Bulgaria is becoming a very frustrating environment for European online gambling operators since the March 2012 laws regarding online gambling to regulate the market. The law was believed to offer the chance for operators to enter the market in Bulgaria but one and half years later not one European online gambling operator has been issued with an online license except for Eurofootball that is based in Malta but interestingly the owner of the company is Bulgarian billionaire Vassil Bozhkov Krumov.
Most if not all of the European operators have been placed on the Bulgarian black list for the country and most of the major operators which would like to enter the market also sit on that blacklist so barring them to apply.
With Bulgaria struggling with economic woes and with the opportunity to gain much needed revenues from taxing online operators the government continues to lock out the Europeans.
Analysts in the European market say that the tax revenues for the government in Bulgaria could be as high as $200 – $300 million per annum, but point to possible corruption and the entire lack of foresight within government to allow operators in the market.
What continues to happen is customers in Bulgaria continue to play online illegally on Europeans gambling websites and the government in Bulgaria loses out on taxes.