Lachezar Petrov, CEO Sesame Online, on Bulgaria’s iGaming Surge and Key Balkan Market Trends

Bonuses and promotional mechanics play a big role in conversion and retention. Can you talk about your strategic approach to bonuses such as welcome bonuses, daily offers, or free spins? How do you optimize these offers to drive long-term value rather than just short-term spikes?

Bonuses and promotional mechanics are indeed a major driver of both player acquisition and retention, but the key is to design them in a way that creates sustainable player value rather than short-term spikes in activity. At Sesame, our strategic approach to bonuses is built around three principles: relevance, progression, and long-term engagement.

First, welcome bonuses are designed to create a strong first experience for new players. The goal is not just to attract registrations, but to guide players through their first meaningful interaction with the platform.

Second, we use daily offers, free spins, and recurring promotions to maintain ongoing interaction with the platform. These mechanics are carefully segmented based on player behavior, activity level, and preferences.

Many operators now focus on mobile experience and live dealer products. What investments or innovations has Sesame prioritized in these areas, and which key performance indicators do you use to measure their impact on player satisfaction?

Mobile experience and live dealer products are indeed important drivers of engagement in the online casino industry today. From a mobile perspective, our main priority has been to ensure that the platform is fully optimized for a mobile-first environment. The majority of our players access the product through smartphones, so speed, simplicity, and usability are key.
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Regarding live dealer products, Sesame works with leading live casino providers to offer a broad portfolio of live tables, including blackjack, roulette, and game-show-style formats. The focus here is on delivering high production quality, stable streaming, and a diverse selection of tables, so players can choose an experience that fits their style and betting preferences.

As CEO overseeing both digital and physical operations, how do you define the strategic role of land-based gaming? How do you see this role evolving as the market becomes more online-focused?

My current role is focused on leading online operation, but my background in the land-based gaming industry has given me a strong understanding of how the two environments complement each other. Land-based gaming still plays an important role in the overall ecosystem of the industry. Physical venues offer something that online platforms cannot fully replicate -  the social atmosphere, the live entertainment element, and the emotional connection players experience in a real-world environment. At the same time, the market is clearly moving toward a more digitally driven model, particularly as mobile technology and online platforms continue to evolve. In this environment, I see the role of land-based gaming gradually shifting from being the primary channel to becoming more of a complementary experience within an omnichannel ecosystem. Online platforms offer advantages in terms of accessibility, convenience, product variety, and personalization, which is why they are experiencing faster growth globally. However, land-based venues can still serve as powerful brand touchpoints, creating memorable experiences and strengthening the emotional connection between the player and the brand.

Because of my experience in both sectors, I believe the future of the industry lies in smart integration rather than competition between channels. The most successful operators will be those that understand how to connect physical entertainment experiences with digital platforms, creating a seamless player journey across both environments.

 
Which KPIs or market signals are you monitoring most closely to forecast the Bulgarian online gambling market’s performance in 2026?

When forecasting the performance of the Bulgarian online gambling market, we monitor a combination of macro market indicators, player behavior metrics, and regulatory signals. These help us understand not only how the market is growing, but also how sustainable that growth is. First, we closely track active player growth and market penetration. Another key indicator is average revenue per user and player lifetime value. These metrics show whether growth is driven by healthy player engagement rather than short-term promotional activity. Stable or increasing player lifetime value is usually a strong signal that the market is maturing in a sustainable way. We also monitor customer acquisition costs across different marketing channels. In a competitive market, rising acquisition costs often signal increased competition or saturation. From a behavioral perspective, we analyze engagement patterns, including session frequency, average session duration, and the mix between casino, live casino, and sports betting.

Regulation is another important factor. Changes in licensing requirements, taxation, advertising policies, or responsible gaming regulations can have a significant impact on market dynamics. Monitoring regulatory developments helps anticipate structural shifts in the industry. Finally, we look at broader economic and digital trends.
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By combining player-level data, marketing efficiency metrics, and macro market indicators, we can build a much clearer picture of where the Bulgarian online gambling market is heading and how operators should position themselves for sustainable growth in 2026 and beyond.

Between 2026 and 2030, which segments, online casino, live casino, sports betting, or hybrid models, do you expect to drive the highest compound growth in Bulgaria, and why?

Between 2026 and 2030, I expect the online casino segment to drive the highest compound growth in Bulgaria, followed by sports betting and then hybrid models that combine both verticals within a single player ecosystem. Online casino already represents the largest share of the Bulgarian online gambling market, accounting for roughly two-thirds of total activity, while sports betting represents around 30–35%. This structural advantage means that even moderate growth in casino products has a larger overall impact on market expansion.
 
Growth projections suggest that online casinos will significantly outpace sports betting in terms of growth rate. Industry forecasts indicate that the online casino sub-segment could grow at over 30% year-on-year, while sports betting is expected to grow closer to around 12% annually. This gap reflects broader global trends where slots, live dealer games, and instant-play formats generate more consistent engagement and monetization.

However, I expect hybrid models - platforms that integrate sports betting, casino, and live casinos in a single ecosystem, to become more important. The most successful operators will focus on cross-product engagement, using sports as an acquisition channel and casino products as a retention and lifetime-value driver.

Is there an indication whether Bulgarian players are aligning with global user behavior trends or maintaining distinct local patterns?

Overall, Bulgarian players are increasingly aligning with global online gambling behavior, but they still retain a few distinct local characteristics shaped by culture, sports interest, and market maturity. In several areas, Bulgarian user behavior mirrors what we see in more developed iGaming markets. Despite the convergence with global behavior, there are still some local characteristics unique to Bulgaria. Sports betting remains deeply tied to football culture in Bulgaria. Many players enter the ecosystem through sports wagering before transitioning to casino products, which is slightly more pronounced than in some mature casino-first markets. Data suggests Bulgarian players often prefer medium-to high-volatility slot games, which offer larger but less frequent wins indicating a taste for higher-risk, higher-excitement gameplay.

Across the wider Balkan region, what differences or similarities are emerging between neighboring markets? Where do you see the Balkans potentially outperforming global averages in the coming years?

Across the Balkan region we are seeing many similarities in player behavior, but also some differences driven mainly by regulation and market maturity.
In general, most Balkan markets are following the same global trends: a strong shift toward mobile gaming and growth of online casino products. Players across countries like Bulgaria, Romania, Serbia, and Croatia are becoming more digitally engaged and comfortable with online entertainment, which is accelerating the transition from land-based to online gaming.

At the same time, each market still has its own local characteristics, particularly when it comes to regulation, taxation, and advertising rules. Some markets are becoming more tightly regulated, which affects how operators approach growth and marketing. Others still offer more flexibility, which allows for faster expansion and stronger competition.

Looking ahead, the Balkans have the potential to outperform global averages in several areas. One of the biggest opportunities is the continued growth of online casino and live casino products, especially as mobile adoption keeps increasing. Another important factor is the strong cultural connection to sports, particularly football, which helps drive player acquisition and creates opportunities to cross-sell between sports betting and casino products. Overall, the region is still considered a high-growth environment compared to more mature Western European markets. As digital adoption continues and platforms become more sophisticated, the Balkans are likely to remain an important and dynamic part of the broader European online gaming landscape.

Globally, innovation is driven by AI, personalization, and live gaming formats. How quickly do you expect these trends to reach the Bulgarian and Balkan markets, and what barriers, if any, still slow adoption?

Globally, technologies such as AI, advanced personalization, and live gaming formats are already shaping the next phase of the iGaming industry, and these trends are gradually reaching markets like Bulgaria and the wider Balkans as well. In many ways, the region is adopting these innovations relatively quickly, particularly when it comes to live casino products and mobile gaming, because the technological infrastructure and player expectations are already aligned with global standards. Players in Bulgaria and neighboring markets are increasingly comfortable with digital platforms, and demand for more immersive and personalized experiences is clearly growing. AI and personalization are also becoming more important, especially in areas such as player segmentation, recommendation engines, fraud prevention, and responsible gaming tools. Operators are starting to use data-driven approaches to tailor promotions, game recommendations, and communication to individual player behavior, which improves both engagement and player experience. At the same time, there are still a few factors that can slow down adoption compared to larger Western European markets. One of them is market scale - some operators prioritize larger markets when rolling out new technologies, which means innovations sometimes arrive slightly later in smaller markets. However, the gap is shrinking quickly. As platforms become more standardized and technology providers scale their solutions globally, innovations such as AI-driven personalization and more advanced live gaming formats are likely to become a core part of the player experience in Bulgaria and the Balkans over the next few years.

Do you believe the Balkan region can become a unified high-growth gaming ecosystem, or will fragmentation continue to define it?

The biggest challenge to a fully unified ecosystem remains regulatory fragmentation. Each country has its own licensing structures, taxation models, advertising rules, and responsible gaming frameworks. These differences make it difficult to treat the Balkans as a single market in the same way operators might approach regions with more harmonized regulations. Because of this, the most realistic scenario is not full integration but rather a cluster of high-growth national markets that share similar player dynamics while remaining legally and operationally distinct. Operators that understand how to adapt their strategies to each regulatory environment, while still leveraging regional similarities in technology, product offerings, and marketing, will likely have the strongest competitive advantage.

Overall, the Balkans will probably continue to be fragmented from a regulatory standpoint, but from a business and player behavior perspective, the region is increasingly moving toward a connected and rapidly growing gaming landscape.

Which industry trend do you believe is overhyped globally but may not fully translate to the Bulgarian or Balkan markets?

One trend that I believe is somewhat overhyped globally is the idea that new technologies, particularly highly gamified or crypto-based gambling experiences, will rapidly transform every market. While these innovations receive a lot of attention internationally, they do not always translate at the same pace in markets like Bulgaria or the wider Balkans.

For example, crypto-casino ecosystems and blockchain-based gambling platforms have been widely discussed as the future of the industry. However, in most regulated Balkan markets, players still show a clear preference for traditional payment methods, trusted brands, and licensed operators. Regulation also tends to be stricter around payment infrastructure, which slows the adoption of alternative financial technologies compared to some global markets.
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Another area that can be slightly overstated is extreme gamification, where casino platforms try to resemble video games or social networks. While innovation in player engagement is important, most players in markets like Bulgaria still value simple, intuitive gameplay and strong core products, particularly slots, live casino games, and sports betting. This does not mean these global trends will disappear, but rather their adoption will likely be more gradual and selective in the Balkan region. In my view, the biggest drivers of success here will continue to be strong mobile experience, high-quality casino content, and localized marketing, rather than experimental technologies alone.

Conversely, is there a regional trend in Southeast Europe that you believe global operators are underestimating?

One regional trend that I believe global operators sometimes underestimate in Southeast Europe is the strength of local culture and brand relevance in shaping player behavior.
 
In many Balkan markets, players respond particularly well to brands that feel locally connected - whether through language, sports partnerships, local promotions, or culturally relevant marketing. Global platforms often focus heavily on product scale and technology, which are important, but in this region local identity and trust can play an equally important role in building long-term player relationships.

Another underestimated factor is the power of sports culture, especially football, as a gateway into the broader gaming ecosystem. In Southeast Europe, sports betting often serves as the entry point for many players, who may later engage with online casino or live casino products. Operators that understand how to connect these experiences within one platform can create a much stronger player lifecycle.

Finally, if you were advising a new operator entering the Bulgarian market today, what would you tell them to prepare for between 2026 and 2030?

I would emphasize three key areas: competition, regulation, and player expectations.

The market is becoming increasingly competitive. Bulgaria already has several well-established operators with strong brand recognition and loyal player bases. For a new entrant, success will depend not only on having a good product but also on building strong brand visibility and trust. This means investing in marketing, partnerships, and localized communication that resonates with Bulgarian players.

Across Europe, we are seeing stronger emphasis on responsible gaming, advertising rules, and player protection. Bulgaria is following the same direction, so new operators should prepare for a regulatory environment that may become more structured over time. Building strong compliance processes from the beginning will be essential.

Bulgarian players today are very comfortable with digital platforms and increasingly expect fast mobile experiences, diverse game portfolios, seamless payments, and engaging promotions. Live casino and mobile gameplay will likely continue to grow strongly, so platforms must be optimized for speed, convenience, and entertainment.

Finally, I would advise operators to focus on local understanding. Bulgaria is a relatively compact market, but it is very responsive to brands that connect with local culture, particularly through sports, partnerships, and relevant campaigns.