British online gaming company 888 Holdings said it had submitted a proposal to buy Bwin. Party Digital Entertainment in cash and shares, as it saw "significant industrial logic" in the combination.

888’s announcement could set the stage for a bidding war as sports betting and gaming company GVC Holdings said on Friday that it had submitted a bid for Bwin, which put itself up for sale last year.

888 shareholders representing about 59 per cent of its share capital have irrevocably committed to vote in favour of the proposed transaction, the company said.

Reuters