Playtech, the gambling software developer, said it had built up a war chest of more than $300m (£168m) to spend on acquisitions as it announced a 45 per cent rise in half-year pre-tax profit.

The company, whose clients include PartyGaming and Paddy Power, said it expected new markets to open up in Europe as gambling regulations eased. It was lining up acquisitions that would allow the company to take advantage of those opportunities.