It wasn’t just an Online Bingo rumour. 888 Bingo and Gaming have definitely been chewing over whether to buy out Cashcade, or not. However, ultimately, it has been confirmed that no deal will be going ahead. Cashcade is the parent company for some of the top Online Bingo websites. Including, Think, Foxy and Cheeky Bingo.
The chief executive of 888 Bingo & Gaming, Gigi Levy stated that other gaming companies were willing to pay more for Cashcade. The big rumour has always been that 888 Bingo don’t have the capital to seal the deal.
This has been revoked by Levy, who stated that it wasn’t they didn’t have the finances. It was that they simply were not willing to “ pay the price” Cashcade were asking for.
With 888 Bingo and Gaming now out of the bidding, the competition should hot up. Who will be sealing the deal with Cashcade? How will that affect Online Bingo Players? It is thought that it will be Party Gaming who will be acquiring Cashcade. Apparently, it’s just down to sorting the paperwork. Independent News and Media hold sixteen percent of shares in Cashcade. They have been having a few financial problems of late, and so are very keen to get the deal finalised as soon as possible.
It seems 888 Online Bingo will continue to use the Cashcade software, and have already signed up for another two year contract. Globalcom, a division of 888 Bingo and Gaming, provides the software for over eighty percent of Cashcades Bingo Sites. Therefore, Cascade is an important income earner for Globalcom. Another division of 888 is Dragon Fish. They have been busy lately, making new deals with various ‘white label’ partners. However, the new owners of Cashcade will be able to use other platforms, for any of new sites they operate. This could cause problems for 888, but ultimately, only time will tell.
This was an article by Lisa for Bingo Faces on 17/07/2009
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