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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.
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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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