PartyGaming Purchases Foxy Bingo For £94.9 Million

Cashcade, the parent company of Foxy Bingo, has been purchased by PartyGaming.

PartyGaming will pay an upfront cash payment of £71.9 million and up to £24 million in earn out payments dependent on the company’s future growth.

Jim Ryan, PartyGaming’s Chief Executive Officer, said: “Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market. Our M&A objective is to acquire companies that can put us into a top three position in each of our four product verticals and deliver substantial revenue and cost synergies. Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo.”

Patrick Southon, Cashcade’s Managing Director, said: “This is a very exciting day for Cashcade and we are delighted to join the PartyGaming organisation. We believe there is a substantial opportunity to leverage our existing business now that we are part of the world’s leading online gaming company.”

The earn out period is said by Cashcade management to be over 18 months and is dependent on the company meeting its internal targets.

Party Bingo Jackpot

Party Bingo’s Casino Jackpot current stands at almost 3 Million and it is getting bigger and bigger every minute. Also, Party Bingo have raised the Ball Count to 37 in the Lilac Lounge’s Progressive Jackpot giving players a better chance of winning that too.

Players should also keep in mind that one of them hits a jackpot every 40 seconds at Party Bingo, so buy those cards, and ensure that one of the next winners is you. With special prizes, including a trip to Disneyland, up for grabs its time to win.

A very special point about Party Bingo that players need to keep in mind, is the fact that Party Bingo is home to a vibrant community who always enjoy fun bingo games and exciting prizes. You’ve got Bingo Games, Mini Games and Side Games (and heaps and heaps of those) to choose from.

Players, do make sure that you are completely briefed regarding your daily playing schedule at Party Bingo just click on the Daily Specials – Seven Days of Bingo Fun tab. This will let you know what is happening, what time and where. Whether the games are in the Lilac Lounge or the Jade Garden.

Online Bingo Becomes More Popular

Online bingo is becoming the fastest-growing form of internet gambling. Auction of Cashcade, owner of the popular Foxy Bingo and Getminted, has sparked wide interest.

Cashcade is expected to fetch £70 million to £100 million with PartyGaming tipped to seal a deal. 888 Holdings and Paddy Power are also bidding for Cashcade.

The online bingo sector was worth $1.4 billion last year on a global basis. It is expected it will reach $1.7 billion this year and $2 billion in 2010. The UK accounts for about 20 per cent of the market.

Cashcade Bingo May Be Sold

It is rumoured that Party Gaming and 888 are favorites to buy online bingo company Cashcade, which owns Foxy Bingo. Paddy Power could also be interested in bidding for Cashcade.

Party Gaming and 888 did not comment these rumours stating that they are considereing  a number of possible acquisition targets.