Buzz Bingo Announces Record Online Revenue Growth in FY23
The Buzz Bingo Group, the United Kingdom (UK) retail Bingo venue and online gaming operator, has announced strong results for its FY23 trading period, with its Net Gaming Revenues up to £207m from £195m in 2022, which represents a 6% increase.
Buzz Bingo's strong growth in FY 2023 with Omnichannel strategy.
LISTEN TO THIS ARTICLE:Other key performance indicators for the group saw EBITDA increase 14% to £34.7m from £30.5m for the same period in 2022. The group's online offering enjoyed a rise in revenue of 31% for the year, with retail revenue for last year increasing by 5%.
The bingo operator has been pursuing an omnichannel strategy where it aims to try and convert its retail players to play bingo games on its online platforms as well. Leadership boasts this plan was a success last year and its trading statement shows that 44% of online revenue for FY23 was generated by customers who have first played in the Group's retail bingo venues.
We delivered a solid performance in 2023, with strong online growth ahead of the market, and underlying profitability up 14%. 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. With our strategy now firmly in place, we are continuing to maintain the momentum into the current year, and are pleased that EBITDA for the first half is up nearly a quarter, in clear evidence that our turn-around plan is delivering.
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Buzz Bingo Confirms Omnichannel Strategy Shows Signs of Success
Buzz Bingo reported that its bingo halls had welcomed more than 200,000 new customers and stated half of those were under 35. The operator has now focused on converting these players to the online platforms at the group and this has had a significant impact on the trading figures of the business. This has been supported by a cost reduction plan undertaken by the business, which underwent a restructuring process last year and has contributed to the FY23 success.
Leadership at the Bingo operator says the business has taken a customer-focused approach and has used innovation and enhancements to put customers first. This has led to Buzz Bingo continuing to attract new customers to both its retail and online sectors.
Additionally, Buzz Bingo acquired two land-based bingo halls from MERKUR, and the group has forecast the venues will contribute around 10% to the group's land-based operations by the end of the year.
Our omnichannel strategy positions Buzz uniquely in the market. We have an extremely loyal high-frequency retail customer base,se and much of our online growth owes to the successful implementation of our ability to convert retail players to play online. We remain confident in the future, capturing the opportunity that exists for Buz and ultimately delivering sustainable and profitable growth.
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