Additional commercial agreement includes
integration of the SnippLOYALTY platform into Bally’s physical and
digital properties
Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTCPK: SNIPF), a
global provider of digital marketing promotions, rebates, and
loyalty solutions, today announced that a subsidiary of Bally’s
Corporation (“Bally’s”) (NYSE: BALY) has signed an agreement to
invest US $5,000,000 in Snipp (the “Investment”). 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 will also be provided with a right
of first refusal in respect to any offer to purchase all or
substantially all of Snipp’s assets received by Snipp from any
competitor of Bally’s. Completion of the Investment is subject to
the approval of the TSX Venture Exchange (“TSXV”) as well as the
satisfaction of other customary closing conditions. Following
completion of the Investment, Bally’s is expected to own
approximately 9% of the issued and outstanding common shares of
Snipp, having subscribed for 25,000,000 common shares of Snipp at
US $0.20 per share (CAD $0.25 per share)* as part of the
Investment. * Bank of Canada closing FX Rate on April 11, 2022
Bally’s and Snipp will also enter into commercial agreements
(collectively, the “Commercial Arrangements”) whereby Bally’s will
become Snipp’s exclusive gaming partner for Snipp’s loyalty gaming
platform (“Gambit”), 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.”
“Working together with Snipp furthers our strategic goals around
omnichannel integration with well-established technology that can
combine rewards platforms across the Bally’s brand and thereby
provide our customers with a seamless user journey,” said Adi
Dhandhania, Chief Operating Officer of Bally’s Interactive, North
America.
As part of the deal, Snipp will also license certain
free-to-play games and trademarks from Bally’s for inclusion in the
Gambit Rewards platform. Gambit free-to-play tokens, now available
in 48 states, are offered as a point redemption option through
participating loyalty sites. Bally’s members will soon have access
to Gambit’s unique free-to-play mode and Gambit members will soon
be able to redeem their Gambit Prize Tokens in the form of Bally’s
loyalty points at arm’s length rates.
Launched in 2019 and acquired by Snipp in 2022, Gambit Rewards
is a customer network that offers a ground-breaking approach to
both online gaming and loyalty programs. Gambit converts brand
rewards points into risk-free online gaming and sports betting.
Users can play for actual cash winnings and other prizes without
risking any real money. This system offers more choices for
consumers and unlocks some of the US $100B of cumulative value that
is trapped in unused loyalty points.
“With 14 casinos, a racetrack, and digital sports betting
properties across the country, Bally’s is the perfect partner to
power Gambit’s Loyalty Gaming platform, and we look forward to
revealing the newly designed and co-branded version of the platform
in the near future,” said Richard Pistilli, Founder & CEO of
Gambit Rewards. “Our ability to deliver a proprietary gaming
experience to consumers in nearly every state will help to expand
Bally’s presence across the US.”
As part of the Commercial Arrangements, Gambit will include
Bally’s branding, feature Bally’s free-to-play games, and connect
Bally’s loyalty points with Gambit’s Play Tokens. Shortly after
closing, the parties expect to commence on a rebranding exercise of
the existing Gambit Rewards platform.
The shares of Snipp purchased by Bally’s as part of the
Investment will be subject to a four month and one day hold period
under Canadian securities laws and the policies of the TSXV. No
finder’s fee is payable in connection with the Investment. The
proceeds of the Investment will be used by Snipp for sales &
marketing and general working capital purposes.
About Snipp:
Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF) is a leading
Platform-as-a-Service (PaaS) company in the global loyalty and
promotions sector. Snipp’s proprietary and modular SnippCARE
(Customer Acquisition, Retention & Engagement) Platform allows
its marquee list of Fortune 500 clients and world-class agencies
and partners to use various modules of the Platform to run
long-term and short-term programs and promotions, while continually
generating and capturing unique zero party data that is invaluable
in providing insights to drive sales. SnippCHECK, the Platform’s
Receipt Processing Module has established itself as the clear
industry leader and standard by powering a large majority of all
receipt-based promotions in North America. SnippLOYALTY, the
Platform’s full scale modular loyalty engine allows clients the
flexibility of deploying any/all aspects of a standard loyalty
program on a case by case basis. SnippREWARDS, the Platform’s
modular catalogue of digital and physical rewards provides clients
with global and easily deployable access to an extensive catalogue
of digital and physical rewards. SnippWIN, the Platform’s gaming
module solves for the implementation and compliance difficulties of
offering games of chance and skill on a global basis, and allows
for the global deployment and administration of legally compliant
games of chance and skill. For more information, visit Snipp’s
website at www.snipp.com.
Snipp is headquartered in Vancouver, Canada with a presence
across the United States, Canada, Ireland, Europe, and India. Snipp
is publicly listed on the TSXV in Canada and is also quoted on the
OTC Pink marketplace under the symbol SNIPF.
About Gambit Rewards
Gambit is a consumer network that integrates loyalty programs
with online gaming & sports betting in America. Part of Snipp
Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF), Gambit’s platform
enables consumers to convert unused loyalty points from across
rewards programs into digital play tokens, which can then be used
to collect real cash rewards or other prizes from free-to-play
games. For more information, visit www.gambitrewards.com.
About Bally’s Corporation
Bally’s Corporation is a global casino-entertainment company
with a growing omni-channel presence of Online Sports Betting and
iGaming offerings. It currently owns and manages 14 casinos across
10 states, a horse racetrack in Colorado and has access to OSB
licenses in 17 states. It also owns Gamesys Group, a leading,
global, online gaming operator, Bally’s Interactive, a
first-in-class sports betting platform, Monkey Knife Fight, the
fastest growing daily fantasy sports site in North America,
SportCaller, a leading, global B2B free-to-play game provider, and
Telescope Inc., a leading provider of real-time fan engagement
solutions.
With approximately 10,000 employees, Bally’s casino operations
include more than 15,800 slot machines, 500 table games and 5,300
hotel rooms. Upon closing the previously announced Tropicana Las
Vegas (NV) transaction, as well as completing the construction of a
land-based casino near the Nittany Mall in State College, PA,
Bally’s will own and manage 16 casinos across 11 states. Its shares
trade on the New York Stock Exchange under the ticker symbol
"BALY."
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may," "would," "could,"
"should," "potential," "will," "seek," "intend," "plan,"
"anticipate," "believe," "estimate," "expect" and similar
expressions as they relate to Snipp, TSXV approval of the
Investment, satisfaction of the conditions precedents in connection
with the Investment, the completion of the Investment, the entering
into and performance of the Commercial Arrangements, and the
expected benefits of the Investment and the Commercial
Arrangements, are intended to identify forward-looking information.
All statements other than statements of historical fact may be
forward-looking information. Such statements reflect Snipp current
views and intentions with respect to future events, and current
information available to Snipp, and are subject to certain risks,
uncertainties and assumptions. Material factors or assumptions were
applied in providing forward-looking information, including: TSXV
approval of the Investment, satisfaction of the conditions
precedent in connection with the Investment, the completion of the
Investment and the performance by the parties of their respective
obligations under the Commercial Arrangements following the
completion of the Investment. Many factors could cause the actual
results, performance or achievements that may be expressed or
implied by such forward-looking information to vary from those
described herein should one or more of these risks or uncertainties
materialize. These factors include, without limitation: changes in
law; the ability to implement business strategies and pursue
business opportunities; state of the capital markets; the
availability of funds and resources to pursue operations; a novel
business model; dependence on key suppliers and local partners;
competition; the outcome and cost of any litigation; as well as
general economic, market and business conditions, as well as those
risk factors discussed or referred to in disclosure documents filed
by Snipp with the securities regulatory authorities in certain
provinces of Canada and available at www.sedar.com. Should any
factor affect Snipp in an unexpected manner, or should assumptions
underlying the forward-looking information prove incorrect, the
actual results or events may differ materially from the results or
events predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
Snipp does not assume responsibility for the accuracy or
completeness of such forward-looking information. The forward
-looking information included in this press release is made as of
the date of this press release and Snipp undertakes no obligation
to publicly update or revise any forward-looking information, other
than as required by applicable law. Snipp’s results and
forward-looking information and calculations may be affected by
fluctuations in exchange rates.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220412005514/en/
Media Contact: Heath Fradkoff, Ward 6 Marketing
heath@ward6marketing.com
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