Boring Bingo Budget 0
Posted on 26, March 2015
in Category Bingo News
Unlike last year when the Chancellor of the Exchequer George Osborne cut bingo duty in half from 20 percent to 10 percent, this year was all quiet on the bingo front.
Much to the relief of the bingo industry is that the rate was left alone and increased to 15 percent that would have brought it in line with the majority of the gambling industry.
Since the cut in duty, the decision has seen the demise of the industry reduce significantly with a club in Portsmouth announcing a u-turn on a proposed closure. The rate of bingo clubs closing has reduced but we are not yet seeing the opening of new bingo clubs as the industry is becoming a little stagnated.
There have been a few movers in the industry as some of the traditional bingo operators have seen this as an opportunity to cash in as some investors are buying up existing bingo clubs. Roger Cooper sold his company last year to another investor along with Top Ten Bingo selling their clubs to the same investors. Opera Bingo are also ambitious in moving on with a recent acquisition.
On the other side of the spectrum, online bingo is now facing some tough financial conditions ahead as the new advertising levies are having a significant impact on the bottom line.