Bally’s Invests in Gambit Rewards Proprietor Snipp Interactive

Posted on: April 12, 2022, 11:15h.

Final up to date on: April 12, 2022, 11:15h.

The Bally’s Company is investing $5 million into Snipp Interactive (OTCPK: SNIPF) in trade for a 9% possession place within the digital advertising and marketing agency.

Bally's Gambit Rewards Snipp Interactive
Bally’s Atlantic Metropolis is seen from the Boardwalk. Bally’s patrons enrolled within the on line casino’s rewards program can trade their loyalty factors for Gambit on-line social gaming tokens, which might in flip be used to win actual money. Bally’s this week turned a 9% proprietor of Gambit guardian 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 trade loyalty factors from an array of collaborating firms 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 reward playing cards, charitable donations, or redeemed for money. Tokens can be re-exchanged again to loyalty factors. Gambit claims to have lively partnerships with greater than 200 rewards applications that embrace bank cards, airways, and accommodations.

Bally’s has signed an order of settlement with Snipp to buy 25 million frequent shares of the Gambit proprietor at US$0.20 every. The deal offers Bally’s a seat on the Snipp Interactive board of administrators, plus a primary proper of refusal with respect to any exterior social gathering 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 thereby present 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 often 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 sturdy 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 every day fantasy sports activities agency Monkey Knife Struggle.

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 to 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 shouldn’t be permitted, the social gaming operation will enable these clients to trade 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 higher align the digital advertising and marketing company with the US gaming business. The guess is paying off simply a few months after the takeover announcement.

We’re coming into a deep relationship with Bally’s. We welcome their presence on our board and stay up for tapping their deep experience on this high-growth business,” mentioned Sabharwal.

Gambit circumvents state gaming legal guidelines by not permitting gamers to deposit money or trade 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 crew of economic 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 danger of shedding [money],” a Gambit firm assertion learn.

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