New Statistics Suggest Online Bingo Industry Will Survive Recession
New statistics from a leading online bingo site have shown positive results despite the impending economic downturn. With player numbers up over the previous quarter of 2008 at UK bingo sites, there is strong evidence to suggest that online bingo is a recession-proof industry.
London, UK (PRWEB) August 14, 2008 -- With increased pressure on UK consumer spending and the rising costs of living, online bingo players are amongst many who are feeling the squeeze on their usual spending habits. However, new statistics have suggested that online bingo is a recession resistant industry, with what is largely a leisure industry looking unlikely to fall victim to an economic downturn.
Bingo Port, a leading UK bingo portal which works with all the big-name operators, has just reported an 8% increase in the average number of players at UK bingo sites over the last quarter of 2008, despite the wider knowledge of an impending recession.
Online bingo is a virtual industry, with many cost and accessibility advantages over its land based parent. Online bingo has displayed strong initial resistance to an economic downturn in the past few months that could explained by several factors.
An increase in media coverage of crime, especially youth and knife crime, has led to increased fears of nights out, walking home alone at night and such. The rising cost of alcohol, petrol and increasing tax on cigarettes will cumulate to the negative effect on volumes visiting their local pubs and clubs. These factors have boosted the revenues of in-home entertainment has made industries such as online bingo a more attractive choice for spending consumer disposable income. And finally the current British weather certainly has not brought much summer sunshine to tempt players away from their home PC's, adding yet another reason to stay indoors and play bingo online.
In-home entertainment such as DVD rentals, especially from online DVD rental companies that post films to consumers should prove quite popular in the present economic climate, traditional television and cable channels will also tend to see an increase. The internet, which is now an integral part of the UK population will also play a large part in the current economic downturn, with many consumers appreciating the value of the internet in finding low-cost deals and special offers on many good and services. This increased appeal of online spending should prove positive for online bingo companies, as players are likely to choose in-home methods of entertainment, including online bingo.
With the online bingo demographic being heavily squeezed by rising costs of living and of visiting their usual social locations, we may see more than just recession resistance but possible growth with in-home spending on online entertainment such as online bingo over the coming months.
In particular those online bingo sites that have embraced new forms on online communication through social networks such as Facebook, Bebo, MySpace, Digg, Technorati and more, will see themselves better positioned to react to changes in a unstable market. The market leading sites such as Gala Bingo and Foxy Bingo should see their players demonstrating increased loyalty through this uncertain period as they seek to minimise risk and fall back to only spending on the largest and most trusted brands. There have been reports of falling player numbers within the industry, but there have not been any complaints thus far from the big names.
Some of the smaller and newer sites who have embraced modern forms of online communication and can offer large jackpots, with secure games and financial systems through a white label gaming network (such as Love Bingo, part of the St Minver network), will also have a good chance of weathering this seemingly inevitable downturn.
Overall however, there is a general decrease in consumer spending, so it is unlikely to allow huge profits for online gaming sites, although they should see business remain consistent throughout the coming downturn. Online bingo is a luxury for many, although is essential for some as part of a social routine and a means of communication with friends. The attraction of online bingo and the possibility of playing at low cost, compared to nights out and traditional forms of entertainment should ensure the industry's continued survival and growth.
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