In a trading update, bwin.party has confirmed that GVC Holdings’ proposed £1.1bn takeover of the online operator is set to complete on February 1, subject to approval from the Court of Gibraltar.

bwin.party and GVC

Fourth quarter net revenue at bwin.party is up five per cent year on year, with the company citing strong performance in sports betting and casino operations and growth in mobile as contributing factors.

Excluding the impact of EU VAT, the underlying increase in net revenue in Q4 was eight per cent.

The update concluded: “Based upon recent trading performance, the forthcoming Euro 2016 [football championship] and the full-year benefit of cost savings already achieved in 2015, the board believes that the group's prospects are strong, and these will be enhanced yet further by the proposed combination with GVC Holdings.”