GVC said the offer was worth 125.5p a share, 3p higher than when it announced a provisional bid in late July.
GVC said it was working with Bwin .party to enable Bwin
's board to make a full evaluation of the offer.
Bwin- whose brands include Partypoker and Partycasino - has already accepted an offer from 888 Holdings worth £898m.
In a statement, Bwin
said its recommendation of 888 Holdings' offer remained unchanged by the announcement.
GVC said there was still no certainty that it would make a formal offer for Bwin.
Earlier this year, 888 rejected a takeover bid from William Hill
.
Online gambling companies are merging to try and reduce operating costs as they are exposed to stricter regulation.
On Friday, William Hill
said half-year profits were down by more than a third after being hit by changes to betting taxes.
Pre-tax profits fell to £78.7m in the first six months of the year after paying an additional £44m in gambling duties.
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