In early 2022, Telematic Interactive Bulgaria EAD plans to acquire a public status and thus to become the first Bulgarian company from the online gaming industry listed on the Bulgarian Stock Exchange.
Being a pioneer in an industry that is growing on a global scale at double-digit rates is not easy. The company, which in 2018 obtained a license for sports betting and began to develop the brand of Palms Bet, sees this bold step as an opportunity to strengthen its reputation as a stable company with a responsible behavior.
“The main goal and reason for taking this move is that it will give a different look to the company. Every listed company is transparent. The development plans of our company also include the deployment on various territories, and going public will help in their implementation,” says Lachezar Petrov, CEO of TIB.
“The eCasino site was launched way back in 2014 with a small team that had the ambitious task of turning a fledgling company into a successful business. In 2018, we rebranded the company to Palms Bet, and the same year we also obtained a license for sports betting. From that date until today, the company operates under the brand of Palms Bet with two licenses – for sports events and for online casino games. In 2021, the shareholders in the person of Mr. Milo Borissov and his sister Rosie McKee made the decision to make the company public,” he adds.
Lachezar Petrov has been in the gaming industry for about fourteen years. He started working for the group of companies in 2013 as a manager of a newly opened landed facility. Not long afterwards, he took over a group of gambling halls. He has been part of the team responsible for the landed operations for two and a half years. After that, he was invited by Mr. Milo Borissov to join the company’s fledgling online site. Within six years, he worked his way up from a casino manager to an executive officer of the company behind Palms Bet.
Digitization and rapid development
Telematic Interactive Bulgaria has been going through a stormy period of development in the last few years thanks to the accelerated pace of digitalization.
“Last year has shown us how a decade of digital evolution can happen in just a few months. Consumer habits have changed and moved mainly to the online space. The pandemic has definitely catalyzed the processes, but it is not the main factor for the gradual development of the brand of Palms Bet”, says Petrov.
He points out that the rise of the brand began at the beginning of 2019, and its rapid development is due to the young team of professionals and the highly qualified management team, who have made the brand one of the most popular in Bulgaria.
“Over 90% of the department heads have been with us since the beginning. This indicates a good working climate. A large part of our success is due to the fact that Mr. Milo Borissov gives us the freedom to make decisions and implement the ideas that we have”, adds Petrov, clarifying that the company’s team already numbers about 100 people.
TIB boasts a product range that reflects the latest technological innovations in the gaming industry, as well as in-depth research into markets, consumer tastes and preferences.
“What sets us apart from the others is that we have our own product in the form of the platform on which the site is built. The possibility for the operator to work with its own platform is an incredible advantage, which gives great flexibility and speed”, says Petrov.
The company is developing a business-to-business (B2B) direction. It is engaged in the production and implementation of online slot games.
“Through the remote gaming server, we deliver our own gaming content with the necessary architecture and functional components required to deliver gaming products across all online channels – mobile, desktop. The subsidiary company – CT Interactive – which is also the B2B direction of the company, sells the content to operators who work with end users. Thus, Telematic Interactive Bulgaria manages to successfully develop two business models under one roof”, explains Petrov.
TIB operates only on regulated markets, and its products are certified in international laboratories.
“The potential for the development of the B2B direction of CT Interactive is huge and yet to be deployed on an even larger scale. For the previous 2020 year, the company registered a record growth of 150% in revenues, compared to 2019. We plan to enter new markets in the nearest future, new partnerships are also forthcoming, while at the same time we continue to work in the direction of strengthening the positions of the company on the already existing markets”, adds Lachezar Petrov and clarifies that the company’s gaming content is currently available to over 700 online operators in Latin America, Europe, Africa.
Bulgaria and beyond
Telematic Interactive Bulgaria sees a great potential for the development of the Bulgarian market, which is dynamic and growing at a rapid pace.
“Bulgarian online gambling is at a fairly high level. Given the nature of our business, every year we attend dozens of exhibitions and meetings of the world’s operators, organizers and manufacturers in the industry. Our online gambling business is much more developed than that of many countries. There are things that in other countries are considered innovative, but in Bulgaria they have been deployed for a long time”, says Petrov.
TIB has plans to enter three foreign markets within up to two years. Plans have already been developed for two of them, and the third one is under discussion. Petrov hopes that within the first quarter of next year it will also be marked.
Telematic Interactive Bulgaria is a socially responsible company that stands behind causes with wide public resonance, such as the sponsorship of Levski PFC, support of the Golden Girls team and their benefit performance, support of culture and young musical talents, as well as causes related to protection of the environment.