As it was announced on Tuesday, Playtech PLC and Hard Rock Digital had signed a strategic partnership. It led to a huge investment of $85 million for the minority equity ownership stake.
From the UK to the USA:
Playtech is one of the most famous gambling software development companies in the UK. It is primarily based in the Isle of Man, and the Seminole Hard Rock Digital is the division for interactive gaming and sports betting situated in the USA, Florida. It’s owned by Hard Rock International Inc and Seminole Gaming. Hard Rock is one of the most famous brands in the USA. It consists of the Hard Rock Cafe chain, resorts, hotels, merchandise, and many more. Seminole is, on the other hand, the Native American tribe from Florida.
The partnership with Hard Rock Digital will further strengthen its position and lead to licensing of more of the company’s products and services, including its proven technology solutions. Hard Rock Cafes, the online venture of Hard Rock Digital, will be in charge of licensing both technologies created by Playtech and its iGaming content. In exchange, Playtech will take a small equity stake in its partner company. Playtech content will be available in Hard Rock properties, which will surely increase the company’s popularity in the market. Its main targets are the USA and Canada. A but the customers can find the products in various markets worldwide.
This long-term commercial agreement means the company will supply its partners with the required products and services, and the revenue will be shared between the partners.
The investment of $85 million that is made by Playtech will be used for improving the low minority equity ownership stake percentage in HRD. It’s the global vehicle for sports betting and interactive gaming used by Hard Rock International and Seminole Gaming.
Mor Wizer, Chief Executive at Playtech, said: “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.”
The first results of this partnership are expected during this year, but the expectations are that in 2024 it will reach far more significant results.