Bally’s to invest $5m in Snipp Interactive
The company will also partner with the Snipp loyalty gaming platform, Gambit.
Bally’s Corporation has signed a purchase agreement to invest $5m in Snipp Interactive. The company is expected to own close to 9% of Snipp’s common and outstanding shares once the investment deal is complete.
As part of the agreement, Bally’s will receive a license for the SnippLOYALTY software program for a three-year term. The company will implement Snipp’s software across its online and physical properties. The first two deployments are expected to begin during the second quarter of this year.
The two companies have also formed a commercial partnership, which will name Bally’s as an exclusive gaming partner for Snipp’s loyalty gaming platform, Gambit.
Snipp Interactive entered into a binding acquisition agreement with each shareholder of Gambit to acquire Gambit Digital Promotions in February of this year. The acquisition included its wholly owned subsidiary, Gambit Rewards.
Gambit is the market’s regulator-approved consumer network that integrates loyalty programs with online gaming and sports betting in America. Its early investors include well-known gaming executives and entrepreneurs, Matt Davey and David VanEgmond.
Snipp Interactive Founder and CEO Atul Sabharwal said: “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.
“Our acquisition of Gambit was intended as a way 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.”
Under the terms of the commercial agreement, the two companies will work on a rebranding for the Gambit loyalty platform. Bally’s will have exclusive branding rights to the platform, and Gambit will feature the company’s free-to-play games. Players will be able to connect Bally’s loyalty points with Gambit’s Play Tokens.
Bally’s Interactive, North America Chief Operating Officer Adi Dhandhania commented: “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.”