One of the reasons that governments have become keen to legalize sports betting and online gambling is because of potential income. Any company or industry, once sanctioned by the government, pays a huge amount annually on business licenses and taxes. The industry also generates employment. In addition, some of the revenues the government collects, they use in social and economic projects. These projects directly benefit the citizens.
And anyone who wants to be an online bookie knows just how profitable the sports betting industry is. In the case of Bulgaria, their government has collected around BGN 174.4 million, or $101.6 million worth of fees and taxes from local operators. The data released by the Bulgarian Association of Producers and Organizers of the Gaming Industry, or BTAPOI, covers the first 9 months of the year.
Bulgaria and Sports Betting
This amount is higher than last year’s period by around BGN 30 million. Estimates point at an increase of 13%-15% higher collections compared to the previous year. Last year, Bulgaria’s collection was BGN 200.5 million for the whole 2017.
Looking at the data, 16.5% of the total amount of the collection this year, which is around BGN 28.5 million, is from gambling licenses. This is a combination of land-based and online operators. In Bulgaria, getting a gambling licenses costs BGN 100,000. Operators are then taxed 20% of the gross gambling revenue. In addition, there is a mandate for operators to donate BGN 50,000 per year for social causes.
The gambling market industry in Bulgaria is huge, with BGN 3 billion in 2017. Local surveys are showing that 44% of women, while 53% of men participate in gambling last 2017. With emerging global markets of sports betting, learning how to be a bookie is a very practical and profitable thing to do.