Two prominent names in online gambling have joined forces as online gambling company Playtech and bet exchange Betfair have signed a licensing agreement.

"Under the terms of the license agreement, Betfair will benefit from a range of software services provided by Playtech, including its leading casino offering and bingo software via the Betfair TV platform," read a release.

"Playtech will become the exclusive software provider for Betfair's new download casino product expanding the gaming options available to Betfair's customers via a solution fully integrated with Betfair's betting exchange."

"We welcome Betfair to our licensee network and are excited to be working with such a like-minded business which revolutionized the gaming industry," explained Playtech CEO Mor Weizer.

"Betfair's decision to enter into this licence agreement with Playtech is a significant endorsement of Playtech's market leading gaming products and this partnership exemplifies our strategy of rapidly expanding our licensee base with tier one operators across all markets."