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Q&A: Sportingwin and the Bulgaria opportunity

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Mark Chakravarti, Head of Investment at Sportingwin, talks about why the operator sees such potential in the market and how it has found the licensing process to date

Bulgaria has had a major shake-up when it comes to how gambling operators are licensed and regulated in the country with the National Revenue Agency recently taking on the responsibility.

Amid allegations of corruption among its predecessor, the State Gambling Commission, the new regulator is moving forwards with plans to issue additional licences over the coming months.

The first in line to receive such a licence is Sportingwin, which has ambitious plans for Bulgaria once it has been given the green light to launch.

To learn more about Bulgaria and the operator’s plans for the market, we sat down with Mark Chakravarti, Head of Investment at Sportingwin.

Why do you see so much potential in Bulgaria?

You just have to look at the numbers to see the potential. We estimate the Bulgaria market to be worth around £300m right now but as new operators enter the fray it could grow at a rate of 20% per year to hit £500m over the course of the next five years.

Coupled with this is the low level of competition. Only five betting licences have been issued to date and mostly to local retail bookmakers with a limited online offering. These sites simply don’t offer the depth of markets, odds and products available in other European jurisdictions.

This presents a tremendous opportunity for experienced online sportsbooks to make their mark, so long as they enter Bulgaria with a localised product that delivers a superior player experience. Those that do are very much in the driving seat to capitalise on the tremendous potential on the table.

What do Bulgarian players look for in an online sportsbook?

There is a long tradition of retail and online sports betting in Bulgaria, so players are seeking a comprehensive, quality, cutting-edge product and experience similar to that offered and found in mature markets such as the UK.

In particular, they are seeking a high volume of events, a range of bet types as well as modern features such cash out. We also believe that exchange betting, while not currently available, will be hugely popular once we secure our licence and launch the Sportingwin exchange in the market.

How will you meet those needs and localise your offering?

There are two key ways we are doing this – product and our approach to CRM. When it comes to product, we are developing a proprietary platform that is fully customisable for each market we enter, including Bulgaria. This includes localised payment options, currencies, sports, etc.

In terms of CRM, we are investing in a local customer support centre so that we can comfortably meet the staff-intensive local language CRM and marketing operations and activities we believe will enable us to communicate to and engage with Bulgarian players.

How have you found the licencing process to date?

The Bulgarian regulator has incredibly high standards and expectations when it comes to due diligence. As such, the licensing process has been a little slower than in other jurisdictions, but we are okay with this as we want to make sure we not only meet but exceed their standards.

This means taking additional steps such as appointing a dedicated Bulgarian CEO. He has a proven background in gaming and the regulator can quickly carry out the necessary checks that it needs to in order to ascertain his credibility and suitability for the role.

Owning our own technology has also allowed us to synchronise our platform with the NRA already, which in turn means we are among those on the regulator’s list of approved technologies ready for when our licence is granted.

In addition, we are a Maltese company so have requested that the Maltese consulate in Bulgaria monitor the licensing process from start to finish as our application is the first to be considered since the Nation Revenue Agency took over regulatory responsibility earlier in the year.

By having the right people on a local level, and by taking considered steps towards ensuring we meet the standards set by regulator, we expect to receive our licence in the first quarter of next year.

What has been the toughest challenge to overcome?

The toughest challenge is in respect to the due diligence and in particular the requirement of having an €800,000 investment from a local, proven source of funds. To do this, we have had to find a local banking partner which was easier said than done.

That being said, the team pulled together and we were able to find a local banking partner happy to facilitate the investment allowing us to progress through the licensing process.

What are your long-term plans for the Bulgarian market?

We want to claim 9% of the local market within the first three years. We then plan to build on this rapidly by securing further venture capital that will enable us to consolidate the market through mergers and acquisitions with local operators.

Once we have achieved the scale we are seeking, we can then effectively pursue market leader bet365. It is a tough task, but one that we are more than capable of completing thanks to the incredible team we have built out in recent years.

We also believe our cutting-edge proprietary technology and platform gives us a huge edge over the incumbent operators and brands and will allow us to compete with and defeat any other overseas operators that enter the market.

What is your long-term plan for Sportingwin?

We are currently undertaking a fundraising campaign to help accelerate our global expansion efforts, selling off more than €1m in equity.

These investments are in line with our long-term strategy for the brand which is to achieve a valuation of €50m in three years and, once achieved, would deliver a x13 increase on the current investment opportunity.

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Seasonal Campaigns and Tournaments: Q&A w/ Olga Pronak Head of Key Account Management at Evoplay

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How are seasonal campaigns and tournament-based mechanics changing the way players engage with slots compared to traditional gameplay?

Right now, we see that tournament mechanics and seasonal campaigns increase player engagement by introducing additional layers of success and rewards. However, we cannot say this with complete certainty yet, as we need more time to observe long-term patterns. Sometimes players simply do not have time to join short promotions, as they are busy with their daily lives. At the same time, running shorter campaigns of around three months gives players multiple chances to compete while maintaining high engagement throughout the promotion.

What makes limited-time events and promotional layers so effective in driving retention and repeat play?

By now, the gaming industry is very familiar with tournaments and, more recently, prize drops. However, in today’s environment, where people are used to receiving new information in short 30-second videos every day, it can become boring for a player to see and play the same things everywhere, even though they enjoy tournaments. A greater number of promotional layers gives players a sense of novelty and fresh engagement.

We saw this in practice with our Big Adventures campaign, which ran in phases featuring Tournaments, Prize Drops, and Wheel of Fortune rather than a single promo. Prize draws were held every three months, offering high-value rewards such as iPhones, alongside in-game rewards and additional chances to win through Tournaments, Prize Drops, and Wheel of Fortune. This mix maintained player activity, built anticipation, and generated extra engagement as players approached the final grand prize, a trip for two to the Maldives. The key value of this approach is that it expands the pool of potential winners, giving more players real opportunities to succeed and stay motivated.

How do competitive elements like leaderboards and rewards reshape player motivation and interaction?

I believe this principle is well known, as it is used everywhere now – in marketing, education, and sports. However, in Tournaments, Prize Drops, or Wheel of Fortune, it may differ slightly, as we see different motivations shaping player interaction and engagement. In Tournaments, we show players their current position and how many additional points they need to earn to reach a prize or move to a higher tier. In Prize Drops or Wheel of Fortune, we show that other players have already won prizes, demonstrating that the rewards are real and that everyone has the same opportunity to win. People like to be part of exclusive groups.

Do you see seasonal ecosystems becoming a standard expectation for slot audiences in the years ahead?

It’s hard to say whether this will remain the standard over the coming years, as the entertainment industry is evolving rapidly, including in iGaming, where innovations driven by AI and other emerging technologies are advancing. We also enjoy experimenting with new tools and implementing bold ideas, including exploring ways to engage players in fresh and unexpected ways. But at least for the next year, I believe this will be one of the most popular approaches.

The post Seasonal Campaigns and Tournaments: Q&A w/ Olga Pronak Head of Key Account Management at Evoplay appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Aleksandra Rudis CEO at Heaven of 7

Nurturing Female Leaders in iGaming

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VeliTech is considered one of the best companies for welcoming and developing female leaders. We speak to three members of its team to find out more.

Olha Yatsyna — CMO at VeliTech & Chief Communications Officer at Veli Group

The VeliTech group of companies have earned a reputation for nurturing female leaders in iGaming. Talk us through your approach to this.

We want to attract the absolute best talent to VeliTech, and don’t believe that a person’s gender should have any impact on their suitability for a particular role. We are a committed equal opportunity employer and provide support and career development opportunities for all our employees. That said, the industry has a bit of a reputation for being male-dominated, so we have made it our mission from day one to make it clear that we want to welcome female leaders to the business, and that we will provide them with the support and development opportunities they need to achieve their full potential. This approach has seen us build out a balanced team, with some truly exceptional females in senior positions across the organisation.

 

Have you faced challenges in creating a culture where you can welcome and then nurture female leaders? If so, how were these challenges overcome?

The challenge has been mostly around getting the message out to female leaders that VeliTech offers the career opportunities they are seeking. The skills, qualities and qualifications required for most of the roles across the organisation can also be applied to other industries, so we have done a lot of work around engaging and communicating with female leaders to make them aware of the opportunities the global iGaming industry presents, and why VeliTech is the right company for them to join. One of the most effective ways of doing this has been to celebrate the success of the female leaders we have across the organisation, and use their stories to inspire others to apply for the open roles we have or just to connect with us and find out more about the business.

 

How do you attract top talent, and how do you make it known that a core aspect of your culture is supporting female leaders?

Attracting top talent, whether female or male, comes down to several factors. It starts with offering an engaging and interesting role that will allow them to develop their skills and competencies, challenge them in the right way, and provide a clear path of progression. It’s then about making them aware of the company culture and how the organisation will support them in achieving their own goals and aspirations. I think it’s important for potential candidates to get a feel for the types of people the organisation employs so they can determine if they would fit in well with the team. As for female leaders specifically, we do a lot to promote what our female leaders are doing and achieving, and to celebrate their successes. This helps others to see that we are true to our word when it comes to supporting female leaders, nurturing their talents and providing them with the opportunities to develop and secure senior roles within the organisation.

 

What are the upsides to having a diversified team where employees are provided with an environment to achieve their full potential?

We have the absolute best people working in any given role. A diversified and balanced workforce also brings new perspectives, different approaches to problem-solving and even unlocks unexpected opportunities for the business. By embracing female leaders and giving them the environment to succeed, VeliTech has grown at scale and pace, driven by the brightest minds and creative talents, regardless of their gender. I think we have also created a blueprint for other companies to follow when it comes to empowering female leaders, creating a culture based on equality, hiring individuals based on merit and ensuring they fit within the wider organisation.

 

What would you say to female leaders considering a career in the global iGaming industry?

Go for it. This is a fascinating industry that evolves at a fast pace. Things are always changing, and this is what makes it so interesting. It’s an industry that takes in everything from technology and law to consumer behaviour, data, marketing, engineering, creativity, finance and compliance, with a wide range of roles for individuals to explore and consider. It’s great for career development, and there are some truly fantastic organisations that you can work for, and in desirable locations across the world. For me, VeliTech has been the pinnacle of my career and has ultimately become my work home – a home that I would love to share with more like-minded female leaders.

 

VeliTech is a pioneering company in many respects, but especially when it comes to its approach to diversity and inclusion, and nurturing female leaders.

To find out more about the company culture that’s driving this, we spoke to two female leaders, Aleksandra Rudis, CEO at Heaven of 7 and Yevheniia Bocharova, CEO at VeliPlay.

We speak to both about their experience at VeliTech and how the company has supported their career aspirations.

 

How has the VeliTech culture allowed you to achieve your career goals and reach your full potential?

AR: What I value most about the VeliTech culture is that it recognises individuality. It’s a place where ideas can come from anyone, not just from titles. This has given me the freedom to lead Heaven of 7 in a way that feels authentic, combining business logic with creativity and empathy. I’ve always worked across different industries, from finance to tech and AAA gaming, and this variety shaped how I lead today. Veli’s environment supports that diversity of thought and lets you apply it without limits.

YB: When I joined VeliTech, I started as a Product Manager. From the very beginning, I experienced a culture that values initiative, innovative ideas and the courage to take risks, regardless of your position. Leadership didn’t just support me, they believed in me and my vision, giving me the freedom to take ownership and deliver results. Thanks to this culture of trust and openness, I was able to grow, take on new challenges, and expand my impact. Today, as CEO of VeliPlay, I see that the VeliTech focus on respect, transparency and equal opportunities has allowed me to fully realise my potential and inspire others to do the same. This environment nurtures leaders at all levels and encourages the entire team to contribute, innovate and excel.

 

What challenges have you faced as a female in the iGaming industry, and how has VeliTech helped you overcome these challenges?

AR: In the early years, I often felt that women in gaming had to over-explain their competence before being trusted with responsibility. Within the Veli ecosystem, that narrative changes. I’ve never had to prove my worth because of gender, only through the work itself. That’s a powerful shift. I’m surrounded by colleagues who value skill, commitment and results above everything else, and that creates a culture where you can truly grow.

YB: Early in my career, the industry often questioned women in leadership roles. At VeliPlay, the focus is always on competence, contribution and accountability, not gender. The company fosters a culture where anyone can express ideas freely and have their performance evaluated based on results. This support has allowed me to focus on growth and impact rather than overcoming stereotypes, and it encourages all employees to thrive.

 

Why is it so important for organisations to embrace diversity and equality, and to give female talent the same opportunities as their male counterparts?

AR: Because innovation doesn’t happen in echo chambers. The best ideas often come from the friction of different experiences, and gender balance is part of that equation. Women bring different instincts, such as emotional intelligence, holistic thinking and resilience, all of which are vital in industries built on understanding people. I’ve seen that firsthand, both in gaming and in tech startups, where diverse teams consistently outperform homogeneous ones.

YB: Diversity strengthens teams and drives innovation. Leaders of any gender bring unique perspectives and skills, but women often contribute flexible thinking, critical analysis and the ability to evaluate multiple possible outcomes, which enhances decision-making and strategic planning. Additionally, women frequently bring empathy and strong awareness of team dynamics, helping prevent conflicts and fostering a positive, collaborative environment. Providing equal opportunities ensures that all talent, regardless of gender, can contribute fully, making teams stronger, more resilient and more innovative.

 

Can you give an example of how having females in senior positions has benefited your company?

AR:  At Heaven of 7, women hold key leadership roles across product, design and operations, and I’ve seen how that directly shapes both our culture and the games we create. In the iGaming industry, there’s often pressure to focus on short-term results. Having strong female leaders at the table naturally brings more balance and more attention to player psychology, emotional pacing and long-term retention alongside commercial performance. For me, the biggest benefit is perspective. We stay competitive and ambitious, but we also build with sustainability and responsibility in mind. That balance influences how we design our products and how we collaborate as a team.

YB: Female leaders have strengthened the VeliPlay culture of collaboration, communication and support. Their empathy and attention to team dynamics improve understanding across departments and help anticipate challenges before they escalate. This approach creates a harmonious, productive workplace, reduces employee turnover and encourages team members to stay longer than average, contributing to greater stability and continuity. As a result, teams work more cohesively, engagement increases and business outcomes improve.

 

How do you approach supporting other female colleagues in reaching their full potential, both within the VeliTech group of companies and the wider industry?

AR: I believe support starts with visibility and real responsibility. In the iGaming industry, women are still less represented in product and executive roles, so it’s important that we actively create those opportunities. When Forbes Cyprus recognised me as one of the Women in Tech Award winners, it reinforced how meaningful representation can be. It shows that leadership in our industry is possible and accessible. Within VeliTech, I encourage women to take ownership by  leading projects, managing budgets and joining strategic discussions. Confidence grows with responsibility. Beyond the organisation, I’m always open to mentoring and honest conversations about both the opportunities and the challenges of leadership.

YB: I aim to lead by example, showing that leadership is defined by competence, confidence and accountability, not gender. I actively support colleagues by sharing experience, offering guidance and encouraging them to embrace challenges and take initiative. Our team is evenly balanced by gender, with a strong representation of women in core leadership, and I actively advocate for hiring talented women into managerial roles to ensure they have opportunities to grow and lead. Supporting each other and recognising achievements is essential, and this collective encouragement strengthens the entire team.

 

Any final thoughts or anything else you’d like to add?

AR: The global iGaming industry is evolving rapidly, and that evolution requires thoughtful and diverse leadership. Women bring perspective, resilience and strong people awareness – qualities that matter in a fast-moving, regulated environment. At Heaven of 7, I’m proud that we are building products that balance performance with player respect, while contributing to an industry where female leadership feels natural and visible.

YB: iGaming is a fast-paced, rapidly evolving industry where success depends on adaptability, openness and continuous learning. I am proud to work in a company that nurtures these qualities and creates equal opportunities for all employees, allowing talent to flourish regardless of background or gender. Diverse leadership, combined with collaboration and shared vision, makes VeliPlay and VeliTech stronger, more innovative and ready to achieve ambitious goals.

The post Nurturing Female Leaders in iGaming appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Compliance Updates

Endorphina Compliance Strategies Explained ahead of HIPTHER Prague Summit

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Ahead of the HIPTHER Prague Summit 2026, we speak with Džangar Jesenov, Head of Compliance at Endorphina, to explore how the company approaches regulatory excellence, market expansion, and certification in an increasingly complex global iGaming landscape – and how strong compliance frameworks support sustainable growth across Tier-1 European markets.

 

You have been leading Endorphina’s compliance function since 2021. How has the regulatory landscape in Europe evolved during this period, and what shifts have had the biggest operational impact on suppliers?

If I were to compare Endorphina in 2021 and Endorphina in 2026, I would describe them as two fundamentally different projects that nevertheless share the same core identity. The primary objective remains unchanged. However, the tools, scope, and operational framework used to achieve that objective have evolved significantly.

The development of the project reflects various external factors, including increasingly stringent regulatory requirements across multiple jurisdictions, technological advancements particularly within the financial sector and, importantly, substantial strengthening of human resources. Ultimately, people remain the most critical element in any successful project.

–          From a regulatory perspective, I would particularly highlight the introduction and expansion of B2B licensing policies

Across jurisdictions on different continents, and the increased responsibility placed on game suppliers.

–          Most notably, the heightened focus on player protection and security

In my view, enhanced player safety is one of the most important developments in the industry. Delivering engaging, high-quality games that are fully compliant with applicable legal frameworks is the foundation of any successful online platform and this is a commitment we uphold 24/7/365.

 

Endorphina has successfully expanded its presence across Tier-1 European markets. From a compliance perspective, what are the key pillars that enable smooth market entry and long-term sustainability?

In practice, there are unfortunately no “miracle tools” that would allow us to operate seamlessly at the highest regulatory level.

–          I may not be saying anything new or particularly surprising here, but behind every jurisdiction we enter lies a substantial amount of work

Each market requires extensive hours of analysis, including a detailed review of regulatory obligations, comparison of local data requirements and reporting outputs, development of internal policies tailored to the specific regional framework, structured internal data sharing across project teams, and the implementation of oversight mechanisms to ensure compliance with newly introduced rules.

There is a significant amount of daily routine involved continuous processes, reporting, analysis, and, where necessary, re-implementation of procedures, including updates or revisions of internal regulatory frameworks.

 

Certification and regulatory alignment remain major challenges for many suppliers. How does Endorphina structure its internal processes to ensure efficiency while maintaining full regulatory integrity?

With the development of regulatory obligations, our practices in this area are also evolving. Compliance in the gambling business matures like fine wine. The more stable your team is, the stronger your position on the market becomes. Today, regulations are being introduced in many new jurisdictions where gambling was completely prohibited just a few years ago, and I see this as progress from a regulatory perspective.

–          Our internal processes are continuously evolving toward the automation of data that does not require increased attention

Human resources are instead focused on information that is more relevant and requires deeper integrity.

 

With increasing focus on information security, responsible gaming, and technical standards, how do you see the role of compliance teams evolving within modern iGaming organisations?

As regulatory obligations continue to evolve, so does our practical experience in this area. Compliance in the gaming industry matures over time – much like fine wine.

–          The more stable and experienced your team is, the stronger your position in the market becomes

Today, regulation is being introduced in many new jurisdictions where gambling was completely prohibited just a few years ago. I see this as a positive development and a clear indication of progress from a regulatory perspective.

 

Endorphina has built a reputation as a trusted slot provider with a strong global partner network. How should compliance, product development, and commercial teams collaborate today to support scalable growth?

As Head of Compliance, I believe scalable growth is only achievable when compliance, product development, and commercial teams operate in full alignment rather than in silos. Compliance must be involved from the earliest stages of market entry and product design to prevent delays, reduce regulatory risk, and support sustainable expansion.

–          Product development should focus on modular, certification-ready solutions that allow efficient adaptation across multiple jurisdictions

Commercial strategy must remain closely aligned with regulatory feasibility, ensuring that opportunities are both attractive and compliant. Ultimately, stable and experienced teams are the key factor in building long-term, regulatorily resilient growth.

Looking ahead to the next 12–24 months, which regulatory or market developments should operators and suppliers be preparing for most carefully?

In this area, we are working very intensively. Looking ahead, I anticipate further increases in regulatory obligations, faster development of regulated markets, and structural changes in core online gaming products.”

–          I expect deeper integration of games with the player environment, placing greater emphasis on individual profiling and personalization of each session

These evolving models will inevitably be reflected in regulatory frameworks, with a stronger focus on player protection and proper tax accountability. At the same time, regulators will increasingly compete to attract high-quality market participants, a category to which Endorphina clearly belongs.

In the near-term perspective, many of today’s processes will become standard industry practice, while additional requirements will emerge, particularly those linked to the accountability and oversight of key individuals within licensed entities.

 

Endorphina is the GamingTECH Awards Party & Ceremony Sponsor at HIPTHER Prague Summit 2026. What would you like operators, partners, and industry peers to take away from engaging with your team during the event?

Thank you for the opportunity to be among the first to welcome our friends. First and foremost, I would like to thank everyone who will be joining us in person in one of the most beautiful cities in the world, Prague.

I wish all participants a truly enjoyable experience.

–          Make the most of every moment spent among inspiring people

Boost your personal endorphin levels and take the opportunity to get to know the Endorphina team more closely.

The post Endorphina Compliance Strategies Explained ahead of HIPTHER Prague Summit appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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