PalmsBet

History and Corporate Structure

PalmsBet is the consumer brand of Telematic Interactive Bulgaria AD, a publicly traded company on the Bulgarian Stock Exchange since 2022 – the first iGaming company to achieve that listing in the country. The corporate entity is registered at 7 Kukush Street, Sofia, Bulgaria (UIC 206568976). The brand’s history began in 2005 when it launched a chain of slot‑machine gaming halls under the “PALMS” name. In 2018, the company unified its land‑based halls and online platform under the single “Palms Bet” brand, creating a seamless omnichannel experience. Two years later, in 2020, it opened Palms Royale, the largest international casino in Bulgaria, within the Grand Hotel Millennium Sofia.

Business Model and Offerings

PalmsBet operates across multiple verticals: sports betting, online casino, live casino, virtual sports, and bingo. The sportsbook covers over 20,000 events monthly and is powered by Altenar under a partnership announced in January 2023. The online casino features more than 450 slot games from top providers, along with live dealer tables. The company also runs a full affiliate programme (affiliates.palmsbet.com) with commission structures based on player activity. In Kenya, PalmsBet operates a localised platform (palmsbet.co.ke) and has an exclusive content partnership with 7777 gaming.

Land‑Based Operations

The land‑based segment includes Palms Merkur, a joint venture with the German group Merkur Casino that operates numerous gaming halls across Bulgaria. The flagship property, Palms Royale, offers a high‑end casino experience and is the largest international casino in the country. These physical venues complement the online offering and reinforce the brand's omnichannel strategy.

Licensing and Regulatory Footprint

PalmsBet holds Bulgarian licences for casino games (No. 000030‑7112/05.08.2022) and sports betting (No. 000030‑4802/20.05.2022), issued by the National Revenue Agency. The company also operates regulated markets in Kenya and Peru, having launched in those countries in December 2022 and April 2023 respectively. Its partnership with La Liga highlights its strength in football betting.

Partnerships and Expansion

The partnership with Altenar was pivotal for PalmsBet’s international expansion, enabling entry into Kenya and Peru. In Kenya, the brand integrated 7777 gaming content. The company also sponsors or partners with major sports organisations, such as La Liga, to enhance its brand visibility. As of 2025, PalmsBet continues to explore new regulated markets while strengthening its presence in existing ones.

Leadership

The only executive publicly confirmed for PalmsBet is Emil Kanev, co‑founder and sports betting marketing strategist, as noted in a case study by Risetheweb. No CEO, CFO, CTO, COO, or other C‑level officers are named at the brand level in publicly available sources. It is likely that senior leadership functions at the parent company Telematic Interactive Bulgaria AD, but specific roles for the PalmsBet brand have not been disclosed.