Bulgaria: gambling regulation and licensing

Bulgaria licenses online gambling through its tax authority. Under the Gambling Act of 2012 the Executive Director of the National Revenue Agency has been the sole licensing and supervisory authority since the State Commission on Gambling was dissolved on 8 August 2020. Each game type needs its own licence. Online sports and racing betting, casino games including poker, betting on random events and bingo are open to companies registered in Bulgaria, the EU, the EEA or Switzerland. Other lottery games are reserved to the state, which runs them through Bulgarian Sports Totalizator. The NRA whitelist of 11 September 2026 lists 30 licensed websites. Online licensees pay a one off fee of BGN 400,000 and 20 per cent of stakes less winnings each month, plus BGN 60,000 a year per licence for social responsibility. Winnings from licensed play are not taxed. The technical regime is strict: all player, bet and winnings data must sit on a control server in Bulgaria, with real time reporting to the NRA. Since May 2024 advertising has been banned on broadcast, print and online media and in public places, with narrow exceptions for distant billboards, venue facades and sports kit and venues. Banks and payment institutions must block payments to unlicensed operators, and from 1 August 2026 affiliates need an NRA licence and pay EUR 6,000 a year plus 10 per cent of commission. Unlicensed sites are blocked, and players who use them can be fined. A government draft, out for consultation until 23 October 2026 and notified to the European Commission on 2 October, would ban gambling advertising except limited sponsorship, end affiliate licences from 1 January 2027 and raise the online fee to 21% in 2027 and 22% in 2028, with a EUR 100,000 monthly minimum.

Regulator

National Revenue Agency (NRA)

Regulator type

Government ministry

Headline tax

20% GGR

Licence required

Yes

Minimum age

18+

Tax base

The variable part of the state fee for an online betting licence is 20 per cent of the difference between stakes received and winnings paid; for games where the operator charges fees or commissions for participation, 20 per cent of those fees and commissions (Gambling Act art. 30(4)). It is declared and paid monthly by the 15th of the following month (art. 30(8), (11)). Bonus costs are not deductible for corporate tax (Corporate Income Tax Act art. 26, item 13).

Capital

Sofia

Currency

EUR

Official languages

Bulgarian

Built from the record on this page, last verified 14 Oct 2026. The Licensing and Taxation sections carry the full detail and sources.

Licence required

Yes

Application window

Rolling

Local establishment required

No

Local server required

Yes

Typical time to licence

Statutory: the NRA completes its checks on an initial application within 60 days, extendable by up to 30 days, and decides within 14 days after that; the State Agency for National Security, the Ministry of Interior and the Bulgarian Institute of Metrology give opinions within 30 days (arts. 22, 23, 25). Affiliate applications are checked within 7 days (art. 23(10)).

Bank guarantee or bond

The funds for organising the game (at least BGN 1,000,000 for online betting) must be held in cash or in a bank account, or secured by an unconditional and irrevocable bank guarantee, for the whole licence term (art. 5(1), item 5 and art. 5(6)).

Notable licensees

bet365 (Hillside (New Media Malta) PLC), bwin (Electra Works Europe Limited), PokerStars (TSG Interactive plc), Betano (Kaizen Gaming International Limited), efbet (Brobet Limited), WINBET (Win Bet Online EOOD), Palms Bet (Telematic Interactive Bulgaria AD), Bulgarian Sports Totalizator (state enterprise)

Certification requirements

The central computer system, local control server, communication equipment and game software, and every new software version, must be entered in the Bulgarian Institute of Metrology register on the basis of tests by a laboratory on the NRA register of laboratories, which may be based in Bulgaria, the EU, the EEA or Switzerland (arts. 6(1), item 5; 20(1), item 7). Games other than betting must use a random number generator (art. 47g).

Barriers to entry

Applicants must be companies registered in Bulgaria, the EU, the EEA or Switzerland; offshore owners are barred (arts. 4(1), 8(2)). An online licensee needs fully paid capital of at least BGN 1,500,000 (about EUR 766,938), investments of at least BGN 1,000,000 and at least BGN 1,000,000 of funds for organising the game (arts. 4(2), 5(1)), a control server in Bulgaria holding all player, bet and winnings data, and an authorised representative in Bulgaria if foreign (art. 6). The NRA whitelist of 11 September 2026 lists 30 websites run by 30 licensed organisers, with 60 website and game type entries. The NRA issued 8 online licences in 2025.

Headline GGR tax

20% GGR

Effective date

1 Jan 2024

Corporate tax

10%

Player winnings tax

None on licensed play. Winnings from gambling organised under a licence under the Gambling Act, or under the law of another EU or EEA state, are not taxable income (Personal Income Taxes Act art. 13(1), item 20). Operators report to the NRA, by 28 February, each resident player whose winnings in the year exceeded BGN 5,000 (Gambling Act art. 47e).

Withholding mechanism

Gambling operators withhold the 10 per cent variable affiliate fee from performance linked commission and pay it monthly (art. 30a(3), (4)).

Tax base

The variable part of the state fee for an online betting licence is 20 per cent of the difference between stakes received and winnings paid; for games where the operator charges fees or commissions for participation, 20 per cent of those fees and commissions (Gambling Act art. 30(4)). It is declared and paid monthly by the 15th of the following month (art. 30(8), (11)). Bonus costs are not deductible for corporate tax (Corporate Income Tax Act art. 26, item 13).

Minimum age

18+

National self-exclusion

Register of vulnerable persons (Gambling Act art. 10g), kept by the NRA (mandatory)

KYC timing

At registration, before any play (art. 47a)

AML regime

Licensed gambling organisers are obliged entities under the Measures Against Money Laundering Act (art. 4, item 21) and apply customer due diligence on winnings paid or stakes placed of EUR 2,000 or more (art. 12). Systematic AML breaches can lead to temporary or permanent withdrawal of the gambling licence (Gambling Act arts. 85(2), 86(2)).

AML supervisor

National Revenue Agency, as AML supervisor of licensed gambling organisers, with the Financial Intelligence Directorate of the State Agency for National Security

Loss limits

Article 10zh, in force since 1 January 2025, requires an ordinance of the Ministers of Finance and Health setting maximum losses per period, after which the player is entered temporarily in the exclusion register, with lower limits for under-24s. No adopted ordinance was found; a draft proposes a daily cap of 10 average monthly private sector wages (5 for under-24s).

Session limits

The same art. 10zh ordinance is to set a maximum time on betting sites; the draft proposes 4 hours without a break (2 hours for under-24s). Not adopted.

Affordability checks

Since 1 January 2025 the NRA enters in the exclusion register, at least monthly, recipients of monthly social assistance, people on the Health Act psychiatric register and people under guardianship, and operators must refuse them (art. 10e). Operators may not lend or give credit to players (art. 46).

Source of funds thresholds

Customer due diligence at winnings or stakes totalling EUR 2,000 or more (Measures Against Money Laundering Act art. 12(1)). Applicants for a licence must prove the origin of their funds (Gambling Act art. 8(2)).

Central monitoring system

The central computer system must send the NRA server, in real time, concurrent sessions, each stake and each win, and register every transaction online with the NRA (art. 6(1), item 4). The NRA and the State Agency for National Security have continuous remote access to the local control server (art. 47d).

Data localisation

All data on gambling services offered in Bulgaria, including registration and identification of players, stakes and winnings, must be stored on a local control server in Bulgaria and kept for 5 years after the limitation period of the related public claims; IP geolocation and session data are kept for at least 12 months (art. 6(4), (5)).

KYC requirements

Every participant in online betting must register individually under the ordinance on identification and registration of participants; under-18s and people on the exclusion register may not play (Gambling Act arts. 2(3), 10d(3), 47a). Operator websites must show, in Bulgarian, the operator, its NRA licence, the game rules and how to complain to the operator and to the NRA (art. 47v).

Stake limits

The art. 10zh ordinance is to set maximum stakes for certain games and time bands. Not adopted.

Mandatory player messaging

Websites must show prominently a warning about the risk of gambling addiction and information on counselling and treatment, and tell players they can ask to be entered in the exclusion register (art. 10b).

Reporting obligations

Monthly fee declaration by the 15th (art. 30(8)); annual social responsibility contribution paid by 31 March, with a declaration also required from 1 January 2027 (art. 10a(3)); annual report of residents winnings above BGN 5,000 by 28 February (art. 47e); a mandatory NRA inspection at the end of the first and every third year of a licence (art. 89(3)).

Game content restrictions

Online slot software must return at least 80 per cent of stakes (art. 65(2)). The exemption for skill games does not apply online, so skill games offered online are treated as gambling (art. 11(2)).

Advertising permitted

Yes

Affiliate rules

Since 1 August 2026 affiliates paid on performance must hold an NRA licence, may work only for operators licensed in Bulgaria and must follow the advertising limits (arts. 4(7) to (9), 9(19), (20), 10(9)). The licence application lists every website, app, social media profile and streaming channel used. Licensed affiliates pay EUR 6,000 a year plus 10 per cent of commission. Affiliates already working on 1 August 2026 had until 15 August 2026 to apply.

Sponsorship rules

Brands may appear on sports kit, sports facilities, halls, stadiums and pools and on products of sports federations and clubs, except kit and products intended for minors (art. 10(2), item 3). Licensed operators may sponsor events supporting sport, culture, health, education, social causes and prevention and treatment of gambling addiction within the advertising limits (art. 10(5)).

Celebrity and influencer rules

No specific provision. Gambling advertising is defined to include any commercial message, recommendation or action that uses a gambling name or an operator trade mark (Paragraph 1, item 23 of the Additional Provisions), and online media and websites are within the ban.

Social media rules

Electronic media including websites are within the ban. The NRA can order blocking of affiliate websites, apps, social media profiles and video and streaming channels that promote gambling without a valid licence (art. 17(1), item 9a), and can order removal of illegal gambling advertising under the EU Digital Services Act (art. 88a).

Bonus advertising rules

No figures may appear in permitted advertising (art. 10(6)), and information about gambling beyond the permitted content may not be published or broadcast.

Mandatory warnings

At least 10 per cent of the area of billboard, facade and sports venue advertising must carry the text "Хазартът носи риск от развиване на зависимост" (Gambling carries a risk of developing addiction) (art. 10(4)).

Penalties for breach

Operators: BGN 30,000 to 50,000 (art. 105(1)) and temporary withdrawal of the licence for 3 to 6 months for advertising beyond what art. 10(2) allows (art. 85(1), item 2). Publishers and broadcasters: BGN 10,000 to 30,000, or a fine of BGN 5,000 to 10,000 for individuals (art. 105(2)). Affiliates: EUR 2,000 to 5,000, or EUR 3,000 to 8,000 for companies (art. 105(3)); unlicensed affiliates EUR 5,000 to 20,000 (art. 97b).

Credit card ban

Not yet verified

Crypto stance

Not addressed

Permitted methods

Cashless payments only, through the operator account at a bank licensed in Bulgaria, the EU, the EEA or Switzerland (Gambling Act arts. 6(1), item 3 and 47b)

Payment blocking regime

Payment institutions, banks and e-money institutions may not process payments for online gambling to or from operators without a Bulgarian licence, or operators on the NRA register of blocked unlicensed operators (art. 9(13)); breaches cost BGN 50,000 to 200,000, doubled on repetition (art. 97a(1)). Since 1 August 2026 the NRA sends them, at least monthly, the IBANs and POS terminal numbers of operators on the register of blocked unlicensed operators and of those whose licences were refused, terminated or withdrawn (art. 10z). Postal money orders from under-18s to operators, or to and from unlicensed operators, are banned (art. 9(16)), as is the sale of prepaid vouchers for online betting (art. 9(17)).

Withdrawal timeframe rules

Winnings must be paid in the period and manner set in the operator approved rules (art. 47(1)); failure is punished by a sanction of twice the unpaid amount, at least BGN 1,000 (art. 112).

Currency restrictions

Since 1 January 2026 stakes and winnings must be in euro (art. 3(4)).

ISP blocking

Yes

DNS blocking

Not yet verified

Payment blocking

Yes

App store takedowns

Yes

Administrative penalties

Unlicensed online operation: BGN 1,000,000 to 2,000,000 for a company, rising to BGN 2,000,000 to 5,000,000 (about EUR 2,556,459) where proceeds exceed BGN 5,000,000, doubled on repetition (Gambling Act art. 96). Licensees face temporary withdrawal of the licence for 3 to 6 months or permanent withdrawal (arts. 85, 86). Money and equipment used in unlicensed gambling are confiscated (art. 93).

Criminal penalties

Organising gambling other than as the law provides: up to 6 years imprisonment and a fine of BGN 20,000 to 100,000; 1 to 8 years and BGN 40,000 to 200,000 in aggravated cases (Criminal Code art. 327(1), (2)).

Operator liability

The NRA identifies unlicensed sites and publishes decisions ordering them to stop; internet service providers must block listed sites within 24 hours of a decision or face BGN 50,000 to 200,000 (arts. 9(12), 17(1), item 9, 17(6), 97a(4)). The NRA also publishes orders of the Sofia District Court stopping access to unlicensed betting sites. The NRA annual report for 2025 records 394 investigations of unlicensed sites, 2,274 illegal websites stopped, 30 infringement acts and 26 penalty decrees under the Gambling Act; it does not say whether the 2,274 figure is cumulative, so it is not recorded as the blocklist size.

Player liability

Taking part in gambling offered by an operator without a Bulgarian licence is prohibited (Gambling Act art. 9(14)) and punishable by a fine of BGN 500 to 2,000 (art. 97a(2)). The Criminal Code also punishes taking part in gambling organised outside the law with up to 1 year imprisonment or probation (art. 327(3)).

Figures on this record are drawn from official regulator data.

Online GGR

Not yet verified

Reporting year

2026

Licensed operators

30

1. 30 Mar 2012

   Gambling Act published in State Gazette No 26; in force from 1 July 2012

2. 1 Jan 2014

   Current online betting licence regime takes effect, with a local control server and real time reporting

3. 8 Aug 2020

   State Commission on Gambling dissolved; the NRA takes over licensing and supervision

4. 14 May 2024

   State Gazette No 42 publishes the advertising ban, player liability for unlicensed play, and ISP and payment blocking

5. 1 Jan 2025

   Automatic exclusion of social assistance recipients and other vulnerable groups begins

6. 1 Jan 2026

   Bulgaria joins the euro area; stakes and winnings must be in euro

7. 31 Jul 2026

   The 2026 State Budget Act, published in State Gazette No 69, amends the Gambling Act to license affiliates

8. 1 Aug 2026

   Affiliate licensing, the affiliate fee and extended payment blocking take effect

9. 15 Aug 2026

   Deadline for existing affiliates to apply for a licence

10. 4 Sept 2026

    Bill No 52-654-01-128 for a near total advertising ban submitted to the National Assembly

11. 9 Sept 2026

    Bill No 52-654-01-130 on advertising, crypto payments and search engines submitted

12. 17 Sept 2026

    NRA decision No R-TsU-30-169 identifies further unlicensed betting sites

13. 23 Sept 2026

    Ministry of Finance publishes for consultation (12738-K) a draft with a near total advertising ban, the end of affiliate licences and a higher online fee

14. 2 Oct 2026

    Draft notified to the European Commission under the TRIS procedure as 2026/0536/BG

15. 23 Oct 2026

    Public consultation on the government draft closes

The next twelve months turn on the government draft amending the Gambling Act, out for consultation until 23 October 2026 and notified to the European Commission as 2026/0536/BG on 2 October: an advertising ban leaving only venue signs, operator websites, state lottery draws and sponsorship of licensed sport, the end of affiliate licences from 1 January 2027, an online fee of 21% in 2027 and 22% in 2028 with a EUR 100,000 monthly minimum, a place of business in Bulgaria for foreign online licensees, and a 20% fee on casinos and gaming halls from 2028. The Council of Ministers must approve the bill before it goes to the National Assembly, and the draft would mostly take effect on 1 January 2027. Two MPs bills with wider advertising bans and a ban on crypto transfers to unlicensed operators (Nos 52-654-01-128 and 52-654-01-130) are before the Budget and Finance Committee. The affiliate licensing regime that started on 1 August 2026 is bedding in, and the ordinance on session, loss and stake limits required by art. 10zh since January 2025 has still not been adopted.

Who regulates gambling in Bulgaria?

The Executive Director of the National Revenue Agency, under the Gambling Act. The NRA took over from the State Commission on Gambling, which was dissolved on 8 August 2020.

Can a foreign operator get a Bulgarian online licence?

Yes, if it is a company registered in the EU, the EEA or Switzerland, with no offshore owners. It needs a separate licence for each game type, fully paid capital of at least BGN 1,500,000, a local control server in Bulgaria and an authorised representative with an address in Bulgaria.

What does an online operator pay?

A one off state fee of BGN 400,000 per licence, 20 per cent of stakes received less winnings paid each month, and an annual social responsibility contribution of BGN 60,000 per licence. Corporate tax is 10 per cent. Player winnings from licensed play are not taxed. A government draft would raise the 20 per cent to 21 per cent in 2027 and 22 per cent in 2028, with a minimum of EUR 100,000 a month; it is still at consultation.

Can private operators run an online lottery?

Only bingo. Lottery games other than raffles and bingo can be licensed only to the state, which runs them through the state enterprise Bulgarian Sports Totalizator.

Do gambling affiliates need a licence?

Yes, since 1 August 2026. Affiliates paid on performance must hold an NRA licence, may promote only operators licensed in Bulgaria, and pay EUR 6,000 a year plus 10 per cent of their commission, withheld by the operator.

Is it an offence to play on an unlicensed site?

Yes. Playing with an operator without a Bulgarian licence is prohibited and can be fined BGN 500 to 2,000 under the Gambling Act, and the Criminal Code punishes taking part in illegal gambling with up to a year in prison or probation.

Is Bulgaria banning gambling advertising?

It is proposed, not law. A government draft out for consultation until 23 October 2026 would ban advertising of gambling games, operators and their trade marks in any form, leaving only game information on operator websites and venues, state lottery draws, limited venue signs and sponsorship of licensed sport, and would end affiliate licences from 1 January 2027. The current Gambling Act already bans broadcast, print, online and most public place advertising.

How much does a gambling licence cost in Bulgaria?

For the Affiliate operator licence, the annual fee is €6,000 (as of 1 Aug 2026). The Licensing section lists all 6 licence types recorded for Bulgaria. Last verified 14 Oct 2026.

Is online gambling legal in Bulgaria?

Online casino and online sports betting are both legal for licensed operators in Bulgaria. The status of every vertical is at the top of this page. Last verified 14 Oct 2026.

How long does it take to get a gambling licence in Bulgaria?

Statutory: the NRA completes its checks on an initial application within 60 days, extendable by up to 30 days, and decides within 14 days after that; the State Agency for National Security, the Ministry of Interior and the Bulgarian Institute of Metrology give opinions within 30 days (arts. 22, 23, 25). Affiliate applications are checked within 7 days (art. 23(10)). Last verified 14 Oct 2026.

No upcoming events in Bulgaria are listed yet. See the full events calendar.

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Source tiers. Tier 1: the law, official gazette, licence register or regulator itself. Tier 2: other official sources such as ministries, parliaments, courts and statistics agencies. Tier 3: established trade press, used to find and date the primary source. Only tier 1 and tier 2 sources can support a fact on their own.

1. Gambling Act (Zakon za hazarta), consolidated text to State Gazette No 69 of 31 July 2026

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Consolidated text published by the NRA on 4 August 2026. It was checked phrase by phrase against the consolidated text on the Lex.bg legal database for the provisions cited in this record and matched.

   Tier 1Accessed 23 Sept 2026Published 4 Aug 2026
2. State Budget of the Republic of Bulgaria Act 2026, State Gazette No 69 of 31 July 2026, section 34 (amendments to the Gambling Act) and transitional sections 35, 36 and 48

   State Gazette (Darzhaven vestnik), National Assembly of Bulgaria (translated)

   The State Gazette site returned a maintenance page on 23 September 2026; the amendments and transitional section 35 were checked in the NRA consolidated Gambling Act, which reproduces them.

   Tier 1Accessed 23 Sept 2026Published 31 Jul 2026
3. Online gambling: licence requirements and types of game (Onlayn hazart)

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026
4. Lists of websites through which gambling is organised (blacklist updated 17 September 2026, whitelist updated 11 September 2026)

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026
5. List of websites of organisers licensed for online betting under the Gambling Act (whitelist), 11 September 2026

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026Published 11 Sept 2026
6. Decisions identifying online betting websites without a licence under the Gambling Act (latest No R-TsU-30-169 of 17 September 2026)

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026
7. Registers under the Gambling Act

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026
8. Responsible gambling: register of vulnerable persons

   National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

   Tier 1Accessed 23 Sept 2026
9. Gambling (transfer of the functions of the State Commission on Gambling to the NRA)

   National Revenue Agency (Natsionalna agentsia za prihodite)

   Tier 1Accessed 23 Sept 2026
10. Prevention of money laundering in the gambling sector

    National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

    Tier 1Accessed 23 Sept 2026
11. Annual report on the activity of the NRA for 2025, section 3.14 (supervision of gambling)

    National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

    Tier 2Accessed 23 Sept 2026Published 30 Mar 2026
12. Corporate Income Tax Act (consolidated, September 2026), arts. 20, 26 and 245

    National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

    Tier 1Accessed 23 Sept 2026
13. Personal Income Taxes Act (consolidated, September 2026), art. 13(1), item 20

    National Revenue Agency (Natsionalna agentsia za prihodite) (translated)

    Tier 1Accessed 23 Sept 2026
14. Measures Against Money Laundering Act, arts. 4 and 12 (consolidated text to State Gazette No 51 of 5 June 2026)

    Lex.bg legal database (translated)

    Private legal database reproducing the statute; no official consolidated text was found on a government host. It backs only the EUR 2,000 due diligence threshold, alongside the NRA page on AML supervision.

    Tier 3Accessed 23 Sept 2026
15. Criminal Code, art. 327 (as amended by State Gazette No 42 of 2024)

    Lex.bg legal database (translated)

    Private legal database reproducing the statute; no official consolidated text of the Criminal Code was found on a government host.

    Tier 3Accessed 23 Sept 2026
16. Bill amending and supplementing the Gambling Act, No 52-654-01-128, submitted 4 September 2026

    National Assembly of the Republic of Bulgaria (translated)

    Tier 2Accessed 23 Sept 2026Published 4 Sept 2026
17. Bill amending and supplementing the Gambling Act, No 52-654-01-130, submitted 9 September 2026

    National Assembly of the Republic of Bulgaria (translated)

    Tier 2Accessed 23 Sept 2026Published 9 Sept 2026
18. Rumen Radev: we are introducing a practically complete ban on gambling advertising

    Council of Ministers of the Republic of Bulgaria (translated)

    Tier 2Accessed 23 Sept 2026Published 23 Sept 2026
19. Draft Ordinance on limiting risky behaviour in online betting (under art. 10zh of the Gambling Act)

    Ministry of Health of the Republic of Bulgaria (translated)

    Marked as a draft. The file is dated 5 June 2025 in its metadata; no adopted ordinance was found in the NRA list of gambling regulations or elsewhere.

    Tier 2Accessed 23 Sept 2026
20. Bulgaria joins the euro area

    European Central Bank

    Tier 2Accessed 23 Sept 2026
21. Notification 2026/0536/BG: Draft Act amending the Gambling Act (received 2 October 2026; fiscal measures; end of standstill not applicable)

    European Commission, Technical Regulation Information System (TRIS)

    Tier 2Accessed 14 Oct 2026Published 2 Oct 2026
22. Public consultation 12738-K: draft Act amending and supplementing the Gambling Act, Ministry of Finance, 23 September to 23 October 2026

    Public consultation portal of the Council of Ministers (strategy.bg)

    Tier 2Accessed 14 Oct 2026Published 23 Sept 2026
23. Draft Act amending and supplementing the Gambling Act, version 1.0 of 23 September 2026 (paras 8, 18, 19, 20, 76, 77, 79 and 82)

    Ministry of Finance of the Republic of Bulgaria (published on strategy.bg)

    Tier 2Accessed 14 Oct 2026Published 23 Sept 2026