Playtech has finally made up its mind and decided to finally strike a gaming and sports betting deal with Hard Rock Digital. This happens to be the online venture of Hard Rock Cafes. As a part of the agreement signed between the two entities, Hard Rock Cafes will be responsible for the licensing of all of the technology, as well as the iGaming content of Playtech, whereas Playtech will be taking a small equity stake, where Hard Rock Digital is concerned.
As per online gambling news, Playtech happens to be an Isle-of-Man-oriented gambling software development enterprise. On the other hand, Seminole Hard Rock Digital happens to be a Florida-based joint venture involved in interactive gaming, as well as sports betting.
The owners of the entity happen to be Hard Rock International (USA) Inc., along with Seminole Gaming. The brands that come under the umbrella of Hard Rock International happen to be the Hard Rock Café chain, along with resorts, as well as hotels, merchandise, and music paraphernalia. In the case of the Seminole Tribe of Florida, it happens to be a tribe of Native America.
As a part of the deal, Hard Rock Digital will be looking into the licensing issues related to Playtech’s array of technology solutions, along with the iGaming content for providing the kind of exposure the customers of Hard Rock’s global ecosystem related to entertainment, hospitality, as well as physical casinos happen to be used to.
Playtech, in turn, will be engaged in the forwarding of its products and services on the basis of a revenue-sharing model. The entity has initiated an investment of USD 85 million in terms of a low-single-digit percentage equity stake in Hard Rock Digital. In the expectations of Playtech, the year 2023 will not be seemingly very fruitful, and the scenario will begin changing from the next year.
According to the CEO of Playtech, Mor Weizer, Hard Rock International already has a solid standing in the arena of gambling, as well as overall entertainment. They are now gearing up to go that extra mile. In his opinion, this will be the opportunity for them to make further inroads into the market of North America. News of the merger shot the shares of Playtech up by 0.3%, standing at 545.50 pence each in London.