LONDON--(BUSINESS WIRE)--Top-Rated Bingo Sites, a leading UK online bingo sites directory has published its latest industry report and player survey, in which it outlines the recent legislation and financial regulations in the UK and their effect on the online bingo sector. Based on data from the latest official industry statistics, market research, player survey and analysis of sites openings and closures, the website draws conclusions for 2017 and makes predictions for the rest of 2018 and 2019.
From their industry statistics, it becomes clear that despite the online gambling sector reaching an all-time-high GGY of £13.9bln, online bingo accounts for just 3% of it, with a gross yield of £470mln. According to the experts at Top-Rated Bingo Sites, although bingo does rely on player liquidity, similarly to the way poker does, the social aspect of the game is prevalent.
Bonuses are no longer the primary driver of acquisition, and with players’ spending habits gravitating towards depositing and betting less, bingo sites’ proceeds remain unwavering amidst an economic downturn due to their ability to build players into communities.
Even though 2017 saw a record number of online bingo players accounts after the greatest increase in people gambling online, a levy on no-deposit bonuses, as well as financial squeezes and content limitations were among the reasons for an all-time low in site openings and a record number of site closures.
In its report, the online directory points out that almost half of the bingo sites closings happened after the passing of the Financial Bill 2017 in August. The Bill introduced a 15% tax on all free and discounted bets, and some of the biggest bingo operators were forced to discontinue their no-deposit bonuses, losing their appeal to new players and individuals launching white-label sites.
In addition, most bingo networks had to re-design landing pages and limit the demo games availability on their biggest sites after the UK Gambling Commission and the Advertising Standards Authority jointly imposed limitations on child-like in nature cartoon characters being displayed in easily accessible online space.
Due to an alarming number of children aged 11 – 16 identified as problem gamblers, the Commission has also clamped down on gambling ads and issued millions of pounds worth of penalty packages to some of the biggest gambling companies for failure to protect vulnerable people, violation of self-exclusion practices, and false advertising.
According to Top-Rated Bingo Sites’ analysis, more massive fines are to be expected in the months to come, as part of the regulators’ stricter stance on the gambling industry. The website also makes predictions that in 2018 and 2019 the industry may be faced with an increase in the Point of Consumption tax, ban on gambling advertisements and games, and possible fallout from Brexit if EU member states restrict or block UK-licensed operators after the UK leaves the Union in March 2019.
About TopRatedBingosites.co.uk: The website lists and ranks more than 400 active bingo sites, reviewing their software products based on user experience, promotional offers, and industry compliance. As one of the largest UK directories, Top-Rated Bingo Sites publishes analyses of players’ attitudes, operators’ practices, and regulators’ stances on the gambling industry.