Analyze the relationship between 'Bwin' and 'sports betting' within the context of the input sentence.
Options: creator, business division, industry, product/material produced

Bwin, which has struggled with the decline of regulated poker markets in Europe and to make cost savings since its creation via a merger of sports betting group Bwin and online poker group PartyGaming in 2011, confirmed on Monday that it had received a new offer from GVC and would respond in due course.
product/material produced