From
baby and holiday pictures to gambling, Social networking site Facebook
Inc(NASDAQ:FB) is pulling out all stops to rake in the money and what better
way than gambling.
From
Tuesday, adult users in the United Kingdom will get a chance to try their luck
at bingo online and win cash prizes.
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The
company is trying new ways to retain its 900 million-plus customer base and
fight user fatigue that has crept in.
"Gambling
is very popular and well regulated in the U.K....for millions of Bingo users,
it’s already a social experience [so] it makes sense [for us] to offer that as
well,” said Julien Codorniou, Facebook’s head of gaming for Europe, Middle East
and Africa.
The
company will soon be adding slot machine games as an added attraction. It will
initially start off its gambling operations with Bingo, as that is seen not as
a hard-core gambling game and more of a family activity. Facebook
has tied up with U.K.'s Gamesys to launch the Bingo Friendzy app in a joint
venture.
Social
media sites, which rely on user experience and features to attract new users,
need to keep innovating and adding new products to retain their interest. In
fact analysts have been wondering whether social networks such as Facebook,
will be entering the area of gambling as well, in order to provide as close to
a real-world experience as it can for people who do spend large chunks of time
on its site.
Facebook's
largest gaming partner Zynga Inc(NASDAQ:ZNGA), for instance, is planning to
launch real-money gambling versions of its poker, bingo and slot-machine games,
the Financial Times said.
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However
gambling is considered illegal in many countries. Facebook gets the major share
of its revenues from the United States, where gambling for real-money is
prohibited in many states. Only certain states in the country may be offering
limited gambling opportunities and this could be serious challenge for the
country.
In
emerging countries such as India, which is seeing rapid growth in users, laws
and regulations are still nebulous and people do flout the laws. Casinos are
banned in India and online gambling is illegal except in the state of Sikkim.
The
only game that can be played legally online is rummy, which is recognised as a
game of skill.
However,
shares of FB ended lower by 5.47% to $20.72 on Tuesday, well off session high
of $22.45.
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