One of the subsidiaries of Bally’s Corporation has signed an agreement to invest $5 million in Snipp Interactive Inc., a digital marketing provider of promotions, rebates, and loyalty solutions. This agreement is subject to approval from the TSX Venture Exchange (TSXV), along with other necessary conditions.
After this investment is complete, Bally’s will own about 9% of Snipp’s common and outstanding shares, which amount to a total of 25 million shares acquired at market price. As a part of the agreement, Bally’s will get a license for Snip Loyalty for three years, and it will implement Snipp’s software programs in its online and physical properties. The first two implementations are reported to start in the second quarter of this year.
Bally’s will also nominate one director for the Snipp’s board of directors as a part of the investment. It will increase the size of the board to five directors.
In addition, the two companies are in a commercial partnership whereby Bally’s will become an exclusive gaming partner of Gambit Rewards, Snipp’s loyalty gaming platform. The Gambit loyalty program will undergo rebranding and will feature the company’s free-to-play games. Players will also get a chance to link their Bally’s loyalty points to Gambit’s Play Tokens.
Gambit is a network that integrates loyalty programs with sports betting and gambling in the US. It is a regulator-approved network with backing from early investors, which includes famous gaming executives Matt Davey and David VanEgmond. Gambit Digital Promotions was acquired by Snipp Interactive in February this year after entering into a binding acquisition agreement with each shareholder of Gambit. Gambit Rewards is its subsidiary.
“Bally’s is one of the most forward-thinking companies in the gaming industry, and their investment illustrates the value that they see in Snip Loyalty as well as our Snipp Care customer acquisition, retention, and engagement platform,” said Snipp Interactive Founder and CEO Atul Sabharwal.