Key Moments:
- Buzz Bingo reported a 4.9% increase in annual revenue, reaching £217.2m in 2024.
- Digital revenue grew 14% to £44.2m, while underlying EBITDA jumped 20% to £41.8m.
- 175,000 new player signups were recorded, with half under 35 years old.
Full-Year Financial Performance
Buzz Bingo, operating under Buzz Venus Group, delivered robust results in its 2024 financial year. The company reported a 4.9% growth in total revenue to £217.2m. Underlying EBITDA moved up 20% to £41.8m, reflecting effective cost management and successful execution of its growth strategies.
Omnichannel Focus and Digital Expansion
A key driver behind the improved performance was Buzz Bingo’s emphasis on an omnichannel approach, fostering increased crossover between retail and online customers. Digital operations recorded substantial progress, with revenue climbing 14% to £44.2m. At the same time, retail revenue grew 3% to £173m, signaling resilience in physical venues even as digital adoption accelerates.
Attracting a Younger Audience
The business signed up 175,000 new players during the year, with approximately 50% under the age of 35. This marks a significant evolution in Buzz Bingo’s player base, moving beyond its previous reliance on older age groups. To further this momentum, the company launched Big Money Live in late 2024 – a new bingo format developed for both in-venue and online participation aimed at younger players.
Operational Changes and Increased Costs
Buzz Bingo’s relocation of its online division to Gibraltar last year was implemented to enhance supplier connectivity and explore international expansion. This strategic move led to operational benefits but also pushed administrative costs up from £121.7m to £126.8m. Annual losses widened modestly from £30.9m to £31.7m, influenced by these higher costs and additional investments such as purchasing bingo clubs in Cricklewood and Northampton.
Investment in Venue Modernization
In July, Buzz Bingo secured a £25m funding package from Barclays and other backers to support the modernization of its clubs and boost appeal among younger players. The initiative involves upgrading venue technology, including new electronic bingo terminals, technology replacements, and the planned rollout of a loyalty program.
| Financial Metric | 2024 Value | Change (%) |
|---|---|---|
| Total Revenue | £217.2m | +4.9% |
| Underlying EBITDA | £41.8m | +20% |
| Digital Revenue | £44.2m | +14% |
| Retail Revenue | £173m | +3% |
| Administrative Costs | £126.8m | Up from £121.7m |
| Annual Loss | £31.7m | Up from £30.9m |
| New Signups | 175,000 | N/A |
Looking Ahead
Buzz Bingo’s latest results underscore the effectiveness of its omnichannel model and renewed efforts to diversify its customer base. With ongoing venue enhancements and a slate of new products, the company positions itself to build on the momentum achieved in 2024.
- Author
Daniel Williams
