Austrian Internet betting and gambling operator bwin said on Monday it is close to buying Italy's Gioco Digitale, positioning itself on the Italian online gambling market which it expects to be deregulated.

The group, which said in its last quarterly report it plans to expand its Italian poker, casino and sports betting operations, said an agreement to buy 100 percent of Gioco from current shareholders was in the final stages of talks.

Closely held Gioco says it is Italy's first independent online gaming site and offers mainly poker, betting and skill games.
Bwin did not disclose terms of the deal. Italian newspaper Finanza & Mercati said last week an investor had bought 10 percent of Gioco for more than 2 million euros ($2.9 million).

Analysts say the fragmented European Internet gambling market is ripe for consolidation. Britain's PartyGaming recently acquired an online poker operator, while 888 has said it is close to buying an unidentified asset.

Bwin said last month that due to a recently passed law to be enacted this autumn, poker cash games and other games of chance will be permitted in Italy in addition to sports betting and online poker tournaments, raising the profile of the market.
Shares in bwin rose 0.7 percent to 27.42 euros in the first minutes of trading.

Source: Reuters

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