Playtech PLC, the London-based giant of the online gaming industry, has signed an agreement to purchase a minority equity ownership stake in Hard Rock Digital (HRD), the interactive casino and sports betting division of Hard Rock International and Seminole Gaming.
Under the agreement, Playtech will pay $85 million for a low, single-digit percentage stake in HRD, with proceeds from the investment to fund HRD’s global expansion.
Under the partnership, HRD will license a range of Playtech’s proven technology solutions and iGaming content “to deliver the authentic experience customers have come to expect across Hard Rock’s global ecosystem of entertainment, hospitality and bricks and mortar casinos,” according to a press release.
In the U.S. and Canada, HRD’s customers will be able to access a variety of Playtech’s iGaming content offering, including market-leading slots, RNG and live dealer table games through HRD’s existing proprietary platform and technology offering.
These products will also be available outside of the U.S. and Canada, where HRD will also have access to additional software and services solutions from Playtech, including its IMS player management platform and certain ancillary services including operational, customer support, payment advisory and marketing services.
The company will supply its products and services predominantly on a revenue-share basis under long-term commercial agreements.
The proceeds from Playtech’s investment will predominantly be used to help fund HRD’s continued global expansion. Hard Rock-branded online and retail sports betting and iGaming is currently being operated in select U.S. states, as applicable, including Arizona, Indiana, Iowa, New Jersey, Ohio, Tennessee and Virginia, with the expectation for additional launches in the future.
HRD also plans to extend its online sportsbook and iGaming offerings to select international markets over the next several years. Hard Rock’s global brand strength and recognition combined with “Playtech’s broad international market knowledge and software and services offering provide an exciting platform for international expansion,” the press statement said.
“The Playtech team is thrilled to announce our strategic partnership with HRD,” said Mor Weizer, Playtech CEO. “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.”
“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,” said Jim Allen, chairman of Hard Rock International and of HRD.
“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.”
