Operator will immediately release GiG from the contractual exclusivity clause

GIG and Hard Rock International mutually agree not to extend partnership

“We are thankful to GiG for helping us take our first steps in the regulated US online gaming and sports betting market," said Kresimir Spajic, SVP Online Gaming and Sports Betting at Hard Rock International.
2020-09-30
Reading time 1:32 min
Gaming Innovation Group Inc. (GiG) and Hard Rock International (HRI) have agreed to a mutual termination agreement of platform and sportsbook services.

According to the company, Hard Rock represented less than 2% of GiG’s revenues in the last 12 months, with a marginal negative contribution on EBITDA. Both parties acknowledge that despite a fruitful relationship and upswing in results through 2020 a commercial agreement to move forward could not be agreed and the strategic aims of both companies lay in seperate paths. Hard Rock will immediately release GiG from the contractual exclusivity clause allowing for GiG to pursue further nationwide US business.

“Through the partnership with HRI the GIG organization has been able to build and customize a very strong omni channel product which has helped HRI online to break records during 2020. I am extremely proud of what our company has delivered in the past two and half years we have been active in the US. We have a high quality, innovative omni-channel solution that we have built out of work with HRI and a very competitive casino offering that can be tailored to the US market which we believe can lead to future success as more states begin to regulate online," said Richard Brown,CEO of GIG.

"GiG is in a strong position to pursue further business opportunities in a fast-evolving US landscape, which we now look to intensify, having a fully compliant and quality solution operational in two US states, easily configurable to additional states. However the global gambling market is an exciting one and we believe there are considerable areas of growth globally. GiG will support Hard Rock fully as they migrate to their new supplier and we wish them well in their future endeavours,” added Brown.

Kresimir Spajic, SVP Online Gaming and Sports Betting at Hard Rock International stated: “We are thankful to GiG for helping us take our first steps in the regulated US online gaming and sports betting market. Together we have achieved notable results and launched significant innovations including the World’s First Live Slots. We wish GiG all the best in their future ventures.”

It is expected that the migration of online will happen during Q1 2021 while retail Sports will be moved during Q4 2020. The termination will not have any effect on GiG’s guiding for 2020.

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR