VANCOUVER, British Columbia – (BUSINESS THREAD) – Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTCPK: SNIPF), a global provider of digital marketing promotions, discounts and loyalty solutions, announced today that a subsidiary of Bally’s Corporation (“Bally’s”) (NYSE: BALY ) has signed an agreement to invest $ 5,000,000 in Snipp (the “Investment”). As part of the investment, Bally’s will have the right to appoint a director to Snipp’s board of directors, which is expected to increase its size to five directors. Bally’s will also have a pre-emptive right in respect of any offer to purchase all or virtually all of Snipp’s assets that Snipp receives from any Bally’s competitor. The completion of the investment is subject to the approval of the TSX Venture Exchange (“TSXV”), as well as the satisfaction of other usual closing conditions. Following the completion of the investment, Bally’s is expected to own approximately 9% of the issued and outstanding common shares of Snipp, having subscribed 25,000,000 common shares of Snipp at $ 0.20 per share (0, $ 25 per share).* as part of the investment. * Bank of Canada closing rate April 11, 2022
Bally’s and Snipp will also sign trade agreements (collectively, the “Trade Agreements”) by which Bally’s will become Snipp’s exclusive gaming partner for Snipp’s (Gambit) loyalty gaming platform, recently acquired in related to the acquisition of Gambit by Snipp on February 22, 2022. Rewards, Inc.
As part of the business agreements, Bally’s will also receive a three-year license from the free-to-air SnippLOYALTY software platform for implementation on Bally’s physical and online properties. Work will begin on the first two deployment locations during the second quarter of 2022. In addition, Bally’s will have an option to license the source code for the specific version or versions of the SnippLOYALTY software platform actually implemented in any of the properties of Bally for a period priced at US $ 10,000,000.
“Bally’s is one of the leading companies in the gaming industry and their investment illustrates the value they see in SnippLOYALTY as well as our SnippCARE customer acquisition, retention and participation platform,” said Atul Sabharwal , founder and CEO of Snipp. Interactive. “Our acquisition of Gambit was intended as a way to better align with the gaming world. Now, just a couple of months later, we are entering into a deep relationship with Bally’s. We welcome your presence in our advice and we look forward to drawing on your deep experience in this fast-growing industry. ”
“Working with Snipp promotes our strategic goals around omnichannel integration with well-established technology that can combine reward platforms through the Bally brand and therefore offer our customers 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 games and trademarks of Bally’s for inclusion on the Gambit Rewards platform. Free Gambit tokens, now available in 48 states, are offered as an option for redeeming points through participating loyalty sites. Bally members will soon have access to Gambit’s unique free play mode, and Gambit members will soon be able to redeem their Gambit Reward tokens in the form of Bally loyalty points at independent rates.
Launched in 2019 and acquired by Snipp in 2022, Gambit Rewards is a network of customers offering an innovative approach to both online gaming and loyalty programs. Gambit turns the brand’s reward points into online gaming and risk-free sports betting. Users can play to win real cash winnings and other prizes without risking real money. This system offers more options for consumers and unlocks some of the $ 100 billion in accumulated value that is trapped in unused loyalty points.
With 14 casinos, a racing circuit and digital sports betting properties across the country, Bally’s is the perfect partner to drive Gambit’s loyalty gaming platform, and we look forward to unveiling the newly designed, branded version of the game. platform in the near future, ”said Richard Pistilli, founder and CEO of Gambit Rewards. .
As part of the trade agreements, Gambit will include the Bally brand, include free Bally games, and connect Bally loyalty points with Gambit game tokens. Shortly after closing, the parties hope to begin a brand change exercise on the existing Gambit Rewards platform.
The shares of Snipp acquired by Bally’s as part of the investment will be subject to a retention period of four months and one day in accordance with Canadian securities laws and TSXV policies. No search engine commission should be paid in connection with the investment. The investment income will be used by Snipp for sales and marketing purposes and general working capital.
Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotion industry. Snipp’s patented, modular SnippCARE (Customer Acquisition, Retention & Engagement) platform allows its core list of Fortune 500 customers and world-class agencies and partners to use various Platform modules to run long- and short-term programs and promotions. while continuously generating and capturing unique zero-part data that is invaluable in providing information to drive sales. SnippCHECK, the platform’s receipt processing module, has established itself as the leader and clear industry standard, driving a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform’s large-scale modular loyalty engine allows customers the flexibility to deploy any or all aspects of a standard case-by-case loyalty program. SnippREWARDS, the Platform’s modular catalog of digital and physical rewards, provides customers with global and easily deployable access to a comprehensive catalog of digital and physical rewards. SnippWIN, the gaming module of the Platform solves the difficulties of implementation and compliance of offering games of chance and skill globally, and allows the global deployment and administration of games of chance and skill legally compatible. For more information, visit the Snipp website at www.snipp.com.
Snipp is headquartered in Vancouver, Canada, with a presence in the United States, Canada, Ireland, Europe and India. Snipp is publicly traded on the TSXV in Canada and also trades on the OTC Pink market under the symbol SNIPF.
About Gambit Rewards
Gambit is a consumer network that integrates loyalty programs with online gaming and sports betting in the United States. Part of Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF), the Gambit platform allows consumers to convert unused loyalty points from all rewards programs into digital game tokens, which can then be used to collect real or real cash rewards. other free game prizes. For more information, visit www.gambitrewards.com.
About Bally’s Corporation
Bally’s Corporation is a global casino entertainment company with a growing omnichannel presence in online sports betting and iGaming. It currently owns and operates 14 casinos in 10 states, a horse racing track 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 premier sports betting platform, Monkey Knife Fight, the fastest growing daily fantastic sports site in North America, SportCaller, a leader global B2B. Free Game Provider and Telescope Inc., a leading provider of real-time fan engagement solutions.
With about 10,000 employees, Bally’s casino operations include more than 15,800 slot machines, 500 board games and 5,300 hotel rooms. Following the closure of the previously announced Tropicana Las Vegas (NV) transaction, as well as the completion of the construction of a land-based casino near Nittany Mall in State College, PA, Bally’s will own and operate 16 casinos in 11 states. Its shares are listed on the New York Stock Exchange under the symbol “BALY”.
Warning note on forward-looking statements
Some of the statements contained in this press release constitute “forward-looking information” as defined in applicable Canadian securities legislation. The words “can”, “could”, “could”, “should”, “potential”, “fly”, “seek”, “try”, “plan”, “anticipate”, “believe”, “love” “wait” and similar expressions related to Snipp, the approval of the TSXV investment, the satisfaction of the preceding conditions in relation to the investment, the completion of the investment, the subscription and compliance with the trade agreements and the expected benefits of Investment and Trade Agreements, have the purpose of identifying prospective information. All statements other than historical fact statements may be forward-looking information. These statements reflect Snipp’s current views and intentions regarding future events and current information available to Snipp, and are subject to certain risks, uncertainties and assumptions. Important factors or assumptions have been applied to provide prospective information, such as: the approval of the investment by the TSXV, the satisfaction of the suspensive conditions in relation to the investment, the completion of the investment and compliance by the the parties to their respective obligations under the commercial contract. Agreements after the completion of the investment. Many factors could lead to the actual results, performance or achievements that may be expressed or implied in this forward-looking information varying from those described here in the event that one or more of these risks or uncertainties materialize. These factors include, but are not limited to: changes in the law; the ability to implement business strategies and seek business opportunities; state of the capital markets; the availability of funds and resources to carry out operations; a new business model; reliance on key suppliers and local partners; competition; the outcome and cost of any litigation; as well as the general economic, market and trade conditions, as well as the risk factors discussed or related to the disclosure documents submitted by Snipp to the securities regulators of certain Canadian provinces and available at www.sedar.com. If some factor unexpectedly affects Snipp, or if the assumptions underlying the prospective information are incorrect, actual results or events may differ materially from predicted results or events. Any such forward-looking information is expressly qualified in its entirety by this disclaimer. Furthermore, Snipp assumes no responsibility for the accuracy or completeness of this forward-looking information. The forward-looking information included in this press release is prepared as of the date of this press release and Snipp assumes no obligation to publicly update or revise any forward-looking information, except as required by applicable law. . Snipp’s results and forward-looking information and calculations may be affected by exchange rate fluctuations.
Neither TSX Venture Exchange nor its regulatory service provider (as defined in TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.