William Hill places stake in software specialist

"Playtech will take a 29% stake in a new online gaming and sports betting operation, William Hill Online, in return for folding in $250m (£146m) worth of newly acquired affiliate businesses with a strong supply of customers as well as 'marketing and customer retention expertise'.

"William Hill, which will put its existing online assets into the joint venture, will own the rest of William Hill Online and have full operational control of it, retaining an option to buy out Playtech's share in four or six years' time. It has also agreed to use Playtech's software for poker and casino games for at least five years.

"...William Hill has struggled to bring in sufficiently large numbers of internet gamblers at a time when the online market is growing in importance..."