Bwin.Party (BPTY) chairman Philip Yea won't confirm whether the gambling group is up for sale, other than to say a number of discussions are "ongoing" and the board "has received some proposals". Rumour has it various bidders - including William Hill (WMH), which just failed to buy 888 Holdings (888), and GVC Holdings (GVC) - have been vying for a slice of Bwin since it posted a poor set of half-year results last November. At the time, management said it would make "a number of changes" to secure long-term growth.
Chief executive Norbert Teufelberger says the shift to a "label-led" business model - whereby each segment is given more autonomy and direct management - hasn't yet fed through to the financials. Instead, a squeezed poker market, the group's decision to leave Greece and a hefty €104m (£73.5m) impairment charge (against intangible assets within poker and social gaming) resulted in an operating loss of €98m last year.