Bally’s Acquires $5M Stake in Snipp, Integrates Gambit Rewards Program

Bally’s Acquires $5M Stake in Snipp, Integrates Gambit Rewards Program

A deal was inked by a subsidiary of Bally’s Corporation and Snipp Interactive to purchase a minority position in the global supplier of digital marketing promotions, rebates, and customer loyalty solutions.

Bally's Corporation

Acquisition bids from competitors are turned down first

One of Bally’s Corporation’s subsidiaries will invest a total of $5 million in Snipp, and as a result of the investment, the subsidiary will be granted the authority to nominate one director to Snipp’s board of directors. The board of directors is projected to grow from its current membership of three to five members. Bally’s is also getting the right of first refusal in the event that a competitor of Bally’s submits an acquisition bid to Snipp, which Bally’s will reject. Bally’s strategic goals of omnichannel integration are furthered by collaborating with Snipp, a well-established solution that can link rewards and casino bonus systems throughout the Bally’s brand and thereby provide its customers with a seamless user experience.

Upon receipt of approval from the TSX Venture Exchange (TSXV) and the satisfaction of all other customary closing conditions, the investment will result in Bally’s becoming the beneficial owner of approximately 9 percent of Snipp’s issued and outstanding common shares, as follows: According to the terms of the investment, 

Bally’s has subscribed for 25 million shares valued at CAD$0.25 ($0.20) per share at the Bank of Canada’s closing exchange rate on April 11, 2022. The shares will be subject to a hold period of four months and one day under Canadian securities laws and the policies of the TSX Venture Exchange. There will be no finder’s fee paid in connection with the transactions, and Snipp will use the revenues of the investment to fund sales, marketing, and general working capital needs in the company’s operations.

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Commercial Agreements Are Rewarded When You Play the Gambit

The omnichannel gaming provider will be the sole gaming partner for Snipp’s loyalty gaming platform Gambit, which will be the subject of commercial agreements. Snipp will be focusing on its loyalty gaming platform Gambit. Gambit Rewards was bought by Snipp in February of this year. Bally’s is one of the most forward-thinking organizations in the gaming industry, and their investment demonstrates the value that they place on the SnippLOYALTY customer acquisition, retention, and engagement platform, as well as the SnippCARE customer acquisition and retention platform. Bally’s will get a three-year license of the SnippLoyalty software platform at arm’s length rates in order to apply it throughout its physical and online properties, starting with two physical locations in the second quarter of 2022 and expanding throughout the company. The agreements will also allow Bally’s to license the source code for the specific versions of the software that have been implemented at its facilities for a fee of up to $10 million.

Corporate Notes

Bally’s has a key position in the US gambling business, according to Richard Pistilli, founder, and CEO of Gambit Rewards, “with 14 casinos, a racetrack, and digital sports betting properties across the country,” which makes it “the ideal partner to power Gambit’s Loyalty Gaming platform.” Mr. Bally stated that their ability to provide a proprietary gaming experience to consumers in practically every state will aid in the expansion of the company’s footprint throughout the United States. Following the agreements, certain free-to-play games and Bally’s trademarks will be included in the Gambit Rewards platform and will be made available to Bally’s members in the near future, while Gambit members will be able to exchange their Gambit reward tokens for Bally’s loyalty points at arm’s length rates in the near future.

The Gambit Rewards platform will be rebranded shortly after the commercial agreements with Bally’s have been completed.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.