Uh oh. Let two things be recorded here today. First, I was wrong when I said that the GVC takeover bid for bwin.party would fail, and that bwin.party would stick with 888. Wrong wrong wrong! On July 22, I wrote:

There are news reports fluttering around that GVC could possibly make a counteroffer…but I don’t see that happening. Bwin.party already decided to go with 888 even though GVC offered slightly more money, because this deal is not simply about cash. It’s about saving a company and maintaining a good legacy.

Well, it turns out that after offering a $400M premium over 888’s highest offer, the bwin.party board decided to give in to temptation and go with the racier, riskier, more dangerous, fun, and faster growing suitor. With a much less stable business model.

Second, I fear this will not end well at all. For the sake of GVC, Amaya, and bwin.party shareholders, I hope I am wrong.