Foxy Bingo sale to Party Gaming - the aftermath?
2009-10-10 17:01:28 | Written by: Rachel Collins
Many online bingo players are unaware of this, but Cashcade, the owner of (among others) Foxy Bingo was sold to Party Gaming, a group focusing in online gambling and owners of Party Poker. This acquisition, nearly 4 months ago for almost £96 million (!) was much talked about among people within the online bingo industry, all very curious to see how this will affect the status of Foxy Bingo, which up until now was the crown jewel of the Cashcade group, and now has to fight for its place among many other strong casino and gambling brands.
A few months later, we can see the results of this acquisition in several actions taken by Cashcade, signaling the drop in importance of Foxy Bingo with its new owner – the value and quality of bingo promotions has dropped, and the launch of the Foxy brand casino and other side projects all signal the parent company’s focus is on other channels other than the Foxy Bingo site.
In addition, soon after the deal was completed, Cashcade has one-sidedly changed its agreements with all their online marketing channels, cutting down their payments and leaving them with great frustration and financial losses.
What does this all mean to the average bingo player? Well, just like with everything else in life, there’s a bad side and a good side:
The bad is that Foxy members will probably be disappointed with future amount and quality of promotions and prizes moreover, the fact that an online bingo company is withholding payments to marketers raises doubts about their future payout to members – although such incidents are unprecedented yet.
The good side – Foxy Bingo enjoyed its status as a very dominant force in the bingo industry up until now, mainly due to aggressive marketing. Now, with investments in the bingo site and its marketing slowly dropping, and with disappointed online marketers preferring other brands due to their financial disputes, the door is now open much wider for other new online bingo sites to step forward, bringing fresh new competition to the online bingo market from which the users in general can only benefit.Related News
- 2009-10-05 | Foxy Bingo Cruise 2009 to Holland
- 2009-09-27 | Foxy Bingo launches an online casino – Foxy Flutter
- 2009-09-16 | Get a chance to appear live on Foxy Radio
- 2009-09-10 | Foxy Bingo launches Foxy Street online shop
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