Another bidder for BwinParty
888 Holdings isn’t the only gaming company interested in acquiring Bwin.party. GVC Holdings PLC a gaming and sports betting company which holds gambling licences in five different countries has also made a bid to buy Bwin.party. GVC was founded in 2004 and is based in the Isle of Man. The company is worth 281 million pounds sterling which is almost a quarter of the value of Bwin.party. Bwin.party’s shares increased in value after the bids from 888 Holdings and GVC were announced. Amaya Gaming is also said to have joined GVC in a joint bid for Bwin.party.
Bwin struggling for many years
In 2011 the online gaming companies, Bwin Interactive Entertainment and Partygaming merged to form Bwin.party. The new gaming giant is licensed in Gibraltar and operates worldwide. The company is involved in online casinos, bingo, sports betting and poker. However since the two gaming groups merged the company has continued to lose market share and its revenue has decreased. Bwin.party recently released its first quarter results which show a rise of 6 per cent over the last quarter of 2014 but a 6 percent drop in income when compared to the first quarter of 2014. It is against this backdrop that 888 Holdings has made its takeover bid.
888 Holdings operating worldwide
888 Holdings holds licences to operate in several countries and since 2013 it has returned to operate in regulated markets in The United States. The company left the American online casino industry in 2006 when the Unlawful Internet Enforcement Act banned online gambling. 888 Holdings now operates online casinos in Nevada and New Jersey, two of the three American states where internet gambling is now permitted by law. Not so long ago, 888 Holdings itself saw off a takeover bid by the United Kingdom based William Hill group.
888 online live casino
888 Casino is owned by 888 Holdings. 888 Casino is among the oldest online casinos and it has an excellent worldwide reputation. The online casino was launched in 1997 and runs on Evolution Gaming software. 888 Casino also offers its players live roulette, blackjack and baccarat where players can play at tables hosted by live dealers.
Bwin.party stated recently that the takeover discussions should be completed within a few weeks. At the moment it looks like a bidding war between 888 Holdings and possibly a joint bid from GVC and Amaya Gaming.