Playtech PLC on Tuesday said it has agreed a partnership with Hard Rock Digital, with the online venture of Hard Rock Cafes to license Playtech’s technology and iGaming content and Playtech to take a small equity stake in Hard Rock Digital.
Playtech is an Isle of Man-based gambling software development company. Seminole Hard Rock Digital is a Hollywood, Florida-based joint-venture for interactive gaming and sports betting owned by Hard Rock International (USA) Inc and Seminole Gaming.
Hard Rock International’s brands include the Hard Rock Cafe chain, alongside resorts, hotels, merchandise and music memorabilia, while the Seminole Tribe of Florida is a Native American tribe.
Under the partnership, Playtech said Hard Rock Digital will license a range of its ‘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’.
Playtech said it will supply its products and services predominantly on a revenue share basis under long-term commercial arrangements.
It has also invested $85 million for a ‘low-single-digit percentage’ equity stake in Hard Rock Digital
Playtech said it expects minimal impact from this agreement on its business-to-business segment results in 2023, but for this to increase in 2024 and thereafter, as Hard Rock Digital ‘continues to increase penetration in established markets and as additional markets come online’.
Mor Weizer, chief executive officer at Playtech, commented: ‘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.’
Shares in Playtech were up 0.3% to 545.50 pence each in London on Tuesday morning.
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