Gigi Levy, 888’s chief executive, scoffed at suggestions he was under pressure to pull off an acquisition, after having been outbid last month by rival online gambling company PartyGaming for Cashcade, the bingo operator.

Competition in the UK online bingo market and the potential for growth abroad persuaded PartyGaming to pay indebted Independent News & Media up to £96m for the operator of FoxyBingo and other online sites.