As the saturation of sportsbooks increases in the sports betting market, gambling companies must stay competitive to remain in business. Therefore, bookmakers have to innovate their sports gaming offerings, continue to expand and keep their players happy. Following this trend, Playtech Signs a Deal with Hard Rock Digital in a strategic partnership.
Playtech, a gambling and sports betting software company said that the deal will significantly expand their presence in North America. Furthermore, they expect the partnership to deliver an engaging sports betting experience to Hard Rock customers. Hard Rock Digital (HRD) is a joint venture between In Hard Rock International and the Seminole Gaming Interactive.
According to their statement, HRD will license a variety of the company’s technology solutions and iGaming content. In addition, the content will be powering Hard Rock’s hospitality, entertainment and casinos.
Jim Allen, Chairman of Hard Rock International and Chairman of the Board of HRD was very positive about the deal. He said that this “this partnership will act as an accelerator to Hard Rock Digital’s planned strategic initiative”. Thus, it will greatly help their expansion of their online gaming offerings.
Playtech Signs a Deal with Hard Rock Digital and Invest $85 Million in Minority Stake
As part of the Hard Rock Digital and Playtech partnership, Playtech is also investing $85 million in a Minority stake. Furthermore, the investment by Playtech is for a low single-digit percent equity ownership in HRD on a revenue-share basis. The money HRD will be earning through the investment will be for supporting HRD’s ongoing international growth.
According to sports betting solution experts, the Hard Rock brand is available in just a few State in the U.S. These include Arizona, Indiana, Iowa, New Jersey, Ohio, Tennessee, and Virginia. However, the company plans on expanding into more states in the future
In addition, HRD is also planning on expanding their overseas online sportsbook and igaming operations in the near future. This partnership is just part of their B2B strategy to advance their position in the North American and Global market.
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