Hard Rock Digital, the gaming and sports betting division of the Seminole Tribe’s Hard Rock International, may be valued at nearly $8 billion.
In a recent note, Eilers & Krejcik Gaming (EKG) derived that estimate from a Playtech report dated at the end of 2024, which indicated that the minor investment in Hard Rock Digital, acquired in 2023 for $83 million, has almost increased in value to $163 million. When that purchase occurred, EKG assessed Hard Rock Digital’s worth at $4 billion.
The $8 billion estimate might hold some validity, as in 2024, Hard Rock Sportsbook — significantly benefiting from its monopoly in Florida — recorded gross gaming revenue (GGR) of $881. This positioned it as the fourth-largest operator in the US by that measure, behind only FanDuel, DraftKings, and BetMGM.
EKG indicated that its $8 billion valuation of Hard Rock Digital includes the iGaming aspect, suggesting that, as the research company stated last month, Florida is probably the sole state to introduce online casinos until 2027. If that occurs, the tribal gaming giant would hold a monopoly on that profitable type of betting in the third-largest state.
"The bullish upgrade appears to assume Florida online casino in the next couple of years. That’s in line with our own projections which estimate a go-live date in 4Q26,” observes EKG.
Their assessment suggests that, if permitted, Florida's online casino industry could yield $2.3 billion in annual GGR by 2029. Include $1.3 billion in online sports betting GGR, and the total rises to $3.6 billion, suggesting that by 2029, Florida could represent 10% or greater of the US online betting GGR.
These estimates probably rely on Hard Rock keeping its sports betting monopoly in Florida, although the operator has indicated a willingness to possibly collaborate with DraftKings and FanDuel in the state later on.
According to the Indian Gaming Regulatory Act (IGRA) and multiple tribal sovereignty regulations, tribal gaming entities must maintain complete ownership of their physical gaming properties, indicating they are prohibited from selling shares in casinos to external investors.
Given these facts, the subsequent exercise is simply performative; however, if Hard Rock Digital is valued at $8 billion and initiates an initial public offering (IPO) at that multiple, it would probably become one of the most valuable standalone online gaming stocks, potentially second only to DraftKings in market capitalization. With a market cap of $8 billion, Hard Rock Digital’s valuation would exceed Rush Street Interactive’s by more than three times.
If Hard Rock Digital can achieve an $8 billion valuation, it would surpass the worth of multiple land-based casino operators, such as Caesars Entertainment.
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