Facebook has seen some financial struggles in the past 3 quarters but a new bingo game that has been released might be an attempt to change their financial outlook. This is the first time in history that Facebook has allowed a real money game to be played on its platform. Although Facebook did not create this real money bingo game, there is no doubt that the company will see some financial gain but the exact terms of the agreement are confidential. A spokesperson for Facebook said that because of the popularity and thorough regulation of real money gaming in the UK, Facebook decided to allow this app for those users.
Real Money Bingo Regulations on Facebook
Offering real money games is a controversial move and it completely restricted in some countries like the United States. In order to adhere to all regulations, Facebook is taking extra steps to ensure that no person younger than 18 and outside of the UK is permitted to use play this real money game. Before users are allowed to play the game, they must confirm their identity in their accounts to prove they are in the UK and at least 18 years old. In addition, Facebook is using age-gating technology to ensure that no one under the age of 18 will be able to see real money gaming advertisements. Because of this technology, it is much more likely for young people to see a real money game ad on TV or in a shop window than on Facebook. This advertisement restriction also applies to users who are located outside of the UK.
Bingo in the UK
There is a good reason that the UK market was chosen for this real money bingo game. First, it is a great test market for the game because it is European and an English speaking country. Second, and more importantly, the UK has a strong gaming culture as there are shops all over the UK that allow anyone who is at least 18 to bet on football games, horse races and even place novelty bets like whether it would rain on the day of the Royal Wedding. Bingo, in particular, is a popular activity for many people in the UK and is a social experience so it simply makes sense to make real money bingo part of a social network site.
The Future of Real Money Social Games
The announcement of the real money game release came around the same time as the announcement by Zynga CEO, Mark Pincus saying that his company is going to introduce social gambling next year. Facebook and Zynga are close partners in the social gaming market so this may mean that Zynga will be offering real money games as well. Zynga would also have to regulate their games and offer them in countries outside of the United States just as Facebook has done with its real money bingo game. These announcements also may indicate that companies are exploring new ventures which will help boost their revenues. Facebook reported that it’s most recent quarterly revenues were $192 million – which is not much higher than the previous 2 quarters as the reported revenues were $186 million and $188 million.