Bally’s Makes Agreement To Buy Small Stake in Snipp Interactive
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Last week the enormous Bally’s corporation signed papers to agree that it will buy approximately 9% of marketing promotions and loyalty solution company Snipp Interactive. The common market shares were purchased for £3.9 million.
This 9% of the business represents 25,000,000 shares in the company, worth $0.20 each. With this share control, Bally’s will also be entitled to nominate one director to sit on the Snipp Interactive board.
In addition, under the deal’s details, Bally’s will have the first refusal of any offer presented to the company to purchase all or the majority of Snipp’s assets.
The deal will only be fully complete when approval is granted from TSX Venture Exchange, and other customary closing conditions are satisfied.
“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,” Snipp founder and chief executive Atul Sabharwal said.
The deal also represents a change to Snipp’s structure, with Bally’s becoming the company’s exclusive gaming partner for Snipp’s new ‘Gambit’ loyalty gaming platform taken from its recent purchase of Gambit Rewards.
Bally’s will also receive a three-year term license of the SnippLoyalty software platform, which will be integrated across Bally’s physical and digital properties.
Another element of the deal gives Bally’s the option of being able to license the source code for the SnippLoyalty software platform and implement it across its properties for the price of $10.0m.
Snipp will also license several of Bally’s free-to-play games and trademarks to include them in its new Gambit Rewards platform. This will mean that Bally’s members will then have access to Gambit’s free-to-play mode and be able to build and redeem Gambit prize tokens.
“Our acquisition of Gambit was intended as a way to better align ourselves with the Gaming world,” Sabharwal said. “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.”
Bally’s Interactive chief operating officer for North America, Adi Dhandhania, added: “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.”
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