According to the UK’s Sunday Times, PartyGaming has agreed to a deal to purchase online bingo giant Cashcade. The deal, which would be officially announced within the next two days, is reportedly worth £100 million, with an initial £75 million in guaranteed money and up to £25 million depending on how the bingo site fares in 2009 and 2010. The expectations are that the site will fare very well, since Cashcade is the UK’s number-one online bingo site in terms of number of players.

Cashcade is owner of popular online bingo companies Foxy Bingo, Mirror Bingo and Cheeky Bingo. Cashcade’s companies make up 23% of the online bingo market share, making them a popular, though pricey, company for acquisition after they announced they were for sale earlier in the year.

Until it is officially announced, though, and the contract is signed, no one should assume anything. After all, until last week everyone assumed online casino 888.com was going to buy Cashcade, but they pulled out of the bidding war when the stakes got too high. And as for the Sunday Times‘ reporting, I have no experience with the newspaper to know how credible they are, but the likes of Walter Cronkite and Dan Rather have led to a general distrust of the media. Of course, we want you to know that you can trust us nice folks at GamblingReview. We’re different. In any case, the deal is said to be announced within the next two days and GamblingReview will update you when it happens.