Bally’s acquires 9% stake in Snipp Interactive
Snipp Interactive a global provider of digital marketing promotions, rebates, and loyalty solutions, today announced that a subsidiary of Bally’s Corporation has signed an agreement to invest US $5,000,000 in Snipp. As part of the Investment, Bally’s will be entitled to nominate one director to Snipp’s board of directors, which is expected to be increased in size to five directors.
Bally’s and Snipp will also enter into commercial agreements whereby Bally’s will become Snipp’s exclusive gaming partner for Snipp’s loyalty gaming platform, recently acquired in connection with Snipp’s February 22, 2022 acquisition of Gambit Rewards, Inc.
As part of the Commercial Arrangements, Bally’s will also receive a three-year term license of the SnippLOYALTY software platform at arm’s length rates, intended for implementation across Bally’s physical and online properties. Work will begin on the first two deployment locations in the second quarter of 2022. In addition, Bally’s will be granted an option to license the source code for the specific version or versions of the SnippLOYALTY software platform actually implemented in any of Bally’s properties for a price of US$10,000,000.
“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,” said Atul Sabharwal, Founder & CEO of Snipp Interactive. “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.”