Shareholders in Austria-based Internet betting group bwin have voted to endorse the merger with PartyGaming that will create the world’s largest online gambling business.

The all-stock deal is worth an estimated US$3.3 billion based on share prices when the transaction was announced last summer.

The two companies have styled it a merger of equals, although bwin shareholders will end up owning 51.6 percent of the company and investors in PartyGaming will hold the remaining 48.4 percent.

The new group will be listed on the London Stock Exchange and will be jointly run by the chief executives of the two companies, Jim Ryan and Norbert Teufelberger.