Facebook launches gambling app

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Facebook shareholders may be happy to learn that the social media giant is taking steps to produce a potentially long-term profit generator — an online gambling app. Effective this morning, UK residents 18 and over are provided the chance to play online bingo for cash prizes. Facebook's bingo game is powered by GameSys, a private technology company licensed in Gibraltar.

In addition to online bingo, there are plans underway to introduce a slots game in the weeks to come.

"Real money gaming is a popular and well-regulated activity in the UK and we are allowing a partner to offer their games to adult users on the Facebook platform in a safe and controlled manner," said Facebook in a written statement.

Facebook makes the majority of its cash from online advertising, but a disappointing second quarter coupled with shareholder concerns that Facebook intentionally overvalued itself in its initial public offering had some investors reeling.

According to Reuters, Facebook shares were down 3% at $21.26 on Tuesday afternoon.

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