Will 888 buy Foxy Bingo?

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888.com is another one of the popular and leading online gambling sites in the UK. It has a bunch of other online gambling sites such as their 888 Ladies Bingo targeted at the ladies who love to play bingo online. Now with 888’s success, there have been rumors flying around the world of online bingo that they will be buying Foxy Bingo. But will they? Are the rumors actually true? Let’s find out if 888 is really up to buying Foxy Bingo.

Foxy Bingo is one of the most popular online bingo networks today. In fact, its ton of television campaigns made it possible for them to be known in almost every UK household today. But the problem is, they seem to be not doing well with their numbers. Year end reports for 2008 was pretty bad considering the credit crunch the world is facing right now. So will selling their brand and their parent company, Cashcade to 888 be the answer to their problem?

The rumors started spreading after the CEO of 888 was interviewed by eGaming Review. eGaming Review reported that 888 and Cashcade were in talks about selling Cashcade for around seventy to a hundred million pounds to 888. It will be an investment bank Jefferies that will be handling the sale. The reason why Cashcade is offering itself to 888 is because most of the revenue that Cashcade is generating comes from 888’s licensing fees. It was also reported in September of last year that the sale will be happening this June 2009.

However, Gigi Levy, the CEO, said that they were interested in acquiring Cashcade but there were other five target acquisitions they’re looking at. Cashcade seems to be just one of the few options of 888. There are certainly a lot of opportunities out there especially at this time. There are a lot of companies struggling and there are also those who can’t grow and keep up with the bigger companies because they are too small.