Online gambling software firm Playtech says it remains on the hunt for possible acquisitions while its Xwise digital marketing arm lays off the majority of its staff.

Playtech held its annual general meeting on Wednesday, at which chairman Alan Jackson said the company was having “active discussions” with a number of potential acquisition targets for its gaming division, while its financials division was looking at “selective bolt-on” acquisitions.

Last month, Playtech missed out on acquiring online technology rival OpenBet, which was snapped up by NYX Gaming (with a little financial help from William Hill, who had a contentious relationship with Playtech before Hills bought out Playtech’s share of the William Hill Online joint venture).

Having been pipped at the OpenBet post, Playtech is sitting on an acquisition war chest of nearly $1b, but should no suitable acquisition target present itself, Jackson said Playtech will consider returning some of that cash to shareholders, including Teddy Sagi, Playtech’s largest shareholder, company founder and erstwhile jailbird pornographer.