Cashcade Extends Online Bingo Deal With Dragonfish
14th April, 2010
According to an article from eGaming Review Cashcade, who own Foxy Bingo, have signed a two year deal to extend its contract with 888’s B2B arm, Dragonfish, for a further two years so that their bingo brands stay on the Dragonfish platform.
The deal ties revenue streams from Cashcade’s popular brands which include: Foxy, Cheeky and think bingo to Dragonfish until May 2014. This is despite rumours of the company moving off the network to PartyGaming who bought Cashcade in July 2009.
The decision, according to Dragonfish’s Managing Director Gabi Campos, avoids the disruptive effects of moving bingo players to another platform and reflects the strength of Dragonfish’s bingo software and back end system.
Campos said: “Major standalone networks require software with sufficient flexibility to allow a variety of marketing campaigns that can be integrated into the back office, and Dragonfish can provide this.”
Other companies that are on the Dragonfish network include wink bingo and posh bingo after they acquired the online bingo rooms from previous owners Daub for £60m in December 2009.
The extended deal between Cashcade and Dragonfish has been well received by brokers. KBC Peel Hunt analyst Nick Batram said: “We had grown more confident that Dragonfish would retain its largest B2B client but today’s announcement should still be greeted positively. The financial terms are unlikely to match the previous deal but we would still expect Cashcade to be a major contributor. In addition, retaining Cashcade removes a significant uncertainty and further boosts Dragonfish’s credibility.”
Daniel Stewart analyst James Hollins said: “This provides useful revenue visibility in 888’s income stream, as well as continuing to support a highly liquid bingo network that is all-important for future client wins. Although we still have concerns over the liquidity in 888’s standalone poker network, essentially limiting its B2B offer to casino, games and bingo, we are encouraged by today’s announcement.”
By Rommon
