Betfair on standby as Bulgaria passes new gambling laws
Exchange and sportsbook operator to apply for local licence after MPs give green light to GGR switch
Betfair is set to become one of the first licensed foreign operators to enter the Bulgarian online gambling market after the country’s lawmakers passed a series of amendments to its Gambling Act aimed at creating much needed tax revenues.
The main amendment, which passed a final vote late last week, will see Bulgaria replace its current and unattractive 15% tax on stakes with a one-off licensing fee of 50,000 and a 20% tax on gross gaming revenue (GGR) from 1 January 2014.
During a customer Q&A session ahead of the final vote last week, Betfair confirmed it had already prepared a licence application to operate in the country which it would submit as soon as the new regime was confirmed.
“We will submit our licence application “ which is ready to go “ as soon as the changes to the gambling tax laws are approved,” it said.
“The Bulgarian regulator will have up to three months to review the application. If and when we’ve got the licence we will be able to re-open registrations in Bulgaria.”
The changes to the Bulgarian framework could result in a raft of foreign operators applying for local licences and Remote Gambling Association chief exec Clive Hawkswood said other countries in the region could adopt a similar system.
“It’s a huge step forward and if the proposals are nailed down, Bulgaria could become a model for the rest of Eastern Europe,” he said.
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