ONLINE BINGO LEADERSHIP RESTS ON CASHCADE SALE
(Update)
19 June 2009
Internet bingo poised for significant growth
The successful bidder in the ongoing Cashcade sale
negotiations could determine who will lead the online
bingo industry into what increasingly looks like a
bright future for the game.
This week The Times
reported that growing numbers of casino and poker
gamblers are looking to bingo as an alternative
diversion, with the Internet bingo sector becoming the
fastest form of online gambling worth $1.4 billion last
year on a global basis. It is forecast to hit $1.7
billion this (2009) year and $2 billion in 2010. The UK
accounts for about 20 percent of the market.
Cashcade, the owner of the popular Foxy Bingo and
Getminted casino web brands, is therefore a key element,
and its auction has sparked wide interest. Foxy Bingo,
founded in June 2005, is the No 2 online bingo brand
behind Gala.
Independent News & Media has a 20
percent stake in the Cashcade, which is expected to
fetch between GBP 70 million and GBP 100 million, with
PartyGaming tipped to seal a deal in the face of
opposition from 888 Holdings and Paddy Power, the Irish
bookmaker. Cashcade recently reported a 91 percent jump
in revenues to GBP 33.7 million, with pre-tax profits
doubling to GBP 10.9 million.
The Times report
says the fear for Gala if PartyGaming wins the bidding
for Cashcade is that it might lose its leadership
position as the internet gambling giant leverages its
scale by cross-selling to its poker, casino and sports
betting customers.
A victory for PartyGaming
could also be a setback for 888 Holdings, which provides
the software for Cashcade's websites and had been tipped
as the early frontrunner.
Online Casino News Courtesy of
Infopowa
More news here.
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