TIDMPTEC
RNS Number : 8783S
Playtech PLC
14 March 2023
FOR IMMEDIATE RELEASE
14 March 2023
Playtech plc
("Playtech" or the "Company" or the "Group")
Playtech enters landmark strategic partnership with Hard Rock
Digital
Playtech, the leading platform, content and services provider to
the online gaming industry, is pleased to announce a landmark
strategic partnership with Hard Rock Digital ("HRD"), the
exclusive, global vehicle for interactive gaming and sports betting
for Hard Rock International and Seminole Gaming.
Under the partnership, HRD will license a range of the Company's
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. In the U.S. and Canada, HRD's customers will
enjoy a variety of Playtech's iGaming content offering including
market leading slots, RNG and live dealer table games through HRD's
existing proprietary platform and technology offering. These
products will also be enjoyed outside of the U.S. and Canada where
HRD will also have access to additional software and services
solutions from Playtech including its IMS player management
platform and certain ancillary services including operational,
customer support, payment advisory and marketing services.
The Company will supply its products and services predominantly
on a revenue share basis under long-term commercial agreements.
Alongside these commercial arrangements, Playtech has also
invested $85 million (c. EUR80 million) in exchange for a low
single digit % minority equity ownership stake in HRD.
The proceeds from Playtech's investment will predominantly be
used to help fund HRD's continued global expansion. Hard Rock
branded online and retail sports betting and iGaming is currently
being operated in select U.S. states, as applicable, including
Arizona, Indiana, Iowa, New Jersey, Ohio, Tennessee, and Virginia,
with the expectation for additional launches in the future. HRD
also plans to extend its online sportsbook and iGaming offerings to
select international markets over the next several years. Hard
Rock's global brand strength and recognition combined with
Playtech's broad international market knowledge and software and
services offering provide an exciting platform for international
expansion. Additionally, Hard Rock's extensive and expanding global
operating footprint of cafés, hotels and casinos positions HRD as
the only operator with a truly global omni-channel opportunity.
The Company expects minimal impact from this agreement on its
B2B segment results in FY2023. Contribution to B2B revenues is
expected to increase in FY2024 and thereafter as HRD continues to
increase penetration in established markets and as additional
markets come online.
Mor Weizer, Playtech CEO said: "The Playtech team is thrilled to
announce our strategic partnership with HRD. 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."
" This partnership will act as an accelerator to Hard Rock
Digital's planned strategic initiative to expand its online gaming
offerings to international markets, becoming the first operator
with a global omni-channel offering under a singular, irreplaceable
brand ," said Jim Allen, Chairman of Hard Rock International and
Chairman of the Board of HRD. "This announcement only reinforces
our commitment to lead innovation in the gaming industry and expand
the 'Hard Rock' experience worldwide. We look forward to providing
an authentic, digital experience for Hard Rock's global fan base
within a comprehensive, omni-channel offering."
By virtue of customary shareholder rights afforded Playtech, the
Company's investment in HRD constitutes a Class 2 transaction for
the purposes of the UK Listing Rules. The transaction is not
subject to shareholder approval. As at 31 December 2022, the
unaudited gross assets of HRD were $69.4 million. For the twelve
months ended 31 December 2022, the unaudited net loss before tax
attributable to HRD was $76.3 million.
-ENDS-
Enquiries:
Playtech
Sandeep Gandhi, Head of Investor Relations
+44 (0)20 3805 4822
Wells Fargo Securities (Financial Adviser to Playtech)
Brian Maier, Vice Chairman
Chris Tucker
Paul Bueti
Liam Macdonald
+1 212 214 5276
Goodbody (Corporate Broker to Playtech)
Piers Coombs
Charlotte Craigie
Stephen Kane
+353 1 667 0400
Jefferies International Limited (Corporate Broker to
Playtech)
Becky Lane
+44 207 548 4186
Headland (PR Adviser to Playtech)
Lucy Legh
Jack Gault
+44 (0)20 3805 4822
About Playtech
Founded in 1999 and premium listed on the Main Market of the
London Stock Exchange, Playtech is a technology leader in the
gambling industry with over 7,000 employees across 20
countries.
Playtech is the gambling industry's leading technology company
delivering business intelligence driven gambling software,
services, content and platform technology across the industry's
most popular product verticals, including, casino, live casino,
sports betting, virtual sports, bingo and poker. It is the pioneer
of omni-channel gambling technology through its integrated platform
technology, Playtech ONE. Playtech ONE delivers data driven
marketing expertise, single wallet functionality, CRM and
responsible gambling solutions across one single platform across
product verticals and across retail and online.
Playtech partners with and invests in the leading brands in
regulated and newly regulated markets to deliver its data driven
gambling technology across the retail and online value chain.
Playtech provides its technology on a B2B basis to the industry's
leading retail and online operators, land-based casino groups and
government sponsored entities such as lotteries. Playtech directly
owns and operates Snaitech, the leading sports betting and gaming
company in online and retail in Italy.
About Hard Rock (R)
Hard Rock International ("HRI") is one of the most globally
recognized companies with venues in over 70 countries spanning 265
locations that include owned/licensed or managed Rock Shops(R),
Live Performance Venues and Cafes. HRI also launched a joint
venture named Hard Rock Digital in 2020, an online sportsbook,
retail sportsbook and internet gaming platform. Beginning with an
Eric Clapton guitar, Hard Rock owns the world's largest and most
valuable collection of authentic music memorabilia at more than
87,000 pieces, which are displayed at its locations around the
globe. In 2022, Hard Rock Hotels was honored as the number one
brand in Outstanding Guest Satisfaction for the second year in a
row among Upper Upscale Hotels in J.D. Power's North America Hotel
Guest Satisfaction Study. This designation is the fourth
consecutive year the iconic brand has been among top brands in this
category. HRI is the first privately-owned gaming company
designated U.S. Best Managed Company by Deloitte Private and The
Wall Street Journal for the second year. Hard Rock's recognition by
Forbes in the 2023 list of America's Best Large Employers for the
seventh year in a row, stands amongst other accolades by Forbes
such as ranking amongst World's Best Employers, as well as Best
Employers for Women, Diversity and New Grads and a Top Large
Employer in the Travel & Leisure, Gaming, and Entertainment. In
the 2022 Global Gaming Awards, Hard Rock was named Land-Based
Operator of the Year for the second time in four years. In 2021,
Hard Rock Hotels & Casinos received first place ranking in the
Casino Gaming Executive Satisfaction Survey conducted by Bristol
Associates Inc. and Spectrum Gaming Group for six of the last seven
years. Hard Rock International currently holds investment grades
from primary investment rating agencies: S&P Global Ratings
(BBB) and Fitch Ratings (BBB). For more information on Hard Rock
International, visit www.hardrock.com or shop.hardrock.com.
About Hard Rock Digital
HRD is the exclusive Hard Rock International and Seminole Gaming
vehicle for interactive gaming and sports betting on a global
basis. Known the world over for its famous cafes, casinos, hotels,
and music memorabilia collection, Hard Rock's legendary hospitality
and entertainment serves as our foundation as we build the future
of sports betting and internet gaming. Headquartered in Hollywood,
Florida, and with offices in Austin, Texas and Atlantic City, New
Jersey, HRD is dedicated to creating the best place to play for
sports fans and mobile gamers everywhere.
HRD Key Individuals
James F. Allen, Chairman of the Board of HRD
Rafi Ashkenazi, Executive Managing Director, Executive Chairman
of HRD
Marlon Goldstein, Executive Managing Director, CEO of HRD
Matt Primeaux, Executive Managing Director, President of HRD
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END
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