Send to Kindle
Photo by digitaltrends.com
‘Reasonable’ licensing fees and taxes and liberal legislation are key to Bulgaria’s ‘early success’ in generating revenue from online gaming, an industry insider has opined.
In an article titled “Bulgaria's Gaming Revenues Show Good Approach To Online Poker Regulation” and posted on pokernews.com Jason Glatzer wrote that in its half-year report Bulgaria’s State Commission on Gambling (SCG) has announced BGN 29.91 M (EUR 15 M) in total gaming revenue from fees, taxes, fines, and penalties.
Considering that the regulator issued the first gaming license to PokerStars only in February this year and Betfair received its license soon afterwards, and having in mind that SCG’s expenses for the same period were just BGN 688,339, the revenue was almost entirely profit, the author said.
The results supports the optimism of Eric Hollreiser, Head of Corporate Communication at PokerSrats’owner Rational Group, who had said back in February that Bulgaria’s online gaming market was “full of promise”.
"We believe in the potential of the Bulgarian market and that is why our company has invested in the local license," Hollreiser said when announcing the launch of what was then the only legal poker website available to Bulgarian players. "Regulation provides peace of mind for players and ensures that local regulators can protect consumers and collect much-needed revenue."
Because Bulgaria hadn’t decided to close its market like other European countries such as France or Italy, with the launch of PokerStars.bg, Bulgarian players were given the opportunity to legally join the poker room’s international player base and compete against other players from all over the world, Glatzer explained.
In addition, Bulgaria’s decisions to keep the price of online gaming licenses at a ‘reasonable’ level of BGN 50,000 and cut gaming taxes to 15% of turnover from 20% have also helped the country report good revenue from online gaming, the author opined.
“Perhaps other countries can learn from Bulgaria's recent success to turn the trends of declining gaming revenues in their favor,” Glatzer concluded.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
In response to the recent deaths of two newborns due to whooping cough, the Ministry of Health in Bulgaria has implemented measures to curb the spread of the disease
In Bulgaria, a stark reality persists regarding domestic violence, as highlighted by Assoc. Dr. Aleksey Pamporov from the Institute of Philosophy and Sociology at the Bulgarian Academy of Sciences
Amidst growing discontent among taxi operators across Bulgaria, drivers in major cities like Burgas, Varna, and now Plovdiv are demanding a substantial hike in fares to cope with rising operational costs
As the May holidays mark the onset of sea tourism, Bulgarians and foreigners preparing for their annual getaways are facing a stark reality: trips this year will come with a heftier price tag
Two infants from Kyustendil have tragically lost their lives after contracting whooping cough
GERB MP Daniel Mitov has announced his refusal to accept the offer to serve as acting foreign minister, citing concerns about becoming a pawn in the current power struggle
Brazen Bulgarian gangs "terrorise the elderly and rob them over their life savings with increasingly aggressive phone scams nettling millions of euros," according to an AFP story.
The prospect of US President Donald Trump's moving closer to Russia has scrambled the strategy of "balancing East and West" used for decades by countries like Bulgaria, the New York Times says.
Bulgarians have benefited a lot from their EU membership, with incomes rising and Brussels overseeing politicians, according to a New York Times piece.
German businesses prefer to trade with Bulgaria rather than invest into the country, an article on DW Bulgaria's website argues.
The truth about Bulgaria and Moldova's presidential elections is "more complicated" and should not be reduced to pro-Russian candidates winning, the Economist says.
President-elect Rumen Radev "struck a chord with voters by attacking the status quo and stressing issues like national security and migration," AFP agency writes after the presidential vote on Sunday.
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
