Snipp Interactive announces completion of Gambit acquisition

Snipp Interactive announces completion of Gambit acquisition

Snipp Interactive, a platform-as-a-service provider, has finalized the acquisition of Gambit Digital Promotions for $5 million. Snipp acquired all of Gambit’s issued and existing common shares for the aforementioned value, of which $300,000 was paid in cash and $4.7 million was paid in 20,524,925 common shares of Snipp. 

More on Snipp – Gambit Deal

All Snipp consideration shares issued in conjunction with the transaction are subject to a statutory hold period of four months and one day under applicable Canadian securities regulations, as well as contractual lock-up agreements.

Atul Sabharwal, Founder, and CEO of Snipp noted that since announcing the prospective acquisition of Gambit, a pioneer in the loyalty gaming space, they have had a flood of attention from prominent players in the American igaming and sports betting industries. As previously reported, one of the strategic rationales for this acquisition was the chance to license the SnippCARE Platform to a completely new market – igaming and online sports betting – as well as the adjacent traditional casino entertainment vertical. They are encouraged by the breadth and quality of some of the talks we are now having with some of the industry’s key players. These were essentially the outcome of our acquisition of Gambit, and we are hopeful that the accompanying revenue potential for our SnippCARE Platform will materialize in the near term.

In addition, the company has completed a base integration with Gambit’s loyalty gaming platform and begun offering Gambit token gift cards as an integral part of the SnippREWARDS module, enabling our existing clients to access a truly unique reward experience that capitalizes on the online gaming and sports betting super trend. Gambit has also expanded distribution through new resellers since announcing the purchase, and they look forward to revealing the completion of integrations with these new resellers in the coming months as they bring the Gambit card online inside their networks. Snipp has entered into a binding acquisition agreement with Gambit and each of the latter’s owners, as previously disclosed on January 11, 2022.

The Snipp consideration shares are restricted from transfer and will be released over a 12-month period under the provisions of the lock-up agreements. Gambit CEO Richard Pistilli stated that the company has had a resoundingly positive response from the market since joining the Snipp family. They launched a first-of-its-kind combined promotion with a major casino operator in January across live sports bars during the Super Bowl. Additionally, they are partnering with some of the leading digital gift card networks, as well as their first significant partner in the consumer survey and reward area. We anticipate adding hundreds of additional rewards programs to our platform in the coming months as companies employ the Snipp network and expertise to speed their go-to-market strategy.

About the companies

Gambit is a regulator-approved consumer network in the United States of America that combines loyalty programs with online gambling and sports betting. Gambit has developed a proprietary and patent-pending technology for converting loyalty points into free-to-play tokens that can be utilized to participate in a variety of online gaming and live sports betting possibilities. Gambit was launched in 2019 as a solution for gamifying loyalty programs. Players can use various loyalty points to play for actual cash prizes, cryptocurrencies, charitable contributions, and other incentives, all without risking any real money.

Snipp is a global marketing technology solutions firm that combines a modular SaaS platform with best-in-class marketing skills to help clients grow sales, retain customers, and generate unique data sets for intelligent decision-making. Their modular CUSTOMER ACQUISITION, RETENTION, AND ENGAGEMENT PLATFORM (C.A.R.E.) enable the implementation of data-rich, omnichannel programs ranging from shopper marketing promotions to loyalty programs, rebates, rewards, and data analytics – all of which are seamlessly integrated to provide a one-stop marketing technology platform. Snipp has been powering hundreds of programs for Fortune 1000 organizations, top-tier agencies, and partners for over a decade. Snipp is based in Vancouver, Canada, and has operations in the United States, Canada, Ireland, Europe, and India. The company is publicly traded in Canada on the Toronto Stock Venture Exchange (TSX-V) and on the OTC Pink Market under the ticker SNIPF.

About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.