Posts Tagged ‘partygaming’

Partygaming buys Cashcade

Giant online gambling operator “Partygaming” has purchased Cashcade for over $157 million. Purchasing Cashcade was part of its aggressive forward plan of attack in the online gambling sector as they aim to recoup losses and aquire a large market share. Party gaming software suffered huge losses due to the UIGEA, costing them hundreds of millions of dollars.

Cashcade specialises in online bingo sites and operates Foxy Bingo, Think Bingo, and Get minted. The bingo market is a great market for Party Gaming to get their hands on as it has grown rapidly over the last two years since the smoking ban. ”Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo,” Jim Ryan CEO of PartyGaming commented.

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Party Gaming profits continue to decline

The current world economic crisis is affecting the finances of online poker companies. The latest quarterly earnings reports of PartyGaming Inc. (owners of Party Poker) show lower profits which are mainly due to falling poker revenue (a decline of 15%, or US$65m).

However, company insiders hope that the recent re-launch of its flagship PartyPoker.com site will reinvigorate this portion of the company. Despite the reduction in the poker profitability, PartyGaming (partly due to its strong online casino platform) remains profitable overall, citing revenues of US$117m.

Despite the company’s market value dropping substantially over the last two years - from a US$7bn peak to around US$500m - there are high levels of optimism within the company, mainly due to feelings that the new Obama-led administration will be far more open to discussions on re-opening the US market than the Bush administration ever was. In addition, constructive talks with the US Justice Department are ongoing.

According to PartyGaming CEO Jim Ryan, the company is on the brink of a “transformational acquisition”, meaning that a new round of mergers and acquisitions within the online gaming industry could stimulate the market. In addition, PartyGaming’s branded online gaming system could be further enhanced by a recent deal with a UK broadcaster.

Tags: decline, partygaming
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Posts Tagged ‘partygaming’

Partygaming buys Cashcade

Party Gaming profits continue to decline

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