Gaming software provider Playtech has acquired Ipswich-based rival Gaming Technology Solutions (GTS) for up to €32.4 million (£29.4 million).

GTS provides gaming software to online bingo, sports betting and casino operators across Europe. In the year to June, the company generated turnover of £2.6 million and pre-tax profits of £300,000.

Mor Weizer, CEO of Playtech, said: 'The success of the games sections in sports betting operators' sites is evident and this deal will give Playtech greater exposure to what is one of the fastest growing industry segments.'

Playtech reported an increase in revenue of 29.8 per cent to €66.9 million in the six months ending June, while net profits were up 19 per cent to €43 million.