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The recently merged gambling giant Ladbrokes Coral has now agreed to be bought by online rival GVC in a deal worth up to £4bn ($5.35 billion US).

If approved by regulators, shareholders in GVC, owners of the Bwin, Sportingbet and Foxy Bingo brands, will hold 53.5% of the combined group.

Ladbrokes Coral became the UK’s biggest bookmaker last year after the joining of Ladbrokes and Coral with a combined 3,500 outlets and 25,000 employees.

The much smaller GVC has grown in recent years through a series of corporate takeovers, most notably that of in February last year.

Media reports indicate the final price of the deal depends on the government’s review of the highly profitable gaming machines known as fixed-odds betting terminals (FOBTs).

The Department of Culture, Media and Sport (DCMS) is soon expected to cut the amount players can wager on these terminals.

Ladbrokes Coral brands are Ladbrokes, Coral, Gala Casino, Gala Bingo, Eurobet, Betdaq, Sportium.

GVC brands are Bwin, Sportingbet, Betboo, Gamebookers, Partypoker, Partycasino, CasinoClub, Gioco Digitale, Foxy Bingo, Foxy Casino.

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