Antoine Griezmann
Atletico Madrid is sponsored by Plus500 Getty Images

Shares in Israeli online trading firm Plus500 have begun to bounce on news gambling firm Playtech will acquire the business, despite an ongoing review of the contracts-for-difference trader's money laundering systems and controls by UK regulators.

Plus500's shares were up 1.82% but are still languishing at less than half their May 18 value - the point at which Financial Conduct Authority (FCA) announced its probe, freezing certain of the firm's accounts.

Nick Batram, analyst at Peel Hunt, told Reuters that the market is nervous and the deal could be hit or miss because of the ongoing problems at Plus500.

"They [Playtech] are being opportunistic but it's not without risk. Because the issues that are going on at Plus500 are still going on, and we don't how far into those issues we are at the moment, you know, the timing could be fantastic, or it could look a bit silly," he said.

Playtech chief executive Mor Weizer said: "The acquisition of Plus500 is directly with our strategy and ambition.

"Under the terms of our offer Plus500 shareholder will receive 400p in shares which we think is a very compelling offer, demonstrated by the support by the plus500 board and more than a third of plus500 shareholder. I am also pleased to say that plus500 management will remain with the business for at least twelve months following completion to secure a smooth transition to Playtech management."

In April 2015 Playtech acquired TradeFX, which also provides a platform for contracts-for -difference trading.