The big four brands in Poland, consisting of STS, Fortuna, BetFan and forBet, all reported profits – while most of the rest struggled to find success in the market. Superbet recorded the most significant loss, totalling PLN85m (USD$18m) in 2021 – though that was up from the PLN50m it recorded in 2020.

The revelation has revealed the challenge facing the country’s Ministry of Finance, which acts as its regulator. Part of the reason comes from the fact that 23 different businesses hold licences to operate in Poland, with the gambling market not big enough to sustain that many companies.

Paweł Sikora, President of the Graj Legalnie Association, commented on the report: “The financial results of Polish operators show that the vast majority of entities in the industry do not make a profit from their operations. This results, among other things, from high taxation and additional fees - not present in other countries.

“What is more, some operators are implementing a business strategy that involves high investment in marketing, sponsorship and bonus policy, to achieve a high rate of revenue and ultimately generate profit.

“The grey market, the level of which oscillates around 50%, also has a very significant impact on this picture of the market. As a result, illegal operators take away the opportunity to earn money from companies licensed by the Minister of Finance.”