Snipp Interactive, a global provider of digital marketing promotions, rebates and loyalty solutions, announced that a subsidiary of Bally's Corporation has signed an agreement to invest $5 million in Snipp.
As part of the Investment, Bally's will be entitled to nominate one director to Snipp's board of directors, which is expected to increase to five directors. Bally's will also be granted a right of first refusal with respect to any offer to purchase all or substantially all the assets of Snipp.
Completion of the Investment is subject to the approval of the TSX Venture Exchange as well as the satisfaction of other customary closing conditions. Following completion of the Investment, Bally's is expected to own approximately 9% of the issued and outstanding common shares of Snipp
Bally's and Snipp will also enter into commercial agreements whereby Bally's will become Snipp's exclusive gaming partner for Snipp's loyalty gaming platform (Gambit).
Snipp Interactive confirms in a press release that, as part of the commercial agreements, Bally's will also receive a three-year license to the SnippLOYALTY software platform at market prices, intended for implementation in all Bally's physical and online properties. Work will begin on the first two deployment locations in the second quarter of 2022.
In addition, Bally's will be granted an option to license the source code for the specific version or versions of the SnippLOYALTY software platform implemented in any of Bally's properties for a price of US$10,000,000.
“Bally's is one of the most forward-thinking companies in the gaming industry and their investment illustrates the value that they see in SnippLOYALTY as well as our SnippCARE customer acquisition, retention, and engagement platform,” said Atul Sabharwal, Founder & CEO of Snipp Interactive. “Our acquisition of Gambit was intended to better align ourselves with the Gaming world. Now, only a couple of months later, we're entering a deep relationship with Bally's. We welcome their presence on our board and look forward to tapping their deep expertise in this high-growth industry.”
“Working together with Snipp furthers our strategic goals around omnichannel integration with well-established technology that can combine rewards platforms across the Bally's brand and thereby provide our customers with a seamless user journey,” said Adi Dhandhania, Chief Operating Officer of Bally's Interactive, North America.
As part of the deal, Snipp will also license certain free-to-play games and trademarks from Bally's for inclusion in the Gambit Rewards platform. Gambit free-to-play tokens, now available in 48 states, are offered as a point redemption option through participating loyalty sites. Bally's members will soon have access to Gambit's unique free-to-play mode and Gambit members will soon be able to redeem their Gambit Prize Tokens in the form of Bally's loyalty points at arm's length rates.
We must emphasize that Gambit Rewards is a customer network that offers an innovative approach to both online gaming and loyalty programs. Gambit converts brand rewards points into risk-free online gaming and sports betting. Users can play for actual cash winnings and other prizes without risking any real money. This system offers more choices for consumers and unlocks some of the US $100B of cumulative value that is trapped in unused loyalty points.
Richard Pistilli, Founder & CEO of Gambit Rewards, said: “With 14 casinos, a racetrack, and digital sports betting properties across the country, Bally's is the perfect partner to power Gambit's Loyalty Gaming platform, and we look forward to revealing the newly designed and co-branded version of the platform in the near future”.
As part of the business deals, Gambit will include Bally's branding, feature Bally's free games and connect Bally loyalty points with Gambit gaming tokens. Shortly after closing, the parties expect to begin a rebranding exercise of the existing Gambit Rewards platform.
Finally, the Snipp shares acquired by Bally's as part of the Investment will be subject to a four month and one day hold period under Canadian securities laws and the policies of the TSXV. No finder's fee is payable in connection with the Investment. Snipp will use the investment proceeds for sales and marketing and general working capital.
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