UK Bingo Halls See Increased Profitability
Friday August 6th, 2010
Last year, land-based bingo halls in the UK saw some rough times, as the smoking ban and increased bingo tax discouraged many players from coming out. Now, for the first time in years, bingo halls are seeing improved profits, as the Rank Group has revealed its financial results for the first half of the year.
Although many people believe that bingo halls would continue to see a steady decline, Rank Group – which owns 103 halls across the UK, reported that the number of visits to various locations has increased by nearly 12%.
This year, profits have reached £25.1 million, a significant increase over last year’s earnings of £24.7 million.
It seems that the recovering economy has fared well for the land-based bingo industry. The smoking ban and the bingo tax were just two of the negative impacts on the market; many industry professionals neglected to take into account the global recession. Now that bingo players finally have disposable income again, it is only natural that the market sees improved profits.
However, Rank Group also had some work to do in order to push its revenue stream in the right direction. Although the bingo halls have naturally seen an increase, the operator must also take the necessary steps to ensure that the incline continues.
“We have engaged with our customers to identify the changes that we needed to make to our products and services”, says Rank Group CEO Ian Burke.
You must be over 18 years of age to register and to place a bet. The company reserves the right to ask for proof of age from any customer and customer accounts may be suspended until satisfactory proof of age is provided.
St Minver Limited is licensed by the Gibraltar Licensing Authority and regulated by the Gibraltar Regulatory Authority under the 'Gambling Act 2005'.