Monday, December 23, 2024

Buzz Bingo in Talks to Acquire Two of the UK’s Largest Bingo Clubs | iGaming Future

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Buzz Bingo, a prominent omnichannel bingo brand in the UK, is in advanced discussions to acquire two of the UK’s largest bingo clubs, currently operated by MERKUR, in Cricklewood and Northampton.

These two high-performing clubs will complement Buzz Bingo’s existing footprint, with the acquisition including the UK’s largest bingo venue, MERKUR Cricklewood, which will now become part of Buzz Bingo’s extensive retail estate.

The clubs, central to their communities for over 25 years, align with Buzz Bingo’s focus on providing value entertainment through low-stake bingo offerings with frequent winners. In 2023, the two venues welcomed 410,000 visitors, with admissions increasing by approximately 5% year-to-date. On average, the venues pay out over £1 million in winnings monthly. The Cricklewood club alone averages over 3,500 winners monthly and holds the Guinness World Record for the largest single bingo house prize of £100,000.

This acquisition aligns with Buzz Bingo’s recent growth, having achieved a 5% increase in retail revenue, a 31% increase in online revenue, and a 14% increase in EBITDA in 2023. The company continues to enhance its omnichannel offering, which has driven significant growth. Buzz Bingo’s digital business has doubled its market share over the past two years, growing three times faster than the market.

Buzz Bingo is well-positioned to capitalize on the anticipated growth in the UK bingo market, driven by a recovery in consumer confidence and the increasing popularity of bingo among younger demographics. The number of 25–34-year-olds playing bingo in 2023 was double that seen in 2018.

Additionally, Buzz Bingo is planning to relocate its digital business to Gibraltar. This move will provide strategic advantages, including closer proximity to key suppliers and a platform for international expansion, aligning Buzz Bingo with major competitors already present in the region.

Dominic Mansour, Chief Executive, Buzz Bingo commented: “Bingo in the UK is having a renaissance and Buzz Bingo is one of the UK’s leading online bingo brands with the largest retail footprint and is therefore well-placed to capture this growth.

“Following a period of stabilisation for the business, it is now thriving, and we are delighted to be acquiring these two leading bingo clubs following a year of strong performance. With demand for Bingo growing, and our exceptional online performance, Buzz Bingo is positioning the business for accelerated growth, which is the key rationale behind our decision to move our Digital business to Gibraltar.

“These are exciting developments for Buzz Bingo as we continue to implement our omnichannel strategy to be the nation’s number one choice for Bingo across both online and retail, and to deliver on the international opportunity.”

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