Gambit, of which Gambit Rewards is a wholly owned subsidiary, is a consumer network which integrates online gaming and sports betting in the US with customer-facing loyalty schemes.
The company’s platform is built around turning loyalty points accrued by consumers into free-to-play tokens. Gambit estimates that approximately $100bn of loyalty points across the US are unused, offering both betting operators and consumers a solution to an untapped market.
Gambit's players can use these loyalty points to play for cash winnings, cryptocurrencies, charity donations or other prizes, without risking any of their own money.
Atul Sabharwal, Snipp Founder and CEO, said: “This strategic acquisition benefits us at multiple levels. It allows us to immediately offer our clients a truly unique experience that taps into the online gaming & sports betting super trend.
"This will enable future revenue streams based on data analytics and targeting to complement our core offerings today, and expand our share of wallet with clients.
“What gives me the greatest comfort in making this acquisition is the asset-light operating structure of Gambit that minimises our risk, while creating the potential to deliver meaningful shareholder value.”
Richard Pistilli, CEO, Gambit, said: “We are thrilled to join the Snipp family and accelerate our expansion plans. Gambit’s goal is to make loyalty points fun again. 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.”
While the full terms of the deal are still to be finalised, and subject to closing conditions and regulatory approval, a purchase price of $5m has been set for the acquisition of Gambit.
