The online bingo industry is a tremendous modern success story. By the end of last year it had a valuation of more than $60 million and that is expected to rise to over $145 million by the close of the decade.
Online bingo games account for a sizeable share of the overall bingo market now. These sites are gradually eclipsing the bricks and mortar bingo hall in terms of both the user numbers and the revenue they generate.
That raises the question of what this industry is getting right. How is online bingo managing to keep increasing its market share and its revenues at such a staggering rate?
This article will be looking into that issue in greater depth.
The Development of Bingo
It is not often appreciated just what an ancient game bingo actually is. It is thought to have been invented in Italy sometime during the 16th century, before being exported to France where it gained popularity among the nobility.
There have been a lot of adjustments made to the game in the centuries since and the actual name ‘bingo’ was coined by a US businessman. That helped to make it more marketable and it was a hit in the UK.
The peak years of the bingo hall were the 1950s, 1960s and 1970s, before decline set in the following decade. Online bingo arrived in the 1990s, as the internet began to go mainstream, and that has revived public interest in the game.
Enthusiasm for the online version among young people is now greater than it ever was for bingo halls and that has made bingo a fashionable game. It now enjoys worldwide popularity.
So what is enabling digital bingo to keep growing its base of customers and its revenues?
Reasons for the Continued Rise of Online Bingo
There is no single reason for the continuing success and popularity of online bingo. It is more a case of several factors combining.
- Convenience
- Giveaways
- Community
- Technology
So how is each of these contributing to the boom in online bingo?
Convenience
This works in two different ways. Firstly there is the ease with which online bingo games can be accessed by those who wish to play.
There are lots of bingo websites and creating an account is intentionally made a very straightforward process that can be completed in minutes.
Online bingo websites are also available at all times of the day or night. In the past, people were restricted to playing when a bingo hall was open.
The online version of the game can be played at any time and without having to move from the sofa. That is something that appeals to a younger generation brought up on the convenience of modern technology.
However bingo is also convenient in terms being a simple game to learn. Casino card games like poker must be studied before they can be played, but that is not the case with bingo.
That means it has more widespread consumer appeal.
Giveaways
Another key factor in the ongoing success of online bingo is the enticing prizes and giveaways on offer. The prize money is higher than that provided at live bingo halls and it is complemented by offers like free tickets and game access.
These allow people to get used to a site and its games before they have to start spending money. That is sound business practice by the companies behind online bingo because it leads a sizeable proportion of them to stick around and play with their own cash.
Community
Bingo has always been one of the more social forms of gambling. That is the main reason why it is the only type to be more popular among women than men.
Online bingo sites like Wink cottoned on to that and have adapted their offer to mimic the community feel of the local bingo hall. They have added chat forums that let the players enjoy virtual meet-ups with friends or connect with new people.
That leads them to stay on the sites for longer and to encourage other people they know to sign up to them.
Technology
The final significant reason for online bingo growth is that the sites use technology to improve the customer experience. Artificial intelligence being deployed to make this experience more closely tailored to each user and enhance the customer service is one example of that.
Very soon, players may be able to enjoy cutting edge virtual and augmented reality bingo games too, which could further increase its market share.
Essentially the continued revenue and user growth for online bingo is down to the quality of the overall experience it provides. That is something that cannot be argued with.
This article was written in cooperation with TMM