Source Link: https://www.casinonewsdaily.com/2023/03/15/playtech-acquires-less-than-10-stake-in-hard-rock-digital-for-85m/
Playtech has entered into a wide-ranging global partnership with Hard Rock Digital (HRD), the iGaming and sports arm of Hard Rock International and Seminole Gaming.
HRD’s customers in the US and Canada will have access to a selection of Playtech slots, live dealer table games, and random number generator games through HRD’s existing proprietary platform and technology offering.
Outside the US and Canada, HRD will have access to HRD’s player management platform and other solutions including operations management, payment advisory, and marketing, as well as customer support services.
Playtech Purchases Minority Equity Share
In support of the deal, Playtech has purchased a single-digit minority share of equity in HRD for US$85 million from Hard Rock International and Seminole Gaming.
Playtech has purchased a minority equity ownership stake in Hard Rock Digital (HRD), the interactive gaming and sports betting division of Hard Rock International and Seminole Gaming, as part of a wider deal between the two businesses.
Hard Rock currently operates online and retail sports betting in the US inside the borders of Arizona, Indiana, Iowa, New Jersey, Ohio, Tennessee, and Virginia and expects to expand the offering internationally.
Revenue Sharing Part of the Deal
In addition to the equity share purchase, additional long-term agreements include revenue sharing with Playtech in return for offering its products and services through HRD.
Mor Weizer, Playtech CEO said: “The Playtech team is thrilled to announce our strategic partnership with HRD. Hard Rock International has cemented itself as a marquee name worldwide, not just in gambling, but more widely in entertainment.
“HRD will combine the strength of this global brand with a proven management team, some of whom we at Playtech have known for many years and believe to be among the strongest in the online gambling industry.
“For Playtech, this partnership significantly advances our position in the North American market and is very much in line with our B2B strategy.”
Hard Rock International and HRD chairman Jim Allen added: “This partnership will act as an accelerator to Hard Rock Digital’s planned strategic initiative to expand its online gaming offerings to international markets, becoming the first operator with a global omnichannel offering under a singular, irreplaceable brand.
“This announcement only reinforces our commitment to lead innovation in the gaming industry and expand the ‘Hard Rock’ experience worldwide. We look forward to providing an authentic, digital experience for Hard Rock’s global fan base within a comprehensive, omnichannel offering.”
Source: Hard Rock Digital, Playtech Enter Strategic Partnership, Hard Rock Digital News, March 14, 2023
