The Expanding Online Bingo Market In UK

Online bingo has become the fastest growing form of internet gambling. The amounts of funds involved in the same are huge. The auction of Cashcade, the owner of Foxy Bingo and Getminted casino web brands has received a tremendous response and is the big event all bingo players are looking forward to.

Cashcade, in which Independent News and Media owns a 20% stake is expected to fetch £70 million to £100 million. PartyGaming, the Party Poker owner might seal the deal in the face of opposition from 888Holdings and Paddy Power, an Irish bookmaker. Cashcade has appointed Jefferies, the investment bank to handle the sale process.

The Cashcade deal will be a landmark in the UK online bingo market. The victory of PartyGaming will be a threat to Gala Bingo which is currently Numero Uno in the industry. It will also be a setback for 888 Holdings that provides the software for Cashcade’s websites. A victory for PartyGaming would see it loose the contract.

The most awaited news, the deal just shows the huge stakes involved of the big players of the bingo market. The online bingo sector was worth $1.4 billion last year on a global basis. It is forecast to hit $1.7 billion this year and $2 billion in 2010. The UK accounts for about 20 per cent of the market.