Cashcade SOLD for £96 Million!

  • Cashcade SOLD for £96 Million!

    By Lisa West on Saturday, 25th July 2009

    When 888 Bingo confirmed they would not be buying Cashcade, the whole Bingo Industry began buzzing with speculation.  So who would be taking over Cashcade?  There were a lot of people putting their money on Party gaming, and as it turns out, they were completely right to do so.  Cashcade are the parent company of several big name Online Bingo websites, which includes the legendary Mr Foxy Bingo and the Queen of Free Bingo, Miss Cheeky.  Apparently, 888 pulled out of the deal because they were not willing to pay the huge asking price for Cashcade.  Seems no-one was exaggerating, because PartyGaming had to cough up just short of £96Million, to seal the deal.  An absolutely incredible amount.  

    Both Cashcade and PartyGaming are said to be very happy with the deal.  But Independent News & Media are probably the most relieved of all.  They hold 16% of Cashcade and have been having a few financial problems of late.  Without doubt, this deal should be making their money troubles a thing of the past!  The Managing Director for Cashcade stated that this had provided a “substantial opportunity” for them, within the Online Bingo Industry.  Jim Ryan, the PartyGaming Chief Executive was also very positive about the future.  He stated that this had provided the company with “an excellent platform to build a meaningful share of the, one and a half billion dollar, global online Bingo market."

    Cashcade were established in 1999, and have achieved a lot since then.  Becoming one of the leading Online Bingo operators in the UK. Together, with Party Gaming, they seem destined to dominate.  It is estimated that people will be spending around $2.5Billion, playing Online Bingo within the next three years.  Almost thirty percent of global figures is accounted for within the UK market.  Well above any other country.  Seems us Brits just love to play Bingo.  Was there ever any doubt?

    This was an article by Lisa for Bingo Faces on 25/07/09

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