The impact of the bingo industry on the UK economy
Bingo was legalised as a gaming act in the UK in 1960. Today bingo is still popular and contributes to the economy.
Bingo is a casino game that involves people trying to cover a specified pattern of numbers before anyone else. The game has some element of chance involved. The impact of the bingo industry on the UK economy is unknown.
The Betting and Gaming Act of 1960 made bingo a legal form of gambling in the UK. By 1963, the number of bingos in UK had surpassed 14 million members. Mecca Bingo reported that its binging parlors attracted more than 150,000 players daily in 1960.
Bingo parlors in the UK generated £910 million in GGY from April 2019 to May 2020. Live bingo accounted for the majority of that, but trends suggest that online bingos are gaining popularity. Online binging accounted 3% of the online gaming market in 2018. Brick-and-mortar binger parlor accounted 4.7% for total.
Netflix and Spotify have a combined turnover of £750 million. Bingo has a revenue of almost £1 billion. In 2019, bingo income and customs duty receipts in the UK totalled £30.8 million in 2019-2020. Online bingos pay 21% remote gaming duty on all profits, whereas physical binger halls pay 10%.
There are numerous advantages to playing bingo online. Online bingos are convenient and can be played on a mobile device. 75-ball and 90- ball binging is widespread and many additional versions, such as Speed Bingo, which is played with a 9-by-9 grid, and Joker Bingos, with playing cards instead of numbered balls are available.
The number of bingo halls has fluctuated recently. Bingo's popularity has risen as a result of the shift to internet environments.