A roulette table at Japan Casino School in Tokyo, Japan has a spinning wheel. This picture was taken on August 4, 2018. LONDON, Feb 3 (Reuters Breakingviews) - Playtech’s (PTEC.L) hopes for a sale keep turning into busted flushes. The gambling technology firm’s investors on Wednesday rejected an offer from Aristocrat Leisure (ALL.AX), valuing it at 3.2 billion euros including debt. A mooted bid from former racer Eddie Jordan has also fallen apart. Happily, the group may be able to unlock value by splitting its Italian bookie operations from its technology division, which serves operators like Switzerland’s Casinò Lugano. Refinitiv analysts polled expect Playtech's sales to have grown by 11% in 2021. If both units grew at an equal clip, the Italian unit could have generated 142 million euros of EBITDA. That would value the Italian unit at 7.7 times EBITDA, which would net 1.1 billion euros. To rival Aristocrat's offer, the remaining software division would need to be worth...