Here's how the estimate is figured: A setup called the Burst and Transient Source Experiment (BATSE) aboard NASA's Compton Gamma-Ray Observatory detected gamma-ray bursts (and presumably the associated hypernovae) at the rate of about 500 per year, or just more than one per day, in the observable universe, out to about 14 billion light-years.
Given that there are some 100 billion galaxies in that space, this rate translates into about one gamma ray burst from inside our galaxy beamed toward Earth every 200 million years. Because the energy is so concentrated compared to a normal supernova, hypernovae could potentially be harmful to life on Earth at much greater distances than supernovae.