arlier this month, GVC had made a revised offer of 1.03 billion pounds ($1.72 billion) in cash and stock, which was slightly higher than its previous offer of about 1 billion pounds.
Still, bwin had accepted 888 Holdings Plc's 900 million-pound offer, saying GVC's offer is too complex and has less attractive growth prospects.
The newspaper said that bwin's board is scheduled to meet on Thursday to decide on GVC's increased offer. If it does decide to choose GVC, then the board is expected to give 888 a short grace period to make its own enhanced offer.
Representatives at GVC and bwin were not immediately available for comment
GVC's new offer is expected to more than match any revised 888 offer, Times reported, citing sources close to the process.
The tussle for bwin is the latest in a flurry of merger activity in the industry, a trend likely to continue as firms seek to expand to offset increasing taxes and tighter regulation in Britain.