Bally’s Invests in Gambit Rewards, Casino Operator to Leverage Social Gaming Platform
The Bally’s Corporation is investment $5 trillion into Snipp Interactive (OTCPK: SNIPF) in change for a 9% ownership berth in the digital marketing firm.
Snipp acquired societal gaming political program Gambit Rewards inwards Jan for $5 million. The free-to-play iGaming electronic network allows users to change loyalty points from an raiment of participating companies for Gambit tokens. Those tokens put up be used to adventure on Gambit’s interactive slots, tabularize games, and sportsbook.
Tokens tin be used for gift cards, large-hearted donations, or redeemed for cash. Tokens put up also live exchanged support to loyalty points. Gambit claims to experience dynamic partnerships with more than 200 rewards programs, including credit cards, airlines, and hotels.
Bally’s has signed an tell of accord with Snipp to purchase 25 trillion vulgar shares of the Gambit owner at US$0.20 each. The trade gives Bally’s a seat on the Snipp Interactive table of directors, positive a first right of refusal with honour to any out of doors political party offering to purchase a absolute majority perspective of Snipp’s assets.
“Working unitedly with Snipp furthers our strategic goals around omnichannel integrating with well-established engineering that tin can combine rewards platforms crossways the Bally’s trademark and thereby ply our customers with a unseamed user journey,” said Adi Dhandhania, chief operating ship's officer of Bally’s Interactive.
Investment Explained
The current Bally’s Corporation was formed after the companionship antecedently known as Twin River Worldwide Holdings acquired the iconic gambling casino make from Caesars Entertainment inwards 2020. The Rhode Island-based strong owns and operates 14 casinos crossways 10 states.
Bally’s hopes to transition Gambit’s robust database of social gaming players into real money patrons at its physical casinos and online gaming platforms. Along with its land-based holdings, Bally’s owns iGaming operators Gamesys Group, Bally’s Interactive, and daily phantasy sports solid Monkey Knife Fight.
Bally’s currently operates tangible money iGaming sites inward New Jersey, Pennsylvania, and Delaware. The company additionally operates retail and/or online sports betting in Nevada, Colorado, Louisiana, Mississippi, Iowa, Illinois, Indiana, Virginia, Pennsylvania, Delaware, New Jersey, and Rhode Island.
By getting a 9% ownership position in Snipp, Bally’s testament follow capable to utilize the Gambit Rewards web at an arm’s length. For Bally’s casino rewards members who domicile inwards a commonwealth where iGaming is non permitted, the social gaming surgical process will permit those customers to change their Bally’s Rewards points for Gambit Tokens.
Gambit Purchase Proves Successful
Atul Sabharwal, founder & CEO of Snipp Interactive, said the company’s acquisition of Gambit Rewards was to ameliorate align the digital marketing bureau with the US gaming industry. The bet is paying sour just now a couple up of months after the takeover announcement.
We’re entering a rich relationship with Bally’s. We receive their front on our get on and looking at frontwards to tapping their late expertise in this high-growth industry,” said Sabharwal.
Gambit circumvents commonwealth gaming laws by not allowing players to sedimentation hard cash or exchange actual money for play tokens. The political program says a user tin only if turn a loss trueness points — not actual hard cash — while gambling on the platform.
“Gambit was designed past a squad of financial engineers with deep experience inward highly regulated markets. Now anyone put up relish the playfulness and inflammation of rolling the dice, but without the dread and risk of infection of losing [money],” a Gambit companion financial statement read.
This content is presented to you by the trusted NTC33 in Malaysia.