Recession Hits Internet Bingo

Posted on November 30th, 2009

During the ongoing global recession it seemed that the internet bingo industry was immune from its effects. Despite, or perhaps because of, the recession, the internet bingo industry grew as people short of cash searched for inexpensive home based entertainment and internet bingo was a perfect fit. The decline of the land based bingo industry in the UK sent many players online to play their favorite game. It is widely believed that the national smoking ban and the double taxation of the bingo industry are responsible for the decline of brick and mortar bingo operations.

A recent report from the UK has indicated that the recession has finally caught up with the internet bingo industry. Last week several well known internet bingo websites have ceased operations. Interactive Playnet which provided games for well known websites such as Rainbow Bingo, Exotic Bingo, Fun Bingo and several others ceased operations shutting out players, affiliates and licensees. Many internet bingo insiders and experts predicted that the industry would eventually be affected by the recession. Many pointed out that newcomers to the internet bingo industry spend recklessly on huge bingo bonuses, promotions and marketing expenses to attract players who are on tight budgets.

Fortunately for surviving members of Interactive Playnet industry giant Bingo Entertainment Ltd. stepped in and merged Interactive Playnet’s accounts into their games database and secured player funds from the websites that went bust. Richard Chambers, CEO of Bingo Entertainment Ltd expressed dismay at the loss of the sites and said that in many cases the failure of Interactive Playnet was due to simple mismanagement. Bingo Entertainment Ltd is one of the oldest bingo providers and has been in business since 1999.

The recent report points out the fierce competition in the internet bingo industry. Internet bingo websites are offering ever increasing bingo bonuses and jackpots. Sites are also providing players with large free bingo bonuses making internet bingo one of the least expensive forms of entertainment online. Surviving websites are offering players a large bingo deposit bonus in addition to a bingo sign up bonus. Players can now search bingo websites for the best bingo bonus to stretch those recession dollars and pounds.
Recently UK internet bingo players were advised to stick with well established websites to avoid risking their hard earned cash. Hopefully the failure of these websites was an isolated incident and the internet bingo industry continues to thrive.