Vancouver-based Snipp Interactive Inc., a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, announced the completion of its acquisition of Gambit Digital Promotions Inc., including its wholly-owned subsidiary, Gambit Rewards Inc.
Gambit is a regulator-approved consumer network that integrates loyalty programs with online gaming and sports betting in America. Gambit operates a proprietary and patent-pending platform for turning loyalty points into free-to-play tokens, which can then be used to participate in various online gaming and live sports betting opportunities.
The platform also provides leading brands across the United States with a unique solution to unlocking the US$100 billion value in unused loyalty points, which can then be used to participate in various online gaming and live sports betting opportunities while simultaneously offering a new way to engage with the high-growth vertical of online gaming and sports betting.
Launched in 2019 as a solution for gamifying rewards programs, Gambit allows players to use various loyalty points to play for actual cash winnings, cryptocurrencies, charity contributions or other prizes, without risking any real money. Gambit enables players to convert their accumulated points in their existing rewards programs to Gambit Play Tokens, which can then be used to participate in online gaming and live sports betting opportunities, and to spend their Gambit winnings on a variety of growing incentives.
All activity is centralized at www.gambitrewards.com, creating a single hub for loyalty gaming across the entire rewards landscape. Gambit’s early investors include well-known gaming executives and entrepreneurs Matt Davey and David VanEgmond.
Pursuant to the acquisition agreement, upon closing, Snipp has purchased all of the issued and outstanding common shares of Gambit Digital Promotions Inc. from the vendors in consideration for US$5 million, of which US$300,000 has been paid in cash and US$4.7 million has been paid with 20,524,925 common shares of Snipp to the vendors.
“Since announcing the proposed acquisition of Gambit, a trailblazer in the loyalty gaming sector, we have received a flurry of interest from leading players in the iGaming and sports betting industry in America,” said Atul Sabharwal, founder and CEO of Snipp. “As previously announced, one of the strategic rationales of this acquisition was the opportunity to license our SnippCARE (Customer Acquisition, Retention and Engagement) Platform to an entirely new industry—the iGaming and online sports betting industry—but also to the related traditional casino-entertainment vertical.
“We are excited by the depth and quality of some of the conversations that we are now having with some of the leading players in these industries. These were largely the result of our acquisition of Gambit, and we are confident we will see resulting near-term revenue opportunities for our SnippCARE platform as a result. In addition, we have also already completed a base integration with Gambit’s Loyalty Gaming Platform and have commenced offering Gambit Token Gift Cards as an integral part of the SnippREWARDS module, thereby providing our existing clients with access to a truly unique reward-experience that taps into the online gaming and sports betting super trend.”
Richard Pistilli, Gambit CEO, stated, “We have witnessed a very positive response from the market since joining the Snipp family. In January, we launched a first-of-its-kind joint promotion with a leading gaming operator across live sports bars during the Super Bowl. We are also now working with several of the largest digital gift card networks, as well as our first major partner in the consumer survey and incentives space.
“We expect to add dozens of new rewards programs to our platform over the coming months as we leverage the Snipp network and expertise to accelerate our go-to-market strategy.”
