888 joins GVC Holdings in takeover approach for Bwin

It has been revealed that yet another betting firm has made a takeover approach for online gambling company Bwin.

It surfaced last week that multinational sports betting group GVC Holdings had approached Bwin with a takeover bid but it has now been joined by gambling firm 888.

888 released a statement saying: "The board believes that there is significant industrial logic in a combination of 888 and bwin.party, benefiting both companies and all shareholders and accordingly, has submitted a proposal regarding the acquisition."

Bwin, which was once the shirt sponsor for Spanish footballing giants Real Madrid and Italian club AC Milan, responded by saying that it is mulling over its options: "The board and its advisers are conducting a detailed review of the proposals received to-date and will make a further announcement in due course, however there can be no certainty that these proposals will result in a transaction being completed."

Bwin reported earlier in the year that its core earnings for 2014 had dropped by 6% to €101.2m (£73.3m, $114.8m).