PartyGaming Look to Buyout Cashcade
As reported by eGaming Review, it has come to our attention that Cashcade Ltd could be bought out by PartyGaming and this takeover deal could even go through as early as next week. The money in which PartyGaming will be buying Cashcade out for is thought to be around the £70 to £100m mark, which is not pocket change by anyone’s standards.
So by the looks of it Foxy Bingo could have a new owner and very soon although a close source did say “The acquisition could be driven through as early as next week. Although takeovers can be complex and there are many supplier and technology issues such as player migration to finalise in this particular deal.”
This new event will have some good affects and some bad, so unfortunately for 888 they have got the negative side of this deal. Cashcade was one of 888’s key licences on their Global Platform, as this is the software of choice for all their current online bingo sites.
888 is not alone in getting affected either, Gala Bingo is next in line to be hit with this new motion of movement. Gala Bingo being the top leading bingo site of the UK will be battling out with PartyGaming as they start increase in their marketing and using up some of Gala’s. And also Gala Coral, the parent company of Gala Bingo, hit a bit of a wall when the smoking ban was put into action, coupled together with the recent hike in bingo tax, but they are determined not to fail.
They will not give up and have started a “push” to raise 200 million pound for all the loss cash in which they experienced due to that unfortunate event on their behalf and other bingo clubs across the nation.
So as next week is only round the corner we will soon find out whether PartyGaming will be taking over Cashcade as soon as the rumours have said or will the rumours be just in fact, rumours? If it does go ahead it could have a major impact on the online bingo industry, but as they say online time will tell.
