Payment provider Paysafecard has announced their entrance into the Bulgarian marketplace as they look to expand their international presence. The move comes shortly after a relaxation of Bulgarian gambling laws, and the scrapping of their controversial online gambling blacklist that prevented many online operators from entering the country.
Pasafecard is a prepaid payment provider who will be operating in tandem with payment institute Easypay as they look to leverage online casinos in Bulgaria in their attempt for greater market share. The link with Easypay will allow Paysafecard PINs to be bought at a number of Easypay stores around Bulgaria.
The company will also be looking to expand operations in the country once they are up an running, with CEO Michael Mueller delighted to be able to offer their services in a country just recovering from a virtual ban on online and mobile casino-* competition.
Mueller said: “Our launch in Bulgaria sees us add another important Eastern European market in which a safe and secure prepaid payment method has been long awaited. According to our close analysis, the country offers enormous potential in the realm of alternative payment solutions and we expect rapid adoption and strong demand for our product.”
The company have timed their entrance into the country to absolute perfection, with the Bulgarian online gambling blacklist set to be removed after a motion to change the gambling laws was passed in parliament. Up until now, the cost of the license and taxation was restrictive, causing many operators to abandon the country as unprofitable.
As such, the amount of tax and the cost of the license fee will be reduced dramatically, a move that will open the market up once again to greater competition. Of course, the added need will be more payment processors, a service Paysafecard will now be able to provide.