Bingo Fastest Growing Egaming Sector in 2010

It’s official; according to a study done by egaming research firm H2 Gambling Capital, online bingo is the fastest growing sector of the egaming industry. The study also points out that the current recession seems to have bypassed the online gambling industry and that in 2010 the industry grew by 12.5%. The online gambling industry has performed much better than most sectors of the general economy. In 2010 the gross win by generated by online gaming topped $29.95 billion worldwide.

The highest growth rate was achieved by the internet bingo industry which in 2010 grew by 28.4% generating $2.67 billion dollars in 2010. Previous industry predictions said that online bingo industry revenues would not hit the $2 billion dollar mark until 2012 putting the industry well ahead of previous estimates. Online casinos followed bingo sites as the fastest growing egambling sector. Online casinos grew by 13..3% and revenues hit $2.67 billion. Sports betting had a banner year and produced $12.06 billion dollars in gross wins for 2010. The figures included betting on the World Cup football matches.

Surprisingly online poker had the slowest growth rate of just 7.1% still ahead of other sectors of the economy. Online bingo sites are expecting record fourth quarter profits thanks to the severe winter weather that has plagued the UK and parts of Europe since late November. The H2 Gambling Capital report also said that mobile gambling was a major driver of industry growth. Many bingo sites like BingoHouse now offer mobile bingo and players using mobile devices with internet access can play at their favorite bingo site anywhere they happen to be. The report echoes the sentiments of many in the industry that mobile bingo and gaming will be a major factor in future industry growth.

The H2 report pointed out that bingo has been the most resilient form of gambling even as the worst recession since the postwar years pares consumer spending. One H2 executive told Bloomberg news that online bingo is the ‘least mature’ online gaming sector. Simon Holliday, Director for H2 stated, “Online bingo is in such an early growth phase that any recessionary impacts are outweighed by its newness. This is often supply-driven demand. It relates to availability and how heavily things are marketed.” Many new bingo sites have been launched by investors who want to take advantage of this rapidly growing industry. Several online bingo operators have reported incomes in the millions of dollars range in 2010.

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