The Factors Behind the Surge in the Global Bingo Market: A $145 Billion Market by 2030?
With bingo now part of popular culture for close to a century, it may seem surprising to find that the global market for gambling on this game has grown at a rapid pace in recent times. What are some of the key factors behind this growth and what does the future hold according to the latest reports?
The Growth Factors Examined
Going online has clearly opened up the bingo market to a huge new audience. This has allowed newcomers to try the game for the first time, while those who already played it in the past can now explore a convenient way of trying to get a full house at any time of day. Online bingo has also expanded the global appeal of the game by taking it to new places that aren’t part of traditional bingo-playing communities.
A growing range of games has helped to fuel this process. As well as different versions of the game, players can also find themed bingo and crossovers like Slingo at Paddy Power. This is a mixture of slots and bingo that includes many different themed versions like Cosmic Clusters and Money Train. The aim of Slingo is still to mark off all the numbers, but the mechanism for receiving new numbers makes it feel more like a slot.
A high degree of accessibility with simple gameplay on uncluttered screens is another of the main reasons why bingo has proved to be such a hit online. Individual games are generally grouped into themed rooms, so players know exactly what to expect before they get started. The presence of welcome offers and rooms with free or low-cost games has also helped to get new players started without any fuss.
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What Happens Next?
A recent report by Zion Market Research looked at the size of the global bingo market and how it might change in the next decade or so. They calculated a current size of just over $60 billion, which they believe will now grow at a compound annual growth rate of 11.7% to make the industry worth more than $145 billion by the time we reach 2030.
The report points out the highly competitive and diversified nature of the online gambling market and how this could act as a factor that restricts the growth of online bingo. However, it’s worth noting that many of the alternative gambling games such as slots and live table games are often available in different sections of bingo sites, meaning that the big bingo brands can still benefit when their players look for alternative games from time to time.
We can expect to see bingo continue to diversify from the roots explained here by ThoughtCo, with new versions that provide a twist on the classic game, from the introduction to new themes to the creation of completely new games like Slingo that appeal to different types of players. Emerging technology such as the metaverse and artificial intelligence may play a part in this, but it seems likely that simple gameplay and accessibility will remain crucial as the market continues to develop
