Snipp Interactive Inc. (SPN.V) partners with Gamelancer
$5,000 Welcome Bonus
Snipp Interactive Inc. (SPN.V) is a global marketing solutions company offering a modular Software-as-a-Service (SaaS) technology suite. The Company boasts over 4,000 promotions and loyalty programs and more than 150 million transactions to date. Snipp is headquartered in Vancouver, Canada, however, the Company has also established a presence in the United States (US), Europe, and India.
Snipp is focused on the development and marketing of engagement platforms that generate insights and drive sales. Some of the Company’s solutions include shopper marketing promotions, loyalty, rewards, rebates, and receipt processing. Furthermore, Snipp also assists its clients, most of which are advertising agencies, in executing effective marketing programs. Currently, Snipp offers clients five main solution suites:
- Receipt Processing
- Promotions
- Reward Solutions
- Loyalty Programs
- Analytical Data Solutions
Solutions Summary
Regarding the Company’s receipt processing, Snipp has developed SnippCheck, a mobile receipt processing solution. Through SnippCheck, brands are able to execute customized purchase-based promotions and loyalty programs. For context, receipt checking utilizes optical character recognition (OCR) to detect printed and handwritten text in order to obtain key information from receipts.
Snipp has also developed SnippWin, a platform offering a wide range of promotions ranging from sweepstakes to instant win programs. SnippWin works in tandem with SnippCheck, enabling clients to tie their promotions to actual purchases. With this in mind, Snipp has made available API licensing for clients to incorporate SnippCheck into their own apps and web ecosystems.
The Company also offers SnippLoyalty which allows clients to deploy various loyalty-based programs, such as punch-card programs, with rewards attached. The platform also comes with receipt processing, real-time transaction processing, social media integrations, and online rewards, as well as data collection and analytics through SnippInsights, the Company’s analytics tool.
Speaking of rewards, Snipp’s SnippRewards program comes pre-integrated with SnippLoyalty. SnippRewards boasts over 2,800 rewards, allowing clients to offer Return on Investment (ROI) driven programs to customers. Similar to SnippCheck, the Company has made available API licensing for SnippRewards.
Cumulatively, Snipp’s platforms make up the Company’s SnippCare platform, which focuses on customer acquisition, retention, and engagement (C.A.R.E). See the above graphic or for more on the SnippCare platform.
Gambit Rewards
On February 22, 2022, Snipp announced that it had completed the acquisition of Gambit Digital Promotions Inc., including its wholly-owned subsidiary, Gambit Rewards Inc. The Company previously announced on January 11, 2022, that it had entered into a binding acquisition agreement with Gambit and its shareholders.
According to the terms of the agreement, Snipp purchased the issued and outstanding common shares of Gambit for $5 million. Of this amount, $0.3 million was paid in cash, and $4.7 million was paid in common shares of Snipp. Referring back to Gambit’s subsidiary, Gambit Rewards is a regulator-approved consumer network that integrates loyalty programs with online gaming and sports betting in the US.
Through Gambit Rewards, consumers can redeem free Gambit Tokens. These tokens can be used to access the company’s free-to-play games platform where consumers can place free bets on sports or slot games. Winnings can then be redeemed for cash or gift cards through Gambit Rewards. Having now been acquired by Snipp, Gambit Rewards’ capabilities have been expanded.
On June 6, 2022, Snipp announced a pending partnership with Gamelancer, the world’s largest Gen Z Social Gaming Network. With more than 28 million followers on major social media platforms like Tik Tok, Gamelancer has established itself as the largest Gen Z social media network in gaming today. This partnership will introduce Gambit’s Loyalty Gaming to Gamelancer’s rapidly growing audience.
“In addition to converting points to Gambit Tokens, all Gambit users will also be able to redeem Gambit Prize Tokens for Gamelancer points, extending our options for how to claim winnings. Together, our gamified loyalty experience and Gamelancer’s social gaming network are perfect complements,” said Richard Pistilli, Founder & CEO of Gambit Rewards.
It should be noted that Loyalty Gaming is a division of Snipp, represented by Gambit Rewards. With this in mind, Gambit Rewards is an invaluable tool enabling Snipp to penetrate the expanding iGaming market. In case you didn’t know, iGaming refers to any kind of online betting that involves wagering on the outcome of a game or event. In other words, iGaming encompasses online gambling.
Keep in mind that the online gaming market was valued at USD$57.54 billion in 2021, spurred on by the pandemic and the increasing use of mobile phones for online gaming. By 2030, this market is expected to reach USD$153.6 billion, expanding at a compound annual growth rate (CAGR) of 1.7% from 2022 to 2030. In particular, North America is poised for growth in the iGaming market.
North American iGaming Market
In particular, Ontario’s iGaming is expected to witness substantial growth following the launch of the province’s new online gaming market on April 4, 2022. In collaboration with the Government of Ontario and the Alcohol and Gaming Commission of Ontario (AGCO), iGaming Ontario (iGO) was created. With Ontario’s iGaming market now open, private gaming operators are now able to legally take online bets within the province via iGO.
Interestingly, the gambling industry has taken an interest in Gen Z bettors, but why? Well, for starters, their attention span is around 8 seconds. With this in mind, it’s no wonder that social media platforms like Tik Tok are popular amongst Gen Z. That being said, regulated online gambling operators are able to capitalize on this demographic by increasing engagement.
“Gamelancer’s unparalleled social media reach within the GenZ gaming community will augment this exciting venture and add a world-class loyalty and rewards operator to our ever-expanding offerings to our fans,” said Mike Cotton, President & COO of Gamelancer.
Ultimately, Gamelancer will provide Snipp with a gateway into the lucrative iGaming market fueled by Gen Z consumers with the attention span of a goldfish, literally. Gamelancer also has a significant mobile presence with over 1 billion monthly video views across its various media network. Keep in mind that Gen Z spends an average of more than 4 hours a day on their phones.
Snipp is also positioned to benefit from Gen Z, with 62% of Gen Z admitting that loyalty programs highly influence their behavior. Furthermore, according to The Loyalty Report 2017, enrollment in loyalty programs grew by 31% in the four years leading up to 2017. At the time, it was estimated that there was $100 billion worth of unredeemed loyalty points.
TL: DR
Overall, this could be a highly beneficial partnership for Snipp. Paired with Gamelancer’s expansive Gen Z presence, the Company’s highly engaging platforms and rewards programs could see great success. Snipp also released its Q1 2022 financial results on May 30, 2022, which revealed that the Company is debt-free with cash of $1,899,110 as of March 31, 2022.
We are incredibly pleased with the strong start to the year this has given us. In addition…we closed on two strategic steps in the first quarter. The first was our acquisition of Gambit Rewards and the second was on closing a strategic investment from Bally’s Corporation.” said Mr. Sabharwal, Founder of Snipp Interactive Inc.
It should be noted that this does not include the Company’s previously announced $5,000,000 investment from Bally’s Corporation (BALY.NYSE) on April 12, 2022. However, this investment will be reflected in the Company’s Q2 2022 financials. In Q1 2022, Snipp’s revenue totaled $4,200,000, representing an increase of 64% and the highest Q1 revenue recognized by the Company.
Snipp’s Q1 2022 financial also did not reflect the Company’s booking backlog, which consists of programs that have been sold, but whose revenues have not yet been recognized. The Company’s bookings backlog was $10,800,000 as of March 31, 2022, representing an increase of 44% compared to $7,500,000 on March 31, 2021.
Snipp’s share price opened at $0.16 today, up from a previous close of $0.16. The Company’s shares were trading at $0.15 as of 1:34 PM EST.
