Playtech signs deal with Hard Rock Digital; invests $85m in minority stake

Updated:2024-03-30 08:25    Views:101

In accordance with the arrangement, HRD will license a variety of the company's technology solutions and iGaming content.

Under long-term commercial agreements, Playtech will supply its goods and services primarily on a revenue-share basis.

Further, Playtech has also contributed $85m for a low single-digit percent minority equity ownership share in HRD. The money earned through Playtech's investment will be used to support HRD's ongoing international growth.

Sports betting and iGaming under the Hard Rock brand are now available in a few US states including Arizona, Indiana, Iowa, New Jersey, Ohio,Online Casino Games for Real Money Tennessee and Virginia. More launches are expected in the future.

HRD also intends to expand its online sportsbook and iGaming operations to a few overseas regions in the coming years.

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.

"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."

Jim Allen, Chairman of Hard Rock International and Chairman of the Board of HRD, said: "This partnership will act as an accelerator to Hard Rock Digital's planned strategic initiative to expand its online gaming offerings to international markets."

To support NorthStar Gaming's expansion in the Canadian market, Playtech recently invested C$12.25m (US$8.9.1m) in the company.