Snipp Interactive Completes Gambit Acquisition

Global iGaming and marketing technology provider Snipp Interactive has completed its acquisition of Gambit Digital Promotions Inc and its issued and outstanding common shares.

The deal worth $5m was signed in January but was only completed recently after the company met all the necessary closing requirements, including the regulatory approval of TSX Venture Exchange (TSXVE).

Snipp paid $300,000 in cash to purchase the Canadian-based company, and $4.7m was paid in 20,524,925 common shares valued at $0.2903, based on the 10-day rolling weighted share price before the original announcement on January 11 on the TSXVE.

However, under the terms of the agreement, all consideration shares issued by Snipp towards the transaction would be locked up and released over 12 months. They are also subjected to a statutory hold period and released four months and one day after under Canadian securities law.

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. As previously announced, one of the strategic rationales of this acquisition was the opportunity to license our SnippCARE Platform to an entirely new industry – the igaming and online sports betting industry, but also to the related traditional casino-entertainment vertical.

Atul SabharwalFounder and CEO of Snipp

Launched in 2019, Gambit is a consumer-focused platform renowned for integrating loyalty programs to gamify the rewards program experience. The company allows players to convert their loyalty points to cash prizes, cryptocurrencies, and other rewards.

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 Superbowl. 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.

Richard PistilliGambit CEO