Publication date: 27 January 2026
Bulgaria is a case where the market figures do not yet make it look like Europe’s “monster,” but in reality, it offers a very comfortable combination: stable regulation, clear taxation, predictable traffic, and decent margins for those who know how to play the long game. For a media buyer, this isn’t some wild and unpredictable GEO that can shut down overnight with one law change. Rather, it’s a careful, growing market, sufficiently receptive to online products, where money is already being made, and there is still plenty of room for growth.
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Looking at the numbers, Bulgaria performs quite well. By 2025, the total gambling market volume reached approximately $820 million, with the online segment accounting for about €561 million, all within a population of roughly 7 million people. Online casinos are particularly showing rapid growth, increasing annually by up to 30%. Sports betting grows more moderately, at around 10-12% per year, but remains consistently stable. This presents a classic picture of a mature yet unheated market. There’s already a solid foundation, LTV is predictable, but there’s significant headroom left. Forecasts indicate a CAGR of around 4.8% until 2029 across the entire market.
An additional advantage lies in the audience structure. According to research data, there are already over a million active players online, which represents substantial penetration given the country’s size. Moreover, the core demographic consists of individuals aged 18-34 years old — a young, digitally savvy group familiar with mobile products, bank cards and fintech services. This makes life much easier for affiliates with proper funnels and mobile-first creatives.
According to the Bulgaria iGaming Market Research Report, 2025; iGB/Statista, 2024.
In recent years, the Bulgarian market has undergone significant changes. Following the departure of the former dominant player and the relaunch of regulations, there was a swift and democratic increase in the number of licensees — currently standing at around 22 companies compared to just six only a couple of years ago. This means competition among brands has intensified, along with increased interest in affiliates and external traffic sources. Operators are willing to pay for consistent, high-quality performance because the market is clearly shifting towards online gaming.
Online casinos account for up to two-thirds of revenue, while sports betting holds around 30-35%. The casino sector drives growth primarily through slots, live games, and mobile products, which users frequently access via their smartphones. The market follows a European trajectory: greater emphasis on mobile platforms, localized content, gradual tightening of advertising rules and responsible gambling initiatives, without sudden shifts or drastic regulatory changes seen in neighboring countries.
It is also important that Bulgaria is a member of the EU, offering a clear legal framework, transparent tax system, and ongoing financial integration efforts, including movement toward the eurozone. This reduces risks for operators and affiliate networks looking at the market over a three-to-five-year horizon, rather than pursuing short-term strategies focused solely on quickly extracting high eCPMs before exiting.
According to the Bulgaria iGaming Market Research Report, 2025 / Ministry of Finance of Bulgaria, 2024 / European Online Gaming and Betting Market, 2025.
In Bulgaria, gambling activities are regulated by a dedicated Gambling Law, first introduced in the late 1990s and significantly revised in 2012 to adapt to online realities. It was then that a comprehensive framework for remote gaming, online casinos and online betting emerged. Since then, any activity involving the Bulgarian market must be licensed: operating without permission is prohibited, and evading registration and taxes leads to blockades and sanctions.
Throughout these reforms, the regulatory landscape underwent several transformations. Previously, oversight was managed by the State Commission on Gambling Business. However, after subsequent waves of reform and scandals, supervisory and licensing responsibilities were transferred to the National Revenue Agency, essentially the local tax authority. This shift made sense as gambling constitutes a major source of budgetary income, prompting the state to maintain control through its fiscal body.
Currently, the main regulatory framework looks like this: the specialized Gambling Law, combined with tax legislation and EU norms regarding AML/CTF, including the Fifth Money Laundering Directive, which directly applies to gambling organizers and payment intermediaries. This means that every legitimate operator in Bulgaria operates within a paradigm of strict KYC procedures, transaction monitoring, and reporting to regulators.
Gambling licenses in Bulgaria are issued by the National Revenue Agency (NRA), which maintains registers of licenses, establishes inspection protocols, and oversees compliance with financial and reporting requirements imposed on operators. The NRA publishes a registry of license holders and provides additional clarifications on procedures on its website. Enforcement of the law falls under the same agency’s responsibility. It conducts inspections, initiates sanctions, refers cases to court, and coordinates with other government bodies, including AML units.
The blocking of illegal operators involves not only direct bans on websites but also economic measures. Tax authorities and relevant agencies may compel local payment service providers and banks to cease servicing such entities, collaborate with hosting providers and internet operators, and include unauthorized resources in special registries for technical access restrictions. For media buyers, this implies that working with the gray segment targeting Bulgarian markets always carries short-term risks, including potential abrupt blocks and non-payments.
In Bulgaria, everything related to legalized gambling begins with obtaining a license from the National Revenue Agency. This institution receives applications, checks backgrounds, approves or rejects operators and maintains a public register.
Formally, both Bulgarian companies and operators from the EU/EEA can apply provided they meet local requirements. Key conditions include a transparent ownership structure, absence of criminal ties or convictions among beneficiaries, demonstrated financial stability and ability to pay taxes in Bulgaria. Operators must show sufficient capital, business plans and contracts with game/payment providers compliant with mandatory standards.
From an affiliate’s perspective, the key takeaway is simple. Bulgaria is a ‘white’ market governed by strictly defined rules. Licenses are issued by the tax authority, which monitors both legal compliance and finances. Illegal operators face not only technical but also economic barriers, while legitimate operators you work with operate according to established, predetermined guidelines closely aligned with EU standards rather than the chaos of an unregulated environment.
In Bulgaria, iGaming has been functioning legally for quite some time now. There exists an official registry, prominent local and international brands, an association of operators, and clear rules governing those who drive traffic to casinos and betting platforms.
All online gambling licenses in Bulgaria are currently administered and controlled by the National Revenue Agency (NRA). The agency has a specific section dedicated to online gambling, outlining requirements and providing information on game organizers.
This is a functional regulatory hub: operators go through onboarding here, and real-time session, bet, and payout data are uploaded here as required by law. An updated list of license holders is typically duplicated in licensing materials and on consultant and industry association websites.
Several recognizable European and global brands have already established themselves in the Bulgarian online space — some directly, others through local structures and partnerships:
Bulgaria boasts a robust domestic school of gambling businesses and game development, making local brands not merely add‐ons but integral components of the market:
The pool of Bulgarian operators offers several obvious advantages for media buying and affiliate programs.
| + | – |
| Mature Legal Environment: Licenses are issued by NRA for several years, ensuring clear capital, reporting, and technical requirements, reducing the risk of brands suddenly disappearing from the market. | Increase in Tax Burden: By 2026, Bulgaria will raise the tax rate on GGR to 25%, putting pressure on operator margins and potentially leading them to become more cautious when setting CPA rates and Revenue Shares. |
| Mix of Local and Global Players: On one hand, internationally recognized logos enhance credibility; on the other, strong local brands better understand the Bulgarian audience and offer flexible promotions. | Strengthened Regulatory Requirements: Similar to trends across Europe, controls over advertising, bonuses, KYC processes and AML measures are gradually being tightened, limiting opportunities for aggressive creatives and gray-area monetization schemes. |
| Localization and UX: Local operators and brands like AdmiralBet with affiliates such as 7777 Gaming actively invest in Bulgarian content, local payment methods, and user-friendly mobile UX, which boosts CR and LTV from traffic. | Competition and Saturation: As more operators enter the market (over 22 companies vs. just a few several years ago), competition for quality traffic intensifies, especially in large cities and popular verticals. |
| Transparent Regulation and Tax Model: All operators comply with the Bulgarian Gambling Act and are supervised by the NRA. Taxes are calculated based on GGR, allowing operators to plan marketing budgets effectively, including affiliate pools. | |
| For media buyers, this means that building long-term RevShare relationships and hybrid models with licensed brands in Bulgaria is feasible without fearing that the GEO might abruptly close due to arbitrary decisions. | |
Practical Conclusion: The Bulgarian pool of operators is not a chaotic field but a well-established club of brands under the auspices of the NRA and BGAA, featuring both prominent international names and strong local projects. For affiliates, this represents a reliable and predictable GEO: you know where to verify licenses (the Online Gambling section on the NRA website), recognize brands adhering to EU regulations, and select offers tailored to your strategy — from stable RevShare to careful CPA approaches, leveraging long-term LTV instead of relying solely on quick FTD.
In Bulgaria, gambling taxes are no longer “sweet,” but remain predictable and comprehensible. There is a uniform GGR-based tax rate for operators, clear reporting logic and a relatively comfortable regime for players.
According to estimates by Bulgaria’s Ministry of Finance and industry analysts, the total GGR from legal gambling (online + offline) in 2023 amounted to approximately 1.1 billion euros, of which around 562 million euros came from online operators. With a tax rate of 20%, this contributed roughly 225 million euros in GGR-based taxes to the state budget for the year, not including associated fees and corporate taxes.
Following the transition to a 25% rate from 2026, total tax revenues from gambling are expected to rise to approximately 281 million euros per year – an increase of about 56 million euros compared to current levels. However, analysts themselves note that the impact on the overall deficit (around 1.4%) will not be significant. Moreover, the higher rate could potentially hinder the growth of the legal segment, especially for operators with high marketing expenses.
Two key points emerge from all this: the Bulgarian market clearly operates on a “GGR tax + strict NRA oversight” model, and the rate increase to 25% in 2026 will almost certainly make operators more cautious with generous bonuses and expensive traffic. However, it will not kill a market that will still remain within the range of “average” tax burdens in the EU.
The Bulgarian iGaming market is a typical “maturing” Eastern European market: not a giant in terms of volume, but with a clear history, transparent regulation, and a remarkably high level of audience digitalization.
Gambling in Bulgaria has been reset several times. In the late 19th century, gambling was effectively banned, with only the state lottery remaining, as the legal system was unable to handle the debts and conflicts surrounding gambling and simply lacked the legal framework to address them. Following the transition to democracy, the situation began to change. Casinos were legalized in 1993, and a comprehensive gambling law was introduced in 1998–1999, establishing a licensing framework and a regulatory body.
The market was gradually brought into its modern form. In 2008, the State Commission on Gambling was established, becoming the centralized supervisory authority. In 2012, the modern Gambling Act was adopted, followed in 2013 by the full regulation of online gambling. From that point on, online casinos and betting became a de jure normal, licensable activity. In 2020, oversight and licensing were transferred to the National Revenue Agency (NRA), and in 2023, a separate AML unit was established, strengthening controls over money laundering and financial flows.
Bulgaria is a country in Eastern Europe on the Balkan Peninsula. It borders Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and has access to the Black Sea to the east. The population in 2026 is estimated to be approximately 6.7 million people. This places Bulgaria on a similar scale in terms of population size to countries such as Denmark or Slovakia, but noticeably smaller than Romania or Greece.
Major cities: Sofia (approximately 1.15–1.28 million), Plovdiv (around 340–350 thousand), Varna (310–330 thousand), Burgas (190–200 thousand). This is a fairly compact, urbanized market where a significant portion of the solvent audience is concentrated in just a few agglomerations.
The official language is Bulgarian, spoken by the majority of the population (approximately 85% are native speakers). According to studies on English proficiency, Bulgaria falls into the category of countries with a “high” or “moderately high” level of English as a foreign language: a significant portion of young people and urban residents read and communicate in English freely. This is also reflected in how they consume content and interact with interfaces.
The official currency is the Bulgarian lev (BGN), which is pegged to the euro via a currency board. The country is preparing for a subsequent transition to the eurozone, but for now, transactions are conducted in lev.
From a digitalization standpoint, Bulgaria presents a very interesting case for iGaming. According to the National Statistical Institute, in 2024, 92.1% of households had internet access, with rates reaching 94.7% in urban areas and 84.3% in rural ones. Among people aged 16–74, 81.9% use the internet daily or at least weekly, while the proportion of those who have never been online has shrunk to 9.3%.
Mobile devices and smart gadgets have become the norm: over half of the population uses smart devices for personal tasks. The most popular device is the smart TV (45.1% of users), followed by smartwatches and fitness trackers. EU-wide statistics show that nearly 9 out of 10 users access the internet via mobile devices, and Bulgaria is keeping pace with this trend. This means the local audience is accustomed to mobile apps, responsive websites, and quick online services — precisely what is needed for an effective online casino and betting funnel.
For a media buyer, this all paints a fairly clear picture: a compact EU country with a population of around 6.7 million, a few major cities, high internet and smartphone penetration, and a gambling history that has evolved from the chaotic post-90s into a transparent, licensed system with online regulation in place since 2012–2013.
The Bulgarian iGaming audience has a fairly clear profile: young, inclined to take risks, mobile-first, and on average more receptive to gambling than audiences in many Western European countries.
According to industry reports, the average online gambler in Bulgaria is a male aged 25–34. Local analysts separately note that this is a relatively young profile for Europe, where the core demographic in many countries is significantly older. Bulgarians, in general, have a positive perception of gambling, widely participate in lotteries and online casinos, and often underestimate the risks of losing. This makes their behavior more impulsive and explains the high ROI in the gambling and betting verticals.
The audience is not homogeneous in terms of income. It includes students/young professionals with limited budgets, as well as more affluent players aged 35+ from major cities (Sofia, Plovdiv, Varna), who can afford regular play and constitute the lion’s share of revenue for online casinos and betting. For media buying, this means that both mass offers with a low deposit threshold and more premium promotions for advanced players can perform well. The key is proper traffic segmentation.
The Bulgarian target audience appreciates vibrant, emotionally engaging creatives, straightforward “here and now” bonuses, and not overly complicated pre-sell: short landing pages, native lead forms, simple registration and minimal bureaucracy.
Players enjoy live excitement: tournaments, jackpots, leaderboards, cashback mechanics, and onboarding that isn’t overly strict with KYC, provided it stays within legal boundaries.
Reviews of Bulgarian online casinos show the following popularity breakdown:
Distinct “national” slots, like those found in the Netherlands, are less common. Instead, titles from major providers (Pragmatic Play, EGT, Amusnet, NetEnt, etc.) dominate, alongside local content from studios focused on the Balkans.
In terms of sports betting, Bulgaria is quite predictable:
During major events (the Champions League, European Championships, World Championships, Olympic tournaments) Bulgarian betting traffic traditionally spikes, making it an ideal window for aggressive media and content-based user acquisition.
Esports in Bulgaria remains a relatively open niche: the share of esports betting still significantly lags behind football and casino, but interest in the 18–24 age segment is growing. Bets are primarily placed on CS2, Dota 2, League of Legends, as well as popular football simulators (FIFA/EA FC) during major tournament series. For most operators, esports serves as an additional tool to “rejuvenate” their audience, rather than a primary source of GGR.
Why are local payment options important? Bulgarian players are accustomed to deposits and withdrawals being fast and straightforward: using banks, cards, popular e-wallets, or simple local gateways. Any glitches at the payment stage (lengthy verification, unclear fees, or unfamiliar providers) instantly hurt conversion and increase the risk of players leaving, either for a competitor or a dubious offshore platform. This is something both operators and affiliates should aim to avoid.
Both global and local solutions are available in Bulgaria:
Cryptocurrency formally remains in a “gray” area: licensed EU operators are generally very cautious about crypto due to AML/CFT requirements. As a result, crypto deposits are more commonly found on unregulated sites, which pose higher risks for both players and affiliates.
In major cities, most active players have bank cards, online banking and mobile banking apps from their banks. The Bulgarian financial sector is quite digital and well-integrated with EU regulations. This allows users to easily deposit and withdraw funds through familiar interfaces, while enabling operators to maintain transparent reporting for the tax authority (NRA) regarding GGR and transactions.
| For operators | For affiliates |
| Maintain an “essential set” of options: cards + well-known e-wallets + 1–2 popular local gateways and clearly state withdrawal timelines and limits. | Focus on the simplicity of depositing funds in creatives (“card/e-wallet/bank — just a couple of clicks”), fast payouts, and the availability of Bulgarian language in the interface and support. |
| Exercise caution with exotic schemes and “quasi-anonymous” payment services. Local regulators and banks closely monitor AML compliance, and excessive creativity can lead to unnecessary scrutiny. | Consider that a portion of the audience remains conservative: landing pages without excessive flashiness, with clear amounts and realistic bonus terms, tend to perform better than overly aggressive promises. |
Ultimately, the Bulgarian target audience comprises young and middle-aged players with a high trust in gambling, strong digital habits and a passion for vibrant slots and football. If you provide localized content, seamless payment options and honest offers, this GEO can deliver impressive ARPU and ROI — not just for a single campaign, but sustainably over extended periods with effective retention strategies.
Traffic in Bulgaria can be described as a stable “European market at a discount”: not as expensive as the top Tier 1 countries, but already featuring decent player spend, clear regulations, and growing competition.
The Bulgarian iGaming market is growing year after year. The total GGR (online + offline) is already estimated at around €1.1 billion, with roughly half attributed to the online segment. For a small population market, these are very solid numbers, while the growth rates of online casinos and betting remain in double digits. Regulation is stable, the country is in the EU, and taxes are calculated on GGR. For operators, this means predictable unit economics. For you, this translates into brands willing to invest in traffic and establish long-term affiliate networks.
The competitive landscape is no longer empty. According to the latest data, the number of licensed operators has increased several-fold compared to just a few years ago — now numbering over twenty active companies, including strong local brands and major international players. This means players have plenty of options to choose from, and operators have ample competition to contend with. This is precisely where the affiliate story comes into play. The Bulgarian market is actively hosting iGaming and media buying conferences, major expos in Sofia. Meanwhile, local brands have grown accustomed to acquiring traffic from external partners, rather than relying solely on their own branded inventory.
For affiliates in Bulgaria, there are several viable niches:
The audience is young, inclined to take risks, and generally receptive to gambling. Therefore, well-executed pre-sell and a smooth UX yield strong numbers for FTD and LTV.
In terms of monetization models, Bulgaria follows the classic Europeanized scheme:
On local brands and major international operators with a Bulgarian license, it’s quite realistic to secure exclusives: higher CPA for specific traffic sources, an increased RevShare percentage for reliable partners, and unique bonus promotions tailored to your funnel. Bulgaria isn’t one of the most expensive auction markets, so operators are willing to share margin as long as the tax rate doesn’t “swallow everything”. Even with the increase to 25% GGR in 2026, they retain enough room for competitive affiliate rates.
Surprisingly, stricter taxes and regulations create an opportunity precisely for those who excel at playing the long game. Gradually leaving the market are operators and affiliates unable to bear the burden or unwilling to invest in compliance. Those remaining are characterized by:
On your side, you have a Bulgarian-language SEO and content landscape that’s not yet oversaturated, the opportunity to become the go-to source for independent reviews and feedback on local brands, plus the growing popularity of major iGaming/affiliate events in Sofia, where you can build direct relationships with operators.
Over the next 3 years, realistic growth areas for Bulgaria include:
In Bulgaria, gambling advertising is regulated but officially permitted, including on social media and online platforms, provided rules regarding age and content are followed. This significantly simplifies life for media buyers compared to many other markets.
*The social network Facebook is blocked in Russia by court decision.
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To avoid burning out upon entry and secure a sustainable presence in the GEO, follow this checklist:
2. Analytics & Strategy
3. Technical Foundation
4. Payments & UX
5. Content & Creatives
6. Testing & Scaling
In essence: Bulgaria is a GEO where sustained success extends beyond a single lucky campaign. With attention to local audiences, regulatory frameworks, and precise calculations (not chasing sky-high eCPCs) it becomes possible to establish a stable, compliant traffic stream lasting 2-3 years ahead.
From a media buyer’s perspective, Bulgaria stands out as a GEO where it’s viable to construct a structured sales funnel rather than simply chase fleeting hype.
Firstly, the market already features a mix of local and international brands, including major European names and domestic operators. Therefore, there’s no shortage of offers: you have affiliates to negotiate with, along with access to hybrid, RevShare and CPA models, as well as promotions tailored to specific traffic sources.
Secondly, the regulation of the online sector is sufficiently clear and explicit: licensing is formalized, taxes are understandable, and the rules of the game are transparent. The market is officially acknowledged as a critical revenue source for the state budget. Taxes from gambling alone were estimated at around 200 million Bulgarian leva (~€102 million) in 2024. For you as an affiliate, this signals that the government does not intend to pull the plug arbitrarily but will likely continue to incrementally adjust advertising and player protection regulations, similar to practices in the EU.
Thirdly, consider the audience. The typical Bulgarian online gambler is usually an adult user with adequate digital literacy, preferring to use credit/debit cards, Apple Pay, or popular e-wallets to spin slots or place bets on their phones rather than visiting physical venues. For media buyers, this translates to efficient performance of mobile traffic, social media channels, content-driven funnels, and traditional affiliate marketing tactics without significant drop-off during payment processing or onboarding stages.
Another advantage is that the market is actively growing but hasn’t yet reached the extreme auction prices found in established Tier 1 regions. Performance channel bids and competition in areas like SEO, content projects, and community-building are less intense, and entry-level costs are lower compared to larger Western European nations. If you’re skilled in calculating unit economics and creating effective pre-sell landing pages tailored to the local audience, Bulgaria offers an opportunity to achieve good EPC/ROI ratios without having to compete with countless “big whales.”
Bulgaria combines moderate scale with solid revenue potential: the total gambling market is projected to reach around $820 million by 2025, with the online segment accounting for roughly €561 million, despite a population of only ~6.7–7 million. The market is growing but not overheated: online casinos are expanding by up to 30% annually, sports betting by about 10–12%, and the projected CAGR until 2029 is approximately 4.8% for the overall market. Regulation and taxes are predictable, and the country is part of the EU, making it a “European market at a discount” for operators and affiliates, with clear economics and growth potential that hasn’t yet been maxed out.
Gambling activities are regulated by a separate Gambling Act: initially enacted in the late 1990s, the law underwent significant updates in 2012 to accommodate the online segment (remote gaming, online casinos, betting). Currently, licenses are issued by the National Revenue Agency (NRA), which serves dual roles as a tax authority and regulator. The NRA maintains a registry of license holders, enforces reporting obligations and initiates sanctions when necessary. Operators subject to EU AML/CTF regulations must adhere to stringent KYC requirements. Non-compliant operators face not only website blocks but also disruptions in payment channels, making it difficult to operate illegally in the Bulgarian market.
The tax basis for operators is the Gross Gaming Revenue (GGR), calculated as wagers minus payouts. Importantly, taxes are applied to the “gross” GGR, excluding deductions for marketing, employee salaries, and other operational expenditures. Until the end of 2025, the tax rate stood at 20% of GGR. From January 2026 onwards, this rate increased to 25%. Given an approximate total GGR of €1.1 billion (online + offline sectors), this generates around €281 million annually for the state budget, adding approximately €56 million above previous levels. For individual players, the situation is softer. Winnings from licensed operators generally aren’t subject to personal income tax since the tax burden is embedded in the operator’s GGR tax. Risks arise mainly when engaging in “gray” schemes or if gambling becomes systematic enough to fall under different tax regulations.
The core online audience consists of young to middle-aged players (18–34 years old), predominantly male, living in major cities (Sofia, Plovdiv, Varna, Burgas), and accustomed to mobile apps, bank cards and fintech services. The Bulgarian target audience is receptive to gambling, frequently plays lotteries and online casinos, and often acts impulsively, making the vertical ROI positive with proper traffic selection. The primary revenue drivers are video slots (especially high-volatility games with free spins and jackpots), live casino (roulette, blackjack, baccarat, game shows) and classic table games. In sports betting, football (the local league and European tournaments), tennis, basketball, volleyball and combat sports dominate, while esports remains a growing but supplementary niche.
Bulgarian players expect fast and straightforward deposits/withdrawals through familiar channels: banks, cards, popular e-wallets, or local online gateways. Any delays, unclear fees, or unfamiliar providers instantly hurt conversion and push users toward competitors or offshore platforms. In the legal segment, the most in-demand methods are international Visa/Mastercard cards, e-wallets like Skrill/Neteller, vouchers, and local banking solutions integrated with major Bulgarian banks. Cryptocurrency remains in a “gray” area due to strict AML requirements. For operators, it is critical to maintain an “essential set” of payment options and transparent withdrawal terms. For affiliates, it’s vital to highlight payment simplicity, local language support and fair bonus terms in creatives. Combined with mobile-first landing pages and streamlined KYC, this approach delivers sustainable ARPU and enables long-term RevShare partnerships, rather than just chasing quick FTDs.
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