Buzz Bingo increases revenue by 11% to £241M but fiscal rise doubles losses

Buzz Bingo increased its annual revenue by 11% to £241.4 million during the year ending January 2026, but saw its net losses soar due to a tax impact and an impairment of assets linked to the rise of the Remote Gaming Duty in the United Kingdom. The company submitted its accounts to Companies House covering 53 weeks until January 17, 2026, confirming the tension between business growth and tax pressure during the period.

Operating Results and Revenue Breakdown

The report details that retail channel revenues grew by 11% year-on-year reaching £192.3 million, while online revenue also rose by 11% to £49.1 million. The operator's 76 physical venues received 4.9 million visits, just 1% above the previous year. In customer acquisition, the retail channel added 8% more new users and online showed a remarkable 30% increase. According to management, these results reflect "another solid year of revenue growth," driven by "a multi-year investment program focused on enhancing customer experience."

Focus on the Increase of Remote Gaming Duty and Impairment

Despite the revenue growth, the underlying operating margin (EBITDA) fell by 6% to £39.2 million. The central reason was the significant increase in labor costs, attributable to higher employer National Insurance contributions and above-inflation increases in the National Living Wage in the United Kingdom. The net loss after taxes was thus £66.1 million compared to £31.7 million in the previous year. The major factor behind this deterioration was the negative goodwill adjustment of £18.5 million, which was explained by the downward revision of future cash flows following the increase of the Remote Gaming Duty in April 2026, which jumped from 21% to 40%.

Financial Costs and Debt Expansion

Net financial expenses amounted to £58 million, reflecting the volume of debt that Buzz Bingo maintains with Intermediate Capital Group and Barclays. In June 2025, these partners extended and expanded the group credit facility for two more years. As a consequence of the financing and the accounting impairment, the company’s net liabilities grew from £190.4 million to £256.5 million.

Buzz Bingo's Perspective on Taxation and Market

During the EGR Power Seat podcast in August, Buzz Bingo's CEO, Dominic Mansour, expressed his frustration with the government’s decision to raise the remote gaming tax. He stated that the measure contradicted the government’s talk of economic growth and that, in practice, the company reduced planned investment in the UK as a direct response. Mansour cited the Netherlands as a recent negative example:

"Holland was a perfect example. You don’t need to be a genius. They raised taxes and surpassed the tipping point of the so-called Laffer curve; they ended up collecting less money." — Dominic Mansour, CEO of Buzz Bingo

The executive also lamented that the negative fiscal impact experienced in other markets after similar rises was not taken into account, emphasizing the risk of worsening the black market and losing competitiveness against unregulated operators.

Context and Upcoming Challenges for Operators

Buzz Bingo's figures fit into a cycle of pressure for both physical and digital operators in the UK, marked by rising labor costs and tightening regulations. The regulation of the fiscal landscape, with the Remote Gaming Duty at 40%, sets a new minimum in sector profitability and questions investment strategies. Financial management now focuses on limiting the increase in liabilities and adapting acquisition and retention models to an environment where the tax burden demands even greater operational efficiency.