Gaming Innovation Group Inc. (GiG) & HardRock International (HRI) have agreed to a mutual termination agreement of platform and sportsbook services.
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 separate paths. Hard Rock will immediately release GiG from the contractual exclusivity clause allowing for GiG to pursue further nationwide US business.
Richard Brown “Through the partnership with HRI the GIG organisation has been able to build and customise a very strong omnichannel 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 a half years we have been active in the US. We have a high quality, innovative omnichannel 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. 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.”
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.
For further information, please contact:
Richard Brown, CEO, [email protected], +34 661599025
Tore Formo, Group CFO, [email protected], +47 91668678
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry-leading platform and media provider delivering world-class solutions to our iGaming partners and their customers. GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com
About Hard Rock®:
Hard Rock International (HRI) is one of the most globally recognized companies with venues in 248 locations spanning 70 countries that include owned, licensed or managed Hotels, Casinos, Rock Shops®, Cafes and Hard Rock Live concert halls. Beginning with an Eric Clapton guitar, Hard Rock owns and showcases the world’s most valuable collection of music memorabilia at more than 83,000 pieces. In 2020, Hard Rock International was honored as one of Forbes Magazine’s Best Employers for Diversity and Top Employers for Women. Hard Rock was recognized as one of the top-performing hotel brands in J.D. Power’s 2020 North America Hotel Guest Satisfaction Study for the second consecutive year. HRI destinations are located in the world’s greatest international gateway cities, including its two most successful flagship properties in Florida and home to the world’s first Guitar Hotel® in South Florida, where its headquarters are located. The brand is owned by HRI parent entity The Seminole Tribe of Florida. For more information on Hard Rock International visit www.hardrock.com or shop.hardrock.com.