By Simon Collins, Director, Cashcade Ltd.
We are delighted to be able to announce that Cashcade Ltd has joined forces with PartyGaming PLC.
As well as offering an absolutely first-class gaming experience for our 2.2 million registered players, our success has been achieved with an amazing team here at Foxy Towers, and innovative marketing campaigns that have built some of the best recognised brands in the UK. Not just in our sector, but across all categories. As reported by the independent Bingoport.co.uk, we have been consistently hosting over 2500 average daily concurrent users in 7 online bingo networks in the 3 months to June 30, 2009. Making us the nation’s favourite!
The deal with PartyGaming is all about the future and how we build our products and business in a highly innovative, rapidly-expanding global market. This development will include two key areas, both of which will be made possible by today’s news. Firstly, whilst maintaining our UK position, we will be well-placed to enter international markets, as they open up around the world. Secondly, with the synergies of a larger company we will be able to help deliver great bingo propositions on managed service deals with Intralot and Cirsa.
This acquisition brings a huge amount to both companies. As we all know, bingo is a fast growing market. H2 Gambling Capital estimate that the global online bingo market was…
…worth $1.5bn of gross gaming yield in 2008 and that this will increase to $2.5bn by 2012. Indeed, in the UK, where we are proud to be the market leader, online bingo is estimated to be worth $410m in 2008 or 27% of the global market.
Speaking about the deal, our very own Patrick Southon, Cashcade MD and my long-time business partner, said, “This is an 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.”
As for the immediate future, it’s business as usual for everyone at Cashcade. We have targets to meet and great incentives to grow the business as rapidly as we have been to date. And, vitally, there will be no difference for players. They can remain confident that as part of a FTSE-250 company their play is even more secure than ever.
Onwards and upwards!