Hard Rock Prepares for Full-Scale Expansion Industry-Wide in Latest Deal with Supply Giant Playtech
Published March 14, 2023 by Lee R
Playtech solutions are about to be delivered full-scale to Hard Rock customers.
A massive partnership deal has been struck between iGaming giant Playtech and gambling giant Hard rock, with major ramifications for the online gambling industry.
The Deal
The deal calls for Playtech to receive a minority equity partnership stake in Hard Rock Digital HRD, extending the relationship between Hard Rock and Playtech.
Hard Rock’s Online Division
As the interactive gaming and sports betting division of Hard Rock International and Seminole Gaming, HRD will provide Playtech with a nominal single percentage in exchange for $85.0m (£69.8m/€79.5m) from Playtech set to be re-invested in HRD’s global expansion.
Land-Based Presence
The land-based holdings which Hard Rock has come to be known for include online and retail sports betting offerings in the US states of Arizona, Indiana, Iowa, New Jersey, Ohio, Tennessee, and Virginia.
Playtech Impact
The Playtech deal continues an expansion of Hard Rock online sportsbook and iGaming offerings to selected international markets in subsequent years. As a result of the new deal, HRD will launch a suite of licensed products supplied by the leading Playtech studio.
Roll-Out
The deal starts with HRD customers in the rapidly growing markets of the US and Canada gaining access to a hand-picked selection of Playtech slots, random number generators, and live dealer table games through HRD’s existing IMS Player Management proprietary platform.
Supplemental Services
The products will be offered beyond North America, as HRD will offer Playtech’s additional operational, customer support, payment advisory, and marketing software services.
Deal Structure
The deal is structured as a series of long-term commercial agreements providing Playtech with a modest revenue share to start, with the first substantial results of the deal projected by Playtech for Fiscal Year 2024.
Playtech Chief Speaks
Playtech chief executive Mor Weizer expressed organisational “thrill” with the new strategic partnership with HRD as an advance of Europe-based Playtech’s greater B2B strategy:
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.
HRD Chief Speaks
Hard Rock International and HRD chairman Jim Allen commented on the significance of the deal to HRD:
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 omni-channel offering under a singular, irreplaceable brand.
Outlook
After being established in 2020, HRD is now in position with this deal to fuel the widescale global expansion of the Hard Rock brand online.
