|CYOP Systems International will develop and launch multi-player online bingo software. The company's UK subsidiary Red Felt Software Inc. will be responsible for the development and licensing of the software. |
Bingo is the largest and most socially accepted method of gambling throughout the world, and the current Internet bingo market is estimated to be more than $800 million with a 400% annual growth rate. Currently, between $70 and $90 billion USD is wagered at land based bingo halls each year around the world and there are approximately 60 million bingo players worldwide.
'Bingo is a natural fit for our increasing suite of products. An estimated $10 billion is wagered each year at nearly 50,000 bingo halls in North America alone. This represents per capital spending of approximately $30 on bingo games. The decision to further increase the number of available games has been prompted by the terrific response to our other games and by the forecasts of continued growth in the online gaming industry,' Mitch White, CEO of CYOP, commented.