Forecasts indicate that the gambling industry in the UK will see a massive spike over the next five years, with a compound annual growth rate (CAGR) of 5.25% and market share expected to increase by USD $2.83bn from 2021-2026.
The bingo sector, in particular, is showing great promise and has quickly become one of the most profitable sectors within the industry. In this article, we'll be examining the recent trends of bingo in Great Britain and analysing its potential for future expansion.
Gambling Market in the UK
Bingo has been a beloved game for centuries, with its roots found in the UK where it was first known as “Housey-Housey”.
Following the legalisation of gambling and betting activities in 1960, bingo shot to greater popularity across Britain and beyond - becoming one of the most popular forms of gambling and entertainment.
The UK gambling market has seen steady growth in recent years, with the gross gaming yield (GGY) reaching £14.08bn between 2021-2022 according to a recent study. This places it amongst the largest gambling markets in the world – with bingo continuing to play an important role.
Of that amount, the Bingo industry accounted for an outstanding £500m of the total gross gaming yield during the period from April 2021 to March 2022. This accounts for roughly 4% of the overall net gaming revenue generated by the gambling industry in Great Britain. Many factors have contributed to the rapid growth in popularity of bingo, from its simple rules and easy access to an ever-growing online presence.
To understand why the gambling market is expected to burst into exponential growth in the next few years, let’s explore some of its key drivers.
Crucial Elements Boosting the UK Gambling Market
The United Kingdom is at the forefront of gambling market growth thanks to its thriving online space. As a result, it has seen impressive revenue boosts. That's why the UK stands out among other countries in terms of how they regulate and monetise their online gambling infrastructure.
In nations like China and India, the prohibition of online gambling has caused it to become a booming black market worth billions. As a result of these restrictions, countless gamblers have been pushed into clandestine networks to partake in this desired pastime.
Generating billions of dollars in gross revenue from offline operations, Sands, MGM Resorts, and Wynn have large gambling companies primarily located in Nevada (USA) and Macau (China). Nevertheless, the United Kingdom stands out amongst other countries as a leader when it comes to online gambling.
Another crucial element boosting the UK gambling market, especially Bingo, is social media. Social media platforms, such as Facebook and Instagram, have revolutionised bingo, introducing a range of exciting variations – far more entertaining than the regular game. These free versions allowed punters to learn and gain confidence before taking on real money games.
The UK gambling market is expected to be largely shaped by the upward trend of online gaming and its increased popularity as opposed to traditional betting venues, over the forecast period.
Analysis of the Stats and What They Mean for the Future of Bingo in Great Britain
Bingo has been rapidly growing in popularity around the country, primarily due to new online bingo sites UK. Offline bingo is still a great option and offers one of the best components that online casinos cannot: social interaction with fellow players. This makes for a much more enjoyable experience for those who partake in this game.
This capability is expected to be re-created by virtual reality technology, as well as other technological advancements such as live gaming for digital gambling. This is already being considered by gambling operators, and the notable surge of online gamblers from 2019 until 2020 displays that punters are likely to adopt this shift with ease.
Despite customers' consistent patronage of traditional casinos, the appeal and ease of virtual casino platforms have made investing time and money online a much more attractive option. With its convenience for playing games at any time from anywhere and efficient payment systems, it's no surprise that so many are turning to this digital platform. As new versions of online casino games continually materialise, gambling itself will expand and evolve with them.
Combining bingo with other forms of entertainment such as dancing could be a game-changer for live bingo parlors, allowing them to compete and draw in more patrons. What the future has in store is yet to be determined; however, looking at the history of this beloved pastime, we can only imagine what new surprises it will bring! Considering current trends, it's safe to assume that the game will remain a player favorite for every gambling company for quite some time.
Which form of bingo brings in the most revenue in Britain?
Main-stage bingo proved to be one of the most lucrative gambling businesses in Great Britain, with annual gross gaming revenue (GGR) nearing £82.51m (excluding operating expenses) between April and September 2020. This was more than double the income of both mechanised digital board play and prize bingo combined; demonstrating its popularity as an enjoyable pastime among players.
The next form that proved to be incredibly profitable was mechanised bingo. From April 2020 to September 2020, mechanised bingo's annual turnover in Great Britain drastically exceeded £51.85m while prize bingo lagged at merely £1.12m within the same timeframe.
The bingo sector of the gambling industry in Great Britain generated a whopping estimated £92m in gross gambling yield – showcasing an exciting growth trajectory and potential for sustainable success within this fascinating gaming field.
It's clear that bingo is here to stay in Great Britain and will continue thriving in the coming years. With its ability to bring people together, multiple variations of the game, and a lucrative business opportunity, it's not hard to see why bingo has remained so popular over time – and why it continues to draw in players from around the world. Bingo is a timeless classic that can still be enjoyed by players of all ages and backgrounds today – both in person and digitally!