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London-listed Playtech yesterday reported a 29 percent rise in first quarter gross income as revenues from Virtue Fusion began to flow, and its online joint venture with William Hill gained momentum.

Gravity has finally caught up with Playtech’s rate of growth as a trading statement from the online poker and casino software supplier shows revenues rising only marginally in the third quarter.

Playtech has admitted it made an approach to gambling machine supplier Inspired Gaming before deciding against going through with any outright bid for the UK-listed company.

A “disconnect” between William Hill and Playtech over revenue expectations for their joint William Hill Online operation amplified the online gaming software supplier’s profit warning yesterday.

Playtech is in discussions with prospective operators in both the US and France as it looks for future growth in markets which, like Italy, are implementing regulation.

Following results published yesterday which showed the company’s strategy of geographic diversification paying dividends in the newly-regulated Italian market, Playtech is now thought to be in talks to supply online gambling services to one or more of the provincial lottery authorities in Argentina.

Gaming software group Playtech yesterday announced strengthening casino and bingo numbers for the second quarter of 2010, as the company blamed a seasonal downturn, and the World Cup, for its lacklustre poker revenues.

Hard on the heels of news earlier this month that Playtech had signed Betfair as its latest licensee, analysts at Deutsche Bank have suggested that regulatory evolution in single markets is destined to provide the online gaming software provider its most significant opportunities, with the possibility of the US moving towards licensing being the “big one”.

Following six months of negotiations between the two companies, Playtech and William Hill yesterday announced a five-year licensing deal that will see Playtech sell off its recently acquired affiliated assets to William Hill in return for a significant stake in William Hill’s new online betting and gaming division.

UK bookmaker William Hill reported mixed results as a disastrous Royal Ascot, which came with estimated £1m-a-day losses, was softened by the best World Cup “in 40 years”.