Bulgaria Proposals Submitted to Regulate Online Gambling

The Bulgarian Ministry of Finance submitted proposals last week, which would help with the regulation and taxing of online poker, IGaming Business reports. They assuredly wouldn't want to be left out of a potential great source for tax revenue.

The regulations that were proposed would allow the Bulgarian sports betting monopoly to have the ability in developing new Internet games as well as being able to join with private companies. This would make it possible for them to go into new market areas, while taxing of the anticipated growth in online gaming.

The current system that is in place, creates a large problem because it influences a thriving black market in Bulgaria for Internet gambling, as well as excessive regulations. Currently, the sports book and the government lottery are required to give 50 percent of its revenues as winnings. So, after the government takes their part, the total disbursements end up totaling 85 percent of revenues. Not exactly leaving room for large numbers in profitability.

The current estimates for Bulgaria are equaling approximately $520 million, from current revenues that are coming in from legal betting. In addition to this, another approximate $440 million is apparently brought in through illegal betting.