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Endorphina disputes the regulator's account, saying its Maltese and Cypriot companies have separate distribution systems.
The published ruling also cites Government estimates of lost tax revenue and leaves the ban's shutdown timetable unchanged.
The prediction market is looking into hundreds of accounts created just before polls closed.
The minister must reconsider the licence decision without an advisory committee's recommendations, while the court has allowed time to protect lottery operations.
The rules have faced repeated delays since the new regulatory framework took effect.
Bulgaria’s National Revenue Agency identified 55 administrative violations during inspections of 21 gambling establishments in October.
Fixed-odds wagering on horseracing will be made available through operators who currently maintain licensing in Michigan and fall under the same consumer protections as sports betting.
The Council argues the fictional gambling game showed practices barred under Gambling Commission rules and ignored warning signs that licensed operators must act on.
A proposed Criminal Code amendment would create a specific offence of manipulating sports events, giving prosecutors a dedicated basis for pursuing match-fixing cases.
The Nevis Online Gaming Authority has introduced separate licensing arrangements for prediction market operators and suppliers, with requirements covering market integrity, settlement and participant protection.
