Playing Bingo: Online Bingo In The Dragon's Den

Monday, October 22, 2007

Online Bingo In The Dragon's Den

Dragon's Den has been a firm favourite of mine over the years. There's been the odd gaming business featured on there that I can recall, including a pub poker league and remote control surveillance for fruit machines. So, it was a nice surprise tonight to see online Bingo feature in the show. It was even more of a surprise to see the people doing it were people I've had dealings with whilst running this site.

Emmie Matthews and Ed Stevens were showcasing their Gaming Alerts site and business concept, and the focus fell firmly on the potential of online Bingo. It was interesting to see the majority of these high flying VCs not dismiss the idea that the game was popular online, especially Duncan Bannatyne who runs his own casinos. However, the tone soon changed when Theo Paphitis mentioned his wife plays Bingo online every night. Then Emmie quoted some figures that also made them sit up and take notice. It's a shame the headline figure of 2 million online Bingo players a year is wildly out by about 1 and 3/4 million, but still, they kept the attention of the Dragons.

In the end, it was online Bingo widower Theo Paphitis that saved the day, stepping up to offer them the £200,000 they'd asked for to, well, I'm not quite sure what they plan to spend the money on as it wasn't really mentioned. I would have liked to hear more about what they were proposing to do with the money - their business model relies heavily on affiliating with online Bingo company and taking commission on referred players. They didn't really say if the money was to further develop the software, buy marketing or what. That said though, well done to the pair on their achievement - it was good to see them raising the profile of online Bingo.

Posted at 9:40 PM |

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