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Party Gaming and 888 Fight Over Buying Cashcade
Reports in The Times over the weekend confirm rumours that both Party Gaming and 888 are among the final bidders for Internet bingo company Cashcade, which owns FoxyBingo and GetMinted among other websites. The company achieved gross gaming revenues of GBP 45 million last year, generating EBITDA of GBP 12.3 million.
Part-owned (some 17 percent) by Independent News and Media, the online bingo company is expected to fetch between GBP 70 million and GBP 100 million, providing a valuable lifeline to Independent News, which last week secured a standstill agreement with its lenders, and a massive windfall for the group’s directors and staff, who own around half the shares, reports The Times.
There is apparently at least one other major bidder for Cashcade, with analysts speculating that it could be Paddy Power.
Jim Ryan, the CEO of Party Gaming, said last month that the company was considering a number of possible acquisition targets, and there have been persistent rumours that the group is involved in negotiations with Everest Poker owner GigaMedia in Taiwan.
888 execs have been equally consistent in statements indicating that the Gibraltar-based company was on the acquisition trail with the wherewithal to snap up targets where and when available.
Gambling News :
$400k Winner at Bodog Casino -
To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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