Software Operators Eye Online Bingo Profits - 08-18-09

August 18 - The popularity of internet bingo has grown so significantly that some of the top software operators in the industry are counting on the profits they see from these divisions to see them through the recession and take their businesses even further in the future.

Groups such as William Hill, Party Gaming, which owns Party Bingo, and 888 Holdings believe that sales from online bingo would increase even more in Europe as the game becomes more and more popular out of the boundaries of the United Kingdom.

A UK research company, H2 Gambling Capital revealed last week that revenue from online bingo would possibly rise as much as 20 % this year and next. Translated into sums, this could mean a rise to $1.3 billion by the end of this year and $1.6 billion by the end of next.

Online bingo is seen at such an early stage of growth compared to other online gambling pastimes, that experts believe that there is still huge potential to be had from this industry.

The director of H2 Gambling Capital, Simon Holliday said that bingo was "the least mature" area of online gambling.

"Online gambling is in such an early growth phase that any recessionary impacts are outweighed by its newness," he said. "This is often supply driven demand. It relates to availability and how heavily things are marketed."

The Chief Executive Officer for 888 Holdings, Gigi Levy, said that he expects online bingo to generate $100 million a year in the near future. At present, revenue from this group's bingo division stands at $40 million.

"Online bingo should not be smaller than online poker in five years," said Levy.

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