In July the Bulgarian parliament rejected opposition proposals for a near-doubling of operator fees and a blanket ban on gambling advertising. Only minor changes to niche taxes went through. The online gambling levy stays at 25% of gross gaming revenue, where it landed earlier this year after moving up from 20%. Corporate tax remains 10%.
The Finance Ministry’s argument was channelisation. Deputy Minister Lyudmila Petkova said that any increase before measures against the grey market would simply move players from licensed to unlicensed operators. Channelisation in Bulgaria is estimated at around 60%, which means roughly four in ten euros wagered online already go to sites that pay no Bulgarian tax. One licensed operator reported that the 2024 advertising restrictions cut its revenue by about 20% within two months.
We would make three points to owners and investors.
Stability has a price and Bulgaria just chose to keep it. Buyers of gaming assets apply a regulatory discount that is largely a bet on the next vote. This vote was helpful; the debate is not over, and the government has its own Gambling Act review pending.
At 25% GGR and 10% corporate tax, Bulgaria remains one of the more bankable jurisdictions in the region. Romania is at 30% on online GGR with 16% dividend tax from January. Croatia has an advertising curfew and a winnings tax. Poland is still closed for private online casino. On a like-for-like basis a Bulgarian licence is competitive.
Enforcement against the grey market is the variable to watch. If the authorities follow Poland’s route of blocking payments to unlicensed sites, the licensed operators’ share rises and so does their value.
Elsewhere this month, Evolution walked away from its Galaxy Gaming acquisition two years after signing, when regulatory approvals did not arrive by the outside date, and paid a USD 5.2 million termination fee. A reminder that in this sector the long-stop date and the break fee deserve as much attention as the price.
(Sources: iGaming Business, 22 July 2026; Galaxy Gaming press release, 21 July 2026)