Gaming Innovation Group (GiG) and Hard Rock International have agreed to a mutual termination agreement of platform and sportsbook services.
Hard Rock represented less than 2 percent of GiG’s revenues in the last 12 months, with a marginal negative contribution on EBITDA. Both parties acknowledge that despite a fruitful relationship and upswing in results through 2020, a commercial agreement to move forward could not be agreed and the strategic aims of both companies lay in separate paths.
Hard Rock will immediately release GiG from the contractual exclusivity clause allowing for GiG to pursue further nationwide U.S. business.
“Through the partnership with HRI, the GiG organization has been able to build and customize a very strong omni-channel product which has helped HRI online to break records during 2020,” said GiG CEO Richard Brown. “I am extremely proud of what our company has delivered in the past two and half years we have been active in the U.S.
“We have a high-quality, innovative omni-channel solution that we have built out of work with HRI, and a very competitive casino offering that can be tailored to the U.S. market which we believe can lead to future success as more states begin to regulate online. GiG is in a strong position to pursue further business opportunities in a fast-evolving U.S. landscape, which we now look to intensify, having a fully compliant and quality solution operational in two U.S. states, easily configurable to additional states.
“However, the global gambling market is an exciting one, and we believe there are considerable areas of growth globally. GiG will support Hard Rock fully as they migrate to their new supplier and we wish them well in their future endeavors.”
Kresimir Spajic, senior vice president of online gaming and sports betting for Hard Rock International, added, “We are thankful to GiG for helping us take our first steps in the regulated U.S. online gaming and sports betting market. Together we have achieved notable results and launched significant innovations including the World’s First Live Slots. We wish GiG all the best in their future ventures.”
