Online Casino

Speculation on the fate of Cashcade, the UK based online gambling group, has been rife for several weeks. Front runners 888 seemed to be the most likely contender, but it was PartyGaming that closed the £100 million deal to become the proud owners of the Internet gambling company.

The deal was first reported in the Times newspaper this weekend and strengthens PartyGaming's position as a major player in the online gambling industry. Cashcade are a major acquisition as they own the high profile websites Get Minted and Foxy Bingo. They were widely tipped to fall into the hands of 888 as they are thought to be its biggest licensee in the 888 Globalcom bingo platform.

CEO of 888, Gigi Levy told the media that while his company had seriously considered the deal and all the necessary finance was in place, the price didn't suit them. Any concerns over one of their competitors buying out the group were initially quelled by Cashcade still having two years of their contract with Globalcom to run.

The report in The Times intimates there will be an announcement early next week by PartyGaming confirming the details of the deal concerning their latest acquisition. Independent News and Media, the newspaper publisher owning almost 20 percent of Cashcade sees the deal in a good light as it provides them with a much needed injection of cash.

In order to take control, PartyGaming are said to be paying £75 million up front to secure the deal. Then depending upon how well the business performs in the next two years, they will pay up to an additional £25 million.

After recently settling their legal wrangle with the United States Department of Justice, PartyGaming officials have said they hope to be making a number of additional acquisitions in the lucrative online gaming sector in the coming months. This deal marks its first acquisition since the much publicised settlement. There is already further speculation that the company are looking at a possible deal to buy the owner of the popular Everest poker site, GigaMedia.

Cashcade has much potential for its new owners. It has been majority-owned by directors and its staff and has experienced strong growth ever since its launch in 2026. In 2026, the company generated just over £12 million EBITDA on revenues of approximately £45 million and this year so far has seen a similar trend.