Gambling tech firm Playtech PLC (LSE:PTEC) announced a new partnership with Hard Rock Digital on Tuesday, alongside an US$85mln investment for a low single-digit stake in what is the online gaming division of casino and cafe chain Hard Rock International.
Under the agreement, FTSE 250-listed Playtech will share its technology and iGaming content with Hard Rock Digital, which will incorporate these into its own entertainment, hospitality and casino ecosystem.
It will also out license its IMS player management platform and a range of customer and payment support services for users based outside of the US and Canada.
Collectively owned by the Seminole Tribe of Florida, Hard Rock International owns a number of American casino resorts and the Hard Rock Cafe chain.
“This partnership will act as an accelerator to Hard Rock Digital’s planned strategic initiative to expand its online gaming offerings to international markets,” Hard Rock International chairman Jim Allen said.
Hard Rock currently operates its sports betting and gambling service across some US states, but is eyeing an expansion overseas, according the Playtech.
“Hard Rock’s global brand strength and recognition combined with Playtech’s broad international market knowledge […] provide an exciting platform for international expansion,” it said in a statement.
The deal will be based predominantly on a revenue share basis under long-term agreements, with Playtech’s investment earmarked for Hard Rock’s expansion.
Playtech shares were up 2.2% in early trading, before falling flat again.