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Cashcade Online Bingo a Hot Commodity
All eyes on the prize as the likes of PartyGaming and 888.com are looking to acquire online bingo company, Cashcade.
Cashcade have been active in the gaming space for over 6 years and have in that time been both a software developer and marketing organisation. The business has developed its own brands Getminted.com and Foxy Bingo into high successful products in their own right.
The Financial Times of London reports that the both Party and 888 were likely to submit bids for FoxyBingo.com, Britain's most popular online bingo website, sometime this week, adding that Ireland's biggest bookmaker, Paddy Power, could also get in the game.
International News & Media, which has a 20 per cent stake in Cashcade, is under pressure to offload assets having last week reached a six-week standstill agreement over the payment of a €200m bond (£176m).
Discussions are well under way to sell three companies the group either owns or in which it has an interest. As well as Cashcade, the owner of the Independent newspaper is also trying to sell a price-comparison website called Verivox and Independent News Outdoor, a South African advertisement business.
Between them, according to people with knowledge of the discussions, the three businesses are expected to net gains of about €150m, with the bulk coming from the South African sale, which INM wholly owns.
Bingo sites are among the most popular in online gambling today and were some of the first to join the Web during the mid-90's.
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Christopher Costigan, Gambling911.com Publisher
Submitted by C Costigan on Tue, 05/26/2009 - 09:12