Listen to this article:An impressive increase in full-year earnings and revenue in the FY 2024 results of Buzz Bingo has been reported, which was supported by growth in both its online and retail segments.
Online revenue increased 14% to £44.2 million in the 12 months leading up to January 11, 2025. Retail revenue also saw a 3% increase and reached £173 million. Overall, total revenue rose from £207 million to £217.2 million, while underlying earnings (EBITDA) improved 20% year-on-year from £34.7 million to £41.8 million.
Buzz Venus Group, the company’s parent organisation, said the results reflect the effectiveness of its strategy in attracting younger players to play online, and stated they were a “testament to the company’s omnichannel strategy, as the funnel of retail customers continues to convert to online.”
In its report, Buzz Bingo pointed to “strong growth in customer admissions”, with nearly half of the 175,000 new players in the past year being under 35 years old.
Year-to-date, the group has posted an 8% rise in total revenue compared to the previous year, alongside a record number of players across its digital and physical platforms. Group-level EBITDA has also grown 7% year-on-year and 2% on a like-for-like basis.
Buzz Bingo CEO Dominic Mansour said:
“With more Gen Zs and millennials taking up bingo, customer admissions are in growth and up 3% year-on-year over the last quarter and, despite a very hot summer, this is our biggest quarter on record since before Covid.”
This influx of younger customers represents an important change for Buzz Bingo, which has long been seen as a company that caters primarily to older players. Buzz Bingo has worked hard to modernise its image and broaden its appeal by expanding its omnichannel services.
A major part of this initiative was the late 2024 launch of Big Money Live, a bingo format designed to operate simultaneously across Buzz Bingo’s physical clubs and online platforms.
According to recent data from the Department of Trust, Buzz Bingo ranked as the fourth most favoured brand among players aged 50 and older in Q4 2024. Among those under 50, the brand came in 16th, but it is competing with a large field of digital gaming and betting companies.
In a move designed to support its global strategy and strengthen relationships with suppliers, Buzz Bingo moved its digital operations to Gibraltar last year. While the move resulted in better “operational efficiencies”, it also contributed to higher costs.
Administrative expenses rose from £121.7 million to £126.8 million, which resulted in total losses increasing slightly from £30.9 million to £31.7 million. The company also took on costs related to the acquisition of two Merkur bingo clubs in Cricklewood and Northampton during the year.
In July, Buzz Bingo secured a £25 million funding package from Barclays and other investors to support a long-term initiative aimed at modernising its venues and increasing its appeal to younger customers. Part of this investment is being used to upgrade old club systems and install new electronic bingo terminals.
The business plans to continue developing its customer base by “building on Buzz’s player-centric omnichannel offering”, including the rollout of “an enhanced omnichannel customer loyalty programme.”
Buzz Bingo added: “The group remains well-positioned to capture the growth opportunity in the bingo market as more and more young players seek out great value leisure experiences in their local communities and online.”
Overall, the FY 2024 results of Buzz Bingo are excellent news for the bingo industry, and it is further evidence that the stereotype of bingo being a game for pensions simply doesn’t hold up to scrutiny.
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