If you take an interest in who runs or owns the site you play on, you’ll find last week’s news that 888 Holdings are not looking to take over Cashcade a very interesting tidbit indeed. As one of the biggest providers of online bingo, Cashcade currently have many of the biggest names in UK bingo in their portfolio including the hugely influential Foxy Bingo and their latest successful venture, Cheeky Bingo.
With so many successes behind the Cashcade brand, it came as no surprise to those in the industry when rumours started floating round that 888 Holdings were looking to buy the Cashcade company which is proported to be worth £70-100m. Since 888 Holdings already owns the rights to the Globalcom software that all Cashcade sites run off, the suggested takeover would have made sense in respect of 888’s aim to “create sustainable shareholder value by becoming the market leader in the global online gaming industry”.
Despite the alleged talks between the two industry giants, Gigi Levy the Chief Executive of 888 Holdings spoke to eGaming Review last week, stating that the company he was in talks with as cited by Reuters was not in fact Cashcade. Explaining that “While 888 was interested in Cashcade and is involved as an interested party, the advanced talks mentioned by Reuters relate to a different company. Right now there are lots of opportunities out there because there are companies that are struggling or that can see it will be hard to maintain growth because they are too small”.
This is an interesting story for those concerned with ownership of their bingo sites, as both these companies are hugely influential in terms of development and delivery of new formats and features for players. With both still looking to remain separate entities, it means that the future of our favourite game looks safe and will continue to be an interesting process of innovation and growth. After all, a bit of healthy competition in terms of producing new sites and making existing ones better value for players can only be a good thing in the long term.