The Bally’s Company is investing $5 million into Snipp Interactive (OTCPK: SNIPF) in change for a 9% possession place within the digital advertising and marketing agency.
Bally’s Atlantic Metropolis is seen from the Boardwalk. Bally’s patrons enrolled within the on line casino’s rewards program can change their loyalty factors for Gambit on-line social gaming tokens, which may in flip be used to win actual money. Bally’s this week grew to become a 9% proprietor of Gambit father or mother Snipp Interactive. (Picture: On line casino.org)
Snipp acquired social gaming platform Gambit Rewards in January for $5 million. The free-to-play iGaming community permits customers to change loyalty factors from an array of collaborating corporations for Gambit tokens. These tokens can be utilized to gamble on Gambit’s interactive slots, desk video games, and sportsbook.
Tokens can be utilized for present playing cards, charitable donations, or redeemed for money. Tokens will also be exchanged again to loyalty factors. Gambit claims to have entry to greater than 200 rewards packages, together with bank cards, airways, and resorts.
Bally’s has signed an order of settlement with Snipp to buy 25 million widespread shares of the Gambit proprietor at US$0.20 every. The deal provides Bally’s a seat on the Snipp Interactive board of administrators, plus a primary proper of refusal to any exterior get together providing to buy a majority place of Snipp’s belongings.
“Working along with Snipp furthers our strategic targets round omnichannel integration with well-established expertise that may mix rewards platforms throughout the Bally’s model and supply our clients with a seamless person journey,” mentioned Adi Dhandhania, chief working officer of Bally’s Interactive.
Funding Defined
The present Bally’s Company was fashioned after the corporate beforehand generally known as Twin River Worldwide Holdings acquired the long-lasting on line casino model from Caesars Leisure in 2020. The Rhode Island-based agency owns and operates 14 casinos throughout 10 states.
Bally’s hopes to transition Gambit’s strong database of social gaming gamers into actual cash patrons at its bodily casinos and on-line gaming platforms. Together with its land-based holdings, Bally’s owns iGaming operators Gamesys Group, Bally’s Interactive, and each day fantasy sports activities agency Monkey Knife Battle.
Bally’s presently operates actual cash iGaming websites in New Jersey, Pennsylvania, and Delaware. The corporate moreover operates retail and/or on-line sports activities betting in Nevada, Colorado, Louisiana, Mississippi, Iowa, Illinois, Indiana, Virginia, Pennsylvania, Delaware, New Jersey, and Rhode Island.
By buying a 9% possession place in Snipp, Bally’s will be capable of make the most of the Gambit Rewards community at an arm’s size. For Bally’s on line casino rewards members who reside in a state the place iGaming just isn’t permitted, the social gaming operation will enable these clients to change their Bally’s Rewards factors for Gambit Tokens.
Gambit Buy Proves Profitable
Atul Sabharwal, founder & CEO of Snipp Interactive, mentioned the corporate’s acquisition of Gambit Rewards was to raised align the digital advertising and marketing company with the US gaming trade. The guess is paying off simply a few months after the takeover announcement.
We’re getting into a deep relationship with Bally’s. We welcome their presence on our board and sit up for tapping their deep experience on this high-growth trade,” mentioned Sabharwal.
Gambit circumvents state gaming legal guidelines by not permitting gamers to deposit money or change precise cash for playing tokens. The platform says a person can solely lose loyalty factors — not precise money — whereas playing on the platform.
“Gambit was designed by a workforce of monetary engineers with deep expertise in extremely regulated markets. Now anybody can benefit from the enjoyable and pleasure of rolling the cube, however with out the worry and threat of dropping [money],” a Gambit firm assertion learn.
