Tag Archives: internet bingo industry
Room For More Growth Say Bingo Industry Experts
According to some internet bingo industry insiders the internet bingo industry is leveling out after a period of rapid expansion. During the last few years the UK has seen a proliferation of new internet bingo websites but things seem to be slowing down somewhat. It would appear that the online bingo gold rush is over. For a while it was incredibly difficult to keep up with all the launches of new bingo sites but according to experts the industry is now leveling off. Competition for players is still keen and most bingo sites are offering players ever increasing bingo bonuses, higher jackpots, more bingo and side games and vastly improved technology. Some internet bingo experts believe 2010 will be the year when internet bingo comes of age complete with mergers, acquisitions and takeovers.
Some gambling giants have entered the internet bingo market. Las Vegas gambling giant Harrahs has launched a new bingo site and the venerable bookmaking firm of Ladbrokes has operated a top internet bingo website for years. Despite the entrance of gaming giants established smaller internet bingo operators are holding their own against the large operators. Bingo operators who take their players for granted do so at their own peril and smaller operators are responding to challenges by gambling giants with highly original marketing using social networking websites such as Twitter and Facebook. Many smaller operators have added more side games and it has been reported that online roulette is running a close second to bingo in popularity among female players.
Since the larger operators have bigger budgets they can easily offer huge jackpots and engage in massive marketing campaigns. Since younger players are more tech savvy online marketing campaigns have been very effective for smaller operators allowing them to remain competitive in a somewhat cutthroat business environment. Internet bingo websites that offer opportunities for social interaction between players have a high player retention rate.
Figures suggest that internet bingo will be a $2 billion dollar a year industry by 2012. Industry experts say that internet bingo revenues for 2010 could easily approach $1.2 billion dollars. The CEO of Virtue Fusion, a bingo software developer, Bob McCulloch believes that the internet bingo industry has a very bright future. McCulloch stated, “After the developments we have seen over the past few years, it is somewhat inevitable that industry commentators are questioning if the UK market has started to reach maturity. It might now be worth hundreds of millions of pounds but there is still room for growth for online bingo. There is certainly more scope for new licensees on the network, though it is likely this will be at the expense of some of the smaller and less creative operators” In other words, smaller operators must stay ahead of their more well heeled competitors of go under.
Internet Bingo Continues Phenomenal Growth
Internet bingo continues its phenomenal growth in the UK and Europe. Recent industry expansions into Sweden and Spain have been very successful and the internet bingo industry continues to grow. In the UK the rapid growth of internet bingo has been driven by the national smoking ban which sent thousands of land based players online and high taxation which has closed many bingo halls throughout the country. Although the modern version of the game was introduced in the United States bingo became immensely popular in the UK following World War Two. Almost every English hamlet had its High Street bingo hall and industry giants such as Mecca and Gala Bingo added a touch of glamour to the game.
Internet bingo has attracted a new demographic and now the typical internet bingo player is a female 20 to 40 years old. Rapid industry expansion has created a competitive atmosphere which has benefitted players in many ways. Internet bingo websites are offering larger than ever jackpots and unprecedented player perks. Most bingo sites offer either a bingo sign up bonus or a deposit bonus and players can now easily double, or even triple, the size of their deposits. In Europe ewallet Paypal has re entered the gaming market and players can now use this highly reputable service for both deposits and payouts. In addition to traditional 75 ball bingo most European bingo websites offer 90 ball bingo which is popular in the UK, Australia and New Zealand.
The Internet bingo now has its own industry associations and holds annual meetings in London for industry representatives. Bullet Business, which hosts the annual bingo summit, reports that the internet bingo industry has “grown phenomenally.” In 2006 the first online bingo summit attracted 80 companies but just 12 months later had 180 companies attending. In 2009 the internet bingo summit attracted 350 participants and the numbers keep growing. According to Ravi Virpal, director of Bullet Business, online bingo has “grown in the national conscience” and says the annual bingo summit is “the pivotal point” for the industry.
The expansion of the internet bingo industry into Scandinavia has been well received among Swedish, Norwegian and Danish bingo players. Lars Bakken Elvsveen, an employee of Norsk Bingo AS said that Norwegians “have a great love for bingo.” In Sweden internet bingo has achieved instant popularity. Industry insider Dominic Mansour said that Sweden is a “key market” for internet bingo. He said the popularity is because of “the high internet penetration and propensity to play bingo” in Sweden. Industry experts expect continued growth and predict more expansion into European markets soon.