Intertain Looks to Online Bingo
Intertain looks to grow their company through online bingo
The United Kingdom’s version of bingo is much different today than when it was originally played during the 14th century era in Italy, or perhaps from when it became popular in France and was known as Le Lotto. These days, bingo halls are long gone and really only exist in retirement communities, but it’s not the elderly that are abuzz about the game now.
When the United Kingdom introduced a ban on smoking almost 10 years ago it had a heavy influence on the bingo industry. Some companies turned to online bingo, while many dissipated altogether. Now, the United Kingdom holds the world’s largest online bingo market that has over 3 million players on it. This number was reported by Intertain of Canada, who has recently been looking into expanding into the United Kingdom and will even be taking their business to the UK stock exchange.
Starting next month you will see Intertain on the London Stock Market as they move their business from Canada to Britain in an attempt to expand and grow their business. They are expanding to earn five times as much in the new jurisdiction before the end of the year.
The problem that Intertain has pointed out is that while online bingo is popular, it only takes home a fraction of the pie of online gambling revenue. The United Kingdom Gambling Commission reported last year that the revenue brought in from online bingo services accumulated £130 million. This might seem like a large number, but it is absolutely nothing compared to the total amount brought in from all gambling sources. The gambling industry is worth £3.6 billion from just the online market, while land based operators rake in £12.6 billion each year. This includes betting shops, land based casinos, the various lotteries, and even race courses. Online bingo has been steadily growing over the years but it just isn’t keeping up with the growth of the rest of the industry.
Online bingo is simply seen as a form of soft gambling that is for the less excited gamblers. Some compare it to scratch cards, which is somewhat fair since it does follow a similar set of principles. However, the chief executive of Intertain Andrew McIver says that the business is anything but soft. He pointed out that online bingo businesses don’t really make it big from taking their cut from their online games, but instead make a major profit by attracting punters into putting money down on scratch tickets and casino games. It may take a lot of time and money to get the attention of a punter and is pretty easy to lose it.
Intertain will be focusing their business around punters who might be interested in other forms of gambling outside of bingo. This seems like it is a pretty good strategy seeing as the bingo business itself doesn’t make a lot of revenue.
We can expect Intertain to become more widely available in the UK starting next month.