Playtech raises its online stakes.(Business)

PLAYTECH has become the first UK gambling firm to brave the US online market since George W Bush banned internet gambling five years ago.

The software group has established a venture with the California Online Poker Association ahead of the anticipated relaxation of the restrictions.

The expected reforms could provide Playtech with a 'very substantial revenue source' given that 2m Californians gamble online on overseas-based poker sites, the the UK firm stated last night.