Sports betting technology provider Gaming Innovation Group (GiG) and Hard Rock International (HRI) mutually agreed to terminate their partnership. The 5-year contract was signed in November 2018 as the Seminole-owned casino brand was looking to add a sports betting option to its online product offering.
Despite that both parties outlined the mutual partnership was a success so far and that there was an upswing in the results during this year, a commercial agreement to satisfy individual strategic needs for the companies could not be reached.
GiG Released from Exclusivity Clause
The termination of the contract will allow GiG to pursue new business opportunities in the US as it will be released from an exclusivity clause with Hard Rock. The migration of Hard Rock’s online operations to a new provider is expected to take place in the first quarter of 2021, but the retail sports betting will be moved by the end of the year.
“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.”
Kresimir Spajic, SVP, Online Gaming and Sports Betting, Hard Rock International
GiG outlined the partnership with HRI accounted for less than 2% of the group’s sales over the past 12 months and a small negative contribution to its earnings before interest, tax, depreciation and amortization (EBITDA), and the termination of the contract would not have an effect on the company’s 2020 guidance.
Customizable Omnichannel Solution
GiG CEO Richard Brown noted that, due to the partnership with HRI, the company managed to build and customize an omnichannel product which helped the online product of Hard Rock to break records in 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.”
Richard Brown, CEO, Gaming Innovation Group
GiG is now in a very strong position to pursue new opportunities, as its fully compliant quality solution which is currently operational in two states can easily be configured to meet the requirements of other jurisdictions. The fast-evolving market space in the US presents only part of the considerable area for growth globally, Richard Brown concluded.
There was no information regarding which technology provider will power Hard Rock’s online casino and sports betting offering after GiG is gone, only speculations that HRI will turn to Scientific Games.