. The annual growth rate (CAGR 2025-2029) is on 2.11%, which results in a market projection of US 2.04 million by 2029.

Opportunities and risks

• Market consolidation: Higher fees and stricter regulations will push out the smaller operators, or into consolidation.
• Local advantage: Domestic brands like Sportingwin are profiting from remaining local while others globalise with franchises.
• Tech‑led advantage: Crypto payments, AI‑led personalisation and potentially early VR casinos will attract more players.
• Regulatory equilibrium: More ad‑ban tweaks, combined with tougher self‑exclusion, may limit expansion, but also potentially reduce problem gambling.

Sum up of the market

Unambiguously, Bulgaria's online gambling market has matured. After growth during the boom years, it's staggering under a tighter regulatory umbrella: Licencing charges, adverts limits, AML enhancements, and enhanced self-exclusion measures. And that's not a negative, it's a sign of a healthy, sustainable marketplace and not a wild west.

There is finally room to breathe for local operators to innovate, provide players with more and digitally distinguish, either through Megaways, live dealers, crypto or personalisation. For the Bulgarian player, that means more choice and safe gaming. For the industry, that means a chance to build a safe future, and maybe come out winners even with stricter regulation.