The impact of the bingo industry on the UK economy

Bingo has a long history in the UK, dating back to its official legalization as an act of gambling in 1960.

Today bingo, both traditional bingo halls as well as online bingo websites and operators like www.winkbingo.com, are contributing to the UK economy more than expected.

What is Bingo?

Bingo is an exciting casino game that can involve entire rooms of people battling against each other for the same goal: to get bingo, which can be really entertaining.

The main objective of the game is to cover a specified number pattern before everyone else.

This pattern can be as basic as five numbers written horizontally, vertically, or diagonally on your game sheet, or it can cover a previously defined arrangement like shapes or patterns.

The numbers are called randomly according to what is emitted by the mechanical or electronic number generator; therefore, there is an element of chance involved, just like in any other casino game.

History of the Bingo Industry in the UK

While bingo was prevalent throughout the 20th century, it wasn’t until the Betting and Gaming Act of the 1960s that it exploded in popularity, transforming it from a mere game into a substantial society. with big payouts for the winners.

Bingo became a legal form of gambling in the UK after legislation in 1960, and the gaming industry erected hundreds of bingo halls over the following years.

How popular was bingo in the UK? During the 1960s, one operator, Mecca Bingo, reported that its bingo halls were attracting over 150,000 players daily.

By 1963, the number of bingo club members in the UK had exceeded 14 million.

Considering the UK had a population of 53 million at the time, it’s easy to realize how popular basic social gaming had become.

The popularity of bingo

No one loves bingo as much as the British. This game of chance has always been hugely popular among Britons of all ages, and that trend is still going strong.

Bingo halls – both online and in physical businesses – generated a GGY of £910m in the UK from April 2019 to May 2020.

Live bingo accounted for the majority (£635.9m), but trends suggest online bingo is gaining ground.

During the same period, the amount wagered on bingo in online casinos increased by 0.9%, while the amount wagered in physical casinos decreased by 5.7%, which clearly indicates that bingo online is gaining popularity now.

In 2018, bingo accounted for 3% of the UK online gaming market.

Traditional bingo halls accounted for 4.7% of the total.

Bingo has a 51.4% revenue share in physical gaming businesses compared to other games.

Additionally, 24.2% of UK internet gamblers said they liked online bingo, according to a recent survey.

Contribution to the UK economy

Bingo contributes more than Netflix and Spotify to the UK economy.

Netflix and Spotify have a combined turnover of £750m, and bingo has a turnover of almost £1bn.

According to media research firm Media, more people played bingo in 2019 than they subscribed to Amazon (4.8 million) or listened to music on Apple (5.6 million) (3.8 million).

Regarding taxation, it is only known that bingo revenue and customs revenue in the UK totaled £30.8 million in 2019-20.

Online bingo operators, based in the UK or elsewhere, pay a 21% remote gaming tax on all profits, while physical bingo halls only pay a 10% bingo fee.

This was reduced by George Osborne in 2014 in a bid to keep bingo halls operational as many were closing at an alarming rate.

Many businesses with an annual turnover of £85,000 or more have to pay VAT; however, bingo halls are generally exempt.

A company with a turnover of 2 million pounds can only make 200,000 pounds in profit, so it will only pay tax on that 200,000 pounds.

What attracts players to online bingo?

There are many advantages to playing bingo online.

The convenience of online bingo is one of its biggest advantages as you don’t have to plan a bingo night or wait for it to be shown on TV once or twice a week.

Instead, online bingo players can play hundreds of different bingo games 24 hours a day, seven days a week.

Additionally, since almost every reputable bingo operator now has a mobile-friendly website or downloadable app, bingo can be played on a mobile device.

Because the numbers are immediately crossed off your ticket in an online bingo game, the action happens much faster.

This means that you will spend less time in each bingo room and as a result, you can potentially win more money.

Online bingo also succeeds in providing a wide range of games. 75 ball and 90 ball bingo are widespread and many additional versions, such as Speed ​​Bingo, which is played on a 9 by 9 grid, and Joker Bingo, which uses playing cards instead of numbered balls, are available above. sites.

Last words

Although the number of bingo halls has fluctuated recently, bingo seems to be benefiting from the general boom in the gaming industry.

Bingo’s popularity has increased due to the shift to internet environments, bringing it closer to younger generations.

If not in physical bingo halls, the advent of internet bingo will undoubtedly help in the future.