888 Not Sold on Cashcade

The Chief Executive of the 888 Holding group who own and run several internet bingo sites and software, Gigi Levy has been quoted as saying that 888 are not sold on Cashcade and will not be purchasing the company as rumoured recently in many internet bingo publications.

888 Holdings are one of the biggest companies in the world of online bingo, in addition to bingo sites like 888 Ladies their biggest acquisition is the Globalcom software package, used by many internet bingo sites including the whole of the Cashcade group.

When asked the Chief Executive was adamant that it is nothing to do with the lack of US Settlement preventing the sale, just the fact that 888 did not want to pay the price that Cashcade are asking for the sites. They are thought to be for sale at around £80 million.

Cashcade is the parent group of Foxy Bingo and many other sites including the Think Bingo family and others. The company is headed by chief executive Patrick Southon and Commercial Director Simon Collins.
There’s no doubt it is one of the biggest bingo companies within the UK and with 888 being another formidable force in the industry, a collaboration between the two would make them pretty unstoppable.

Even without the sale Globalcom, owned by the 888 group has a binding contract with Cashcade to keep them on their bingo software platform for at least the next two years. That means that even if they do not buy right now, the company isn’t actually going anywhere in the short term.
 

20th July 2009

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Article Last Updated: 21/08/2009 12:08:02