Mon. Jul 22nd, 2024

Buzz Bingo is celebrating a triumphant recovery from the pandemic with record-setting results, including a notable 31% growth in online revenue.

Short Summary:

  • Buzz Bingo reported a 31% surge in online revenue for 2023.
  • The company is in advanced discussions to acquire two major UK bingo clubs from MERKUR.
  • Buzz Bingo is relocating its digital business to Gibraltar to tap into international growth opportunities.

Buzz Bingo Reports Record Results and Plans for Expansion

Buzz Bingo, the UK’s leading omnichannel bingo brand, has announced record results for 2023, showcasing a powerful rebound from the pandemic. This post-pandemic resurgence is highlighted by a 31% growth in online revenue, signifying the successful implementation of its omnichannel strategy. Concurrently, the company is in advanced discussions to acquire two of England’s largest bingo clubs from MERKUR.

Major Acquisition Moves

According to an official press release published by MERKUR Casino, Buzz Bingo is preparing to acquire the high-performing MERKUR sites situated in Cricklewood and Northampton. These venues are integral parts of their communities, noted for delivering low-stake bingo and frequent payouts. In 2023 alone, these clubs attracted 410,000 visitors and demonstrated a 5% increase in admissions, as reported by G3 Newswire.

Dominic Mansour, Chief Executive of Buzz Bingo, commented on these strategic developments: “Bingo in the UK is experiencing a renaissance, and Buzz Bingo stands out as one of the leading online bingo brands with the largest retail footprint, positioning us well to capture this growth.”

“After a period of stabilisation, our business is now thriving. We are thrilled about the prospect of acquiring these two prominent bingo clubs following a strong year of performance. With the growing demand for bingo and our exceptional online performance, Buzz Bingo is preparing for accelerated growth, which underpins our decision to move our digital business to Gibraltar. These are exciting developments for Buzz Bingo as we continue to implement our omnichannel strategy. Our goal is to be the nation’s number one choice for bingo, both online and in retail, and to seize international opportunities.”— Dominic Mansour

Impressive Financial Turnaround

Buzz Bingo’s fiscal performance in the year leading up to January 2024 saw the group reduce its pre-tax loss to £30.8 million, a significant improvement from the previous year’s £53.6 million loss. Revenue exceeded £200 million for the first time since 2020, rising from £195.1 million to £206.9 million. This growth resulted in a 14% increase in underlying EBITDA.

The company’s digital business has been a critical driver of this growth, doubling its market share over the past two years and expanding at triple the market rate. The number of younger players opting for bingo has also risen, with the 25-34 age group doubling since 2018.

“We delivered a solid performance in 2023, with strong online growth ahead of the market, and underlying profitability up 14 per cent. 2023 was a year in which we focused on resetting the business’s foundations, and putting in place our omnichannel strategy to deliver sustainable growth.”— Dominic Mansour, Buzz Bingo CEO

Strategic Relocation to Gibraltar

Buzz Bingo is strategically relocating its digital operations to Gibraltar to optimise its growth potential. This move brings the company closer to key suppliers and positions it to seize international opportunities. Gibraltar is already home to many of Buzz Bingo’s major competitors, offering a robust platform to pursue this global expansion.

“With demand for Bingo growing, and our exceptional online performance, Buzz Bingo is positioning the business for accelerated growth, which is the key rationale behind our decision to move our digital business to Gibraltar. These are exciting developments for Buzz Bingo as we continue to implement our omnichannel strategy to be the nation’s number one choice for bingo across both online and retail and to deliver on the international opportunity.”— Dominic Mansour

Challenges and Resilience

Despite the setbacks experienced due to inflation and rising operational costs, Buzz Bingo has managed a commendable turnaround. This includes the difficult decision to close ten clubs, reducing its total estate to 81 locations from a pre-pandemic peak of 91 venues. The consolidation aimed to streamline operations and focus on profitability.

The company has also been proactive in adopting measures aimed at controlling energy costs, including a 30% reduction in energy consumption. These efforts form part of a broader initiative to make the business more resilient against future market challenges.

Commitment to Enhanced Player Experience

Buzz Bingo’s strategy revolves not just around expansion but also significantly improving the player experience. Over the past year, the group has enhanced its iOS app, overhauled its website, and implemented more robust player protection measures. Initiatives such as affordability checks and a maximum online slots stake cap of £10 have been introduced to ensure safer gambling in line with the Government’s White Paper on gambling.

“Through building upon its customer centric omnichannel offering, Buzz will focus on delivering great value for its customers and enabling them to play wherever is most convenient for them.”— Buzz Bingo report

Looking Ahead

Buzz Bingo is well-positioned to capitalise on the anticipated growth in the UK bingo sector. With younger demographics increasingly attracted to bingo, there’s a renewed interest in both retail and online offerings. The acquisition of the two MERKUR sites and the relocation to Gibraltar are strategic moves that align with Buzz Bingo’s long-term vision to be the leading bingo brand in the UK and beyond.

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With the plans in place and momentum on their side, Buzz Bingo’s ambitious roadmap could very well set the stage for a new era in the UK’s bingo landscape, blending traditional gaming charm with modern, digital convenience to appeal to a broader audience.

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