Snipp Interactive has entered into a binding acquisition agreement with each shareholder of Gambit to acquire Gambit Digital Promotions. The acquisition includes its wholly owned subsidiary, Gambit Rewards.
Gambit is the market’s regulator-approved consumer network that integrates loyalty programs with online gaming and sports betting in America. Its early investors include well-known gaming executives and entrepreneurs, Matt Davey and David VanEgmond.
“This strategic acquisition benefits us at multiple levels,” said Atul Sabharwal, Founder and CEO of Snipp. “It allows us to immediately offer our clients a truly unique experience that taps into the online gaming and sports betting super trend.”
Snipp will purchase all the issued and outstanding common shares of Gambit from the vendors in consideration for $5m. Of the total paid, $0.3m will be paid in cash and $4.7m will be paid in common shares of Snipp to security holders of Gambit. The shares will be issued at a deemed price equal to the 10-day trailing volume weighted average price of the common shares.
“We are thrilled to join the Snipp family and accelerate our expansion plans. Gambit’s goal is to make loyalty points fun again,” said Richard Pistilli, Gambit CEO. “Instead of redeeming another free coffee card or shopping promotion with your points, why not try a free play with a chance to win cash? Our players can experience the same thrills and excitement of betting on live sporting events or other games of chance, but without wagering real money.”
