When it comes to online entertainment, the glitz and glamour of the casino is famously the most successful form of gaming to have transitioned from real life into the digital space – but over recent years, we’ve seen bingo follow suit and go on to become almost as big a money spinner.
Gone are the days when bingo took place in dusty halls, with mainly only the older generations in attendance, and today it is seen as a fun and exciting pastime that appeals to people of all ages. Its move into the online space has served as the catalyst for its thoroughly modern makeover, transforming it from a once uncool pastime to the height of edge-of-your-seat entertainment and attracting players from various different walks of life in their droves.
Not only that, but thanks to technological innovation, online bingo has evolved into a multi-billion-pound industry and become a lucrative investment opportunity for investors. Here, we take a look at its meteoric rise.
Mobile and app-first design
Smartphones have become the devices we can’t live without, and it’s hard to remember a time before them – but their proliferation has been one of the biggest single drivers beyond online bingo’s dramatic rise purely because of the enhanced level of accessibility they offer.
Allowing users to log on and play from anywhere, anytime, rather than logging onto a desktop computer as was initially required, smartphones have quite literally changed the game, and with mobile-first design now standard and the latest apps offering seamless and user-friendly gameplay, the number of players engaging with leading platforms is at an all time high. It’s not just the volume of players that has surged, but the frequency of play, too – and the move has opened online bingo up to a range of new demographics, including the younger generations, who may never have entered a real life bingo hall in their lives.
The AI effect
Technology itself has evolved rather dramatically over the past couple of decades, and has changed just about every aspect of the way we live, work and source our entertainment. With this in mind, bingo’s progression into the online space was a natural one, and while initially the platforms offering this much-loved game were fairly basic, more recently, they’ve come on in leaps and bounds since the early days.
Modern bingo platforms are user-friendly, exciting and highly engaging, with the integration of cutting-edge technologies like blockchain, machine learning and artificial intelligence (AI) giving them an entirely new lease of life and allowing them to deliver gaming experiences that are just as edge-of-your-seat as they would be in a bricks-and-mortar setting – if not, even more so.
AI has made bingo platforms particularly popular with an affluent customer base because of the enhanced level of personalisation it makes possible. Sophisticated algorithms can analyse large swathes of data in seconds, and are being used to identify user behaviour so that personalised recommendations can be made and tailored promotions can be offered – something that not only makes for satisfied customers who keep coming back for more, but who spend more on average than they otherwise would do.
It’s a welcome boost in revenue for platforms, and for investors, it represents a significant opportunity, too, with happy players likely to become loyal long-term customers who will continue to spend with them for many years to come.
Why investors should take note
As the bingo sector becomes increasingly lucrative, it’s piquing the interest of savvy investors across the globe, and with the global online bingo market projected to reach an eye-watering value of USD 1904.55 million by 2032, those in the know are scrambling to get a slice of the pie.
Companies that offer scalable platforms are of particular interest, but secure payment solutions such as blockchain and crypto, along with strong customer retention models, are also key indicators of a potentially highly lucrative opportunity.
Of particular note over the coming years will be platforms that leverage affiliate marketing opportunities to grow their reach and in turn, their revenue. By encouraging players to share and promote them in exchange for commissions each time a new individual clicks through their link and signs up, platforms can create a mutually beneficial relationship with their most valued customers. And for investors, the increase in numbers as a result of skyrocketing customer acquisition will make them too attractive a prospect to ignore.
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