| Online Bingo firm faces sell off |
| Sunday, 19 July 2009 00:00 |
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Cashcade the online bingo operators behind the brands of Foxy Bingo and Cheeky Bingo could be sold for 100 million pounds as reported on Reuters. The current owners Independent News and Media are looking to reduce company debts and it was speculated that 888 holdings who supply the software to Cashcade would buy the firm out. However 888 holdings departed from the deal when the price went to 100 million pounds and still believe that the current binding contract that cashcade must use their software for the next two years is still lucrative for their firm. A source close to Reuters has stated that Party Gaming would pay 75 million pounds up front and the remaining 25 million depending on performance during the next two years. Cashcade have grown with intense advertising on the Foxy Bingo brand and continued its dominance in the market when it bought Herotech who are behind the brands of Think Bingo and Bingo Scotland. Party Gaming and Cashcade have not released any official statements about the deal.
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