The online bingo industry has experienced astounding growth during the last three years. While almost every other industry is experiencing difficulties due to the ongoing recession, internet bingo has grown and expanded into new markets. Online bingo has by and large been ‘recession proof’ but some industry experts say that may change. Some industry analysts say that the number of available bingo players is ‘leveling off’ and that the launch of new bingo sites may spark a ‘cut throat’ business atmosphere throughout the industry.
Online bingo is now a billion dollar a year industry and by 2012 experts believe that online bingo revenues may be as high as $2.3 billion dollars. The online bingo industry has expanded into several new markets including Scandinavia, Spain, and will probably enter the Italian market by the end of 2010. Some in the bingo industry are wondering: are we running out of new online bingo players? Many experts say the online bingo market is saturated and this issue was addressed at the fifth annual bingo summit in London. The addition of new bingo sites complicates the problem of player saturation and market forces will play a great part in this ‘make or break’ year. The online bingo industry is expected to spend considerable sums on marketing campaigns and game innovations to attract new players and retain established players.
In 2008-09 the online bingo market (excluding the US) grew about 45% and recently introduced legislation in the US could add hundreds of thousands, if not millions, of new US online players. The online bingo industry is closely monitoring developments in the US and many industry giants are poised to enter the lucrative US market as soon as the legislation is approved. In addition to the American market, the bingo industry is looking at several European jurisdictions for expansion opportunities. The online bingo industry has become adept at overcoming language and cultural barriers so expansion into other European and even South American markets can be accomplished without much trouble.
The ‘cut throat’ competition is sure to benefit people that play bingo online. Players can expect more games, highly original and lucrative promotions and more player perks and incentives, such as bingo bonuses, etc. Bingo sites will offer more deposit and withdrawal options in several currencies at current exchange rates. Bingo sites that cannot match the bingo promotions and jackpots of the larger operators will probably not survive current market conditions. 2010 looks like a lively one for the online bingo industry.
