Did you know that the bingo industry generates an average of $1 billion yearly? And its CAGR for 2021-2030 is >10% per year? These are some of the shocking statistics that have shed light on the lucrativeness of a game that was once only available in traditional gaming halls. Thanks to the increase in new bingo websites, more people have gotten access to this game. We look at why bingo has grown so much in the last few years and what this spells for its future:
Why bingo took off in the past decade
Bingo started as a lottery game back in the 16th century. Back then, it was a regular pastime for many Italians, and its love soon spread to other regions that used it as they saw fit. For example, the Germans used it as a learning tool and taught children arithmetic using its principles. When the game finally reached the U.S., it became commercialised and was renamed bingo. This change paved the way for bingo in the 21st century as follows:
1. The emergence of covid and WFH culture
This guide would not be complete if we did not mention the impact of COVID and working from home (WFH) on bingo. Even before COVID brought the whole world to a halt, many people had been working from their homes. Some were cottage industry owners; others had part-time virtual jobs, etc. But when COVID struck, many people had to stay home and work from these spaces. It was not only their work culture that suffered – instead, they found that they could no longer frequent the amenities they had once enjoyed. They could not eat out or hang out with their friends in person and needed a go-between.
Bingo had, at the time, increased in popularity due to its online presence. And bingo players found themselves signing up on online bingo sites where they could enjoy the game. It was the only way to keep the game going, as traditional halls were no longer open. Even people who had not played bingo in the past found themselves playing bingo as it was highly popularised. They enjoyed how fun and simple it was. Plus, it gave them something to do while stuck at home. It also helped that they could make money from it, even with minimal wagers. And that trend stuck even after people went back to work.
So, as much as COVID led to the shutdown of some traditional bingo halls, it paved the way for several online setups to flourish. And that has a lot to do with bingo’s growth spurt in the last few years.
2. Lucrativeness
Playing bingo has always been a fun way to make money. It’s as easy as choosing the right numbers and waiting for your rightful win. But with the emergence of online bingo, this lucrativeness has only grown. How so?
- Low buy-ins: Traditional bingo halls require many moving parts to run. They rely on staff to man the premises, serve the clients, handle customer requests, etc. And these salaries, wages, and utility bills add up to significant amounts that the bingo operators must pay. As a result, they charge relatively high amounts for their tickets. But online bingo operators do not have as many overheads. They are thus able to charge lower prices for their tickets. As a result, players can win jackpots even after investing amounts as low as $10!
- Bonuses: Many bingo operators offer bonuses and rewards to their players. Online bingo sites are especially famous for doing this to attract a larger market share. Recently, offline bingo operators have caught on to the trend and even offer free games to new players. These tactics have paid off in larger audiences and, thus, bigger revenues.
- Discounts on multiple tickets: When bingo players buy several tickets, they enjoy bonus discounts from bingo operators. It helps them save money on tickets and increases their winning chances by marking more numbers.
So, making thousands from a small capital investment has become more accessible, especially on online platforms.
3. Convenience
The convenience of online bingo sites has been the key motivation for people to play bingo online. Why is that the case?
- No commutes: People do not need to access traditional gaming halls to enjoy a game. They can do so as long as they have access to stable internet and a smart device:
- Available 24/7: Online bingo platforms do not have strict opening and closing times. Players can access the sites as they wish to transact, play, and even chat, and
- Mobile phone access and apps: Games are now available from smartphones. Some bingo operators have also launched mobile apps to ease the convenience.
Players do not need to access traditional halls for anything. All services, including customer support, are available online!
It also helps that bingo operators have improved the social connectivity of their platforms. Players can engage with each other via live chats, social media pages, and community forums. Some bingo operators have recently embraced virtual reality to make the games even more realistic.
Please play responsibly. For more information and advice visit https://www.begambleaware.org
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