Online bingo gaining new players as bingo halls lose customers

Although bingo was once only played in bingo halls, today the popularity of bingo halls is on the decline, since most bingo lovers are playing online bingo. In fact, online bingo has experienced such a growth that it has become the fastest growing sector of online gambling.

The announcement of the auctioning of Cashcade, the owner of Getminted and Foxy Bingo web brands, has generated great interest among the possible buyers. It is expected that Cashcade will fetch a price of £70 – £100 million. Paddy Power and 888 Holdings are reported to have failed to buy Cashcade, which is now being sold to the Party Poker owner.

Sources reveal that Cashcade experienced a huge rise in profits recently. It is just a marker of the online bingo market’s growth. Online bingo was worth $1.4 billion in 2008 and this year it is estimated to cross $1.7 billion, while by the end of 2010 it has been forecasted to hit $2 billion.

Online bingo is one of the very few sectors which experienced positive growth in spite of the global economic slowdown. A large number of players who used to play bingo in bingo halls are now moving to online bingo and so the future looks bright for bingo.