New Executive Director named

Bulgaria's Minister of Sports issues order to replace the State Lottery's management

Bulgaria's Minister of Youth and Sports Vesela Lecheva.
2022-08-24
Reading time 1:22 min

Bulgaria's Minister of Youth and Sports Vesela Lecheva has issued an order to relieve the executive director and the member of the board of the Bulgarian Sports Totalizator -the Bulgarian State Lottery- of their duties. New leadership has now been appointed to replace the departing executives.

Lecheva’s order for changes in the governing bodies has been filed with the Registry Agency, her Ministry said in a press release on Wednesday, as reported by the Bulgarian News Agency. Following the minister’s decision, Angel Angelov has now been appointed Executive Director of the lottery.

A press release describes Angelov as having “considerable managerial experience” in corporate finance, business administration, financial analysis, building effective governance structures, cost control, and risk management. The new director has a master’s degree in financial control.

The Balgarski Sporten Totalizator (Bulgarian Sports Lottery) was founded in 1957 and is a state-owned company that operates various gambling games within the country. Revenue from its operations is transferred to the education, health care, culture and social policy ministries.

Additionally, the sports lottery is also a basic pillar in sports financing, with 18% of revenues granted to the Ministry of Youth and Sports. The company runs more than 1500 terminals on the territory, and is a member of the World Lottery Association (WLA) and European Lotteries (EL).

In a statement, Lecheva said she has “high expectations” of both management and sports; and that federations and clubs should have revenues larger than those until now, adds the Bulgarian News Agency. She further expressed confidence in the success of the new lottery leadership.

It [the lottery] should be managed professionally, and tangible increase of revenue, as well as streamlining, appropriateness and full transparency in spending are expected in the conditions of the monopolistic environment created by legislation,” the press release said.

The Bulgarian Sports Totalizator, commonly referred to as Sports Toto, describes itself as “a prestigious institution well known for its traditions in the field of digit lotteries.” In addition to classic draw-based and three pari-mutuel sports games, it now also offers instant games.

Leave your comment:
Subscribe to our newsletter
Enter your email to receive the latest news
EVENTS CALENDAR