Facebook Bets on Gambling in U.K.

Online gambling is hitting Facebook as a new app allows users to bet actual money

By Andrew Wine
|  Tuesday, Aug 7, 2012  |  Updated 11:48 AM CDT
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Facebook Bets on Gambling in U.K.

AP

Facebook founder and CEO Mark Zuckerberg is launching a real-money gambling app in the UK to boost revenue.

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It's not just virtual money on Facebook gambling apps anymore.

Facebook users who are age 18 and older in Great Britain will be able to stake real British pounds in a new app launching Tuesday, according to the Financial Times.

Legal regulations outside the U.K. have so far precluded the social networking giant from making their new gambling app available elsewhere, especially in the United States, where social media-powered gambling is effectively non-existent, according to the Times.

The Bingo and Slots Friendzy app plays directly into British peoples’ game of choice, according to the chief executive of the Remote Gambling Association Clive Hawkswood. "Bingo is at the softer end of the gambling spectrum and online bingo often has chat forums alongside, so it’s an obvious match for Facebook,” he told the Times.

With social networking sites, questions arise about how to monetize the venture and create a profit. Playing bingo online starting Tuesday and slots in the near future is an effort to increase Facebook’s profit to a startling amount, according to Business Insider.

Traditional Facebook app partner Zynga will not be the engine for the new app, as the California-based social networking behemoth will be partnering with Gamesys, a British online gambling company, according to Business insider.
 

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