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PartyGaming Buys Cashcade

For several weeks now there has been widespread speculation on who would acquire the UK online gambling group Cashcade . Would it be Party Gaming, 888.com or some other major group with the financial clout to close the deal?
 
This weekend the UK newspaper The Times provided the answer, reporting that Internet gambling group Party Gaming has clinched the deal with a GBP 100 million price tag.  PartyPoker
 
888.com was widely thought to the front runner in bids to acquire Cashcade, which owns the major Foxy Bingo and Getminted websites. It seemed like a logical fit, as Cashcade is probably the biggest licensee on 888's Globalcom bingo platform.
 
However, last week CEO Gigi Levy told media that his company had the finance and had considered a deal, but didn't like the price. Concerns over a competitor buying the group are ameliorated by the fact that Cashcade's contract with Globalcom still has two years to run.
 
The Times informs that the deal with Party Gaming will be announced after the weekend, providing a much needed cash windfall for Independent News & Media, the indebted newspaper publisher that owns a near-20 percent stake in Cashcade.
 
Party Gaming is thought to be paying an initial GBP 75 million to take control. It will then have to pay up to GBP 25 million, depending on the performance of the business this year and in 2010.
 
After settling a legal dispute with the US Department of Justice in April, Party Gaming said it was hoping to make a number of acquisitions in the online gaming sector. This deal will mark its first since the settlement. It is also known to have looked at a deal to buy GigaMedia, owner of the Everest Poker online site.
 
Cashcade has significant potential. Majority-owned by its directors and staff, it has enjoyed strong growth since launch in 2000. Last year, the company generated EBITDA of just over GBP 12 million on revenues of about GBP 45 million and is said to be trading well this year.



Gambling News :

Oink Country Love Slot Launches - Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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