SinglePoint to bullish on US betting future

SinglePoint, a Las Vegas-based technology company that focuses on acquisitions, with an emphasis in new technologies, is looking forward to cashing upon the soon-to-be-changed US betting market. It must be noted that a recent US Supreme Court decision – to leave the decision of legalising betting to individual states – is likely to open the door to a large, hitherto unexplored sports betting market. SinglePoint has basically indicated that it will also join the gold rush of betting in the USA.

According to some estimated, the gross gaming revenue from sports betting in the country could be in the range of US$5–10 billion in five years’ time. The gaming technology providers, such as SingelPoint, will have an opportunity to do an annual sales of anywhere around $250 million to $1 billion.

SinglePoint has been operating in daily fantasy sports since March 2016, with the acquisition of GoDraft and DraftFury. After the Supreme Court ruling, the company made another acquisition: StakeHaul, the top social betting app in the iTunes App Store.

SinglePoint plans to work closely with StakeHaul, which focuses on peer-to-peer social betting, to establish a strong position in the betting industry. SinglePoint already provides a payments option, and the two companies are working to define the use of smart contracts within the application.

In addition to its efforts with StakeHaul, SinglePoint will also be leveraging its investments in GoDraft and DraftFury, which now become more viable opportunities for the acquisitions company. At the time of the acquisition,

SinglePoint CEO Greg Lambrecht noted that: “GoDraft is an ideal candidate with excellent growth potential. There are 2000-plus unique members, and they also have the only friends and private league features in the daily fantasy sports industry today, allowing you to play against people you know easier than ever before.”

With new regulations now in place, SinglePoint looks to these acquisitions to resume their tremendous trajectories as states throughout the nation move to legalise sports betting. “We have placed the company into multiple emerging markets that have huge growth potential,” stated SinglePoint president Wil Ralston. “We are excited that the Supreme Court has ruled in favour of sports betting legalisation, giving the companies we have a stake in the opportunity to compete with the industry leaders again. We will continue to look for opportunity in the newly legalised sports betting arena.”

Source: InterGameOnline