Playtech and William Hill Settle Dispute

The relationship between Playtech and William Hill, who have partnered to create William Hill Online in 2009, has since soured. The two companies were headed to court next week, before reaching an agreement to avert the court face-off.

Software provider Playtech, which holds a share of 29% in the joint venture, was in talks with UK bookmaker Ladbrokes plc, a rival of William Hill, when the latter secured an injunction against certain Playtech business moves.

This injunction has now been removed, the companies said, and new terms have been reached between the companies.

A new clause in the relationship between the software provider and the UK bookmaker prohibits Playtech from licensing its software to "a UK land-based gambling operator."

Both companies are traded - William Hill plc as LSE:WMH and Playtech Ltd as AIM:PTEC. Their respective shares have seen slight rises since the announcement.

Furthermore, it is largely due to its share in the William Hill venture that had Playtech's share of profit gain 34 percent to 9.9 million euros, according to financial reports released in late April.