Bwin accepted a £900m acquisition offer from 888 but then asked GVC to put its best offer on the table Reuters

Bwin.Party, the online gambling giant, has reported that revenue fell 6.5% to £217.5 (€296.5m, $334.8) in the first half of 2015. The company put the decline down to tough comparatives from last year, when the Fifa World Cup boosted sales.

Bwin's adjusted earnings were up 2% and it swung into a profit of £2.1m from a £69m loss the year before. Chief executive Norbert Teufelberger told investors: "Based upon our progress in the year-to-date and with the further roll-out of our latest mobile products, the introduction of new CRM tools and planned entry into two new nationally regulated markets later this year, we remain confident about the full-year outlook."

In the six months to 30 June 2015, the company saw a strong increase in revenue from non-core divisions. Bwin's own-label sales, meanwhile, were down.

Bidding war

The latest report comes amid a bidding war for the company between rivals 888 and GVC Holdings. On 17 July Bwin conditionally accepted an offer made by 888 of £900m, despite a previous £1.03bn bid from GVC.

The company then offered GVC a chance to hike its offer and go all-in on the acquisition. GVC has said it is willing to hike its bid for the online gambler to £1.1bn in an effort to create one of the world's leading online gambling and entertainment firms.

The potential deal is part of a wave of consolidation in the betting industry. Rivals Paddy Power and Betfair agreed on a £5.6bn merger earlier this week.