Supreme Court Decision
Empowers States to Take Action on #SportsBetting; #SinglePoint (OTCQB: $SING)
Announces Investment in No. 1 Ranked Social Betting App #StakeHaul
SEATTLE
- May 15, 2018 (Investorideas.com Newswire) SinglePoint Inc. (OTC:SING), on the heels of
the Supreme Court overturning a 1992 federal law prohibiting sports betting in
46 states, announces it has invested in an additional betting platform,
StakeHaul, the No. 1 social betting app in the iTunes App Store.
SinglePoint
has been in the daily fantasy sports arena since March of 2016, when the
company invested in GoDraft and DraftFury. With the recent Supreme Court vote,
SinglePoint is excited to work closely with StakeHaul to penetrate the betting
industry, which has a potential value of $150 billion, according to the American Sports Betting Coalition. SinglePoint has
already established a payments option, and the two companies have been working
to define the use of Ethereum smart contracts within the application. StakeHaul
focuses on peer-to-peer social betting.
Download StakeHaul for iOS or Android and start playing
today.
In
a 6-3 ruling, the Supreme Court overturned the 1992 federal law that previously
prohibited gambling on the outcome of sports events at the state level, once
again making SinglePoint's investments in GoDraft and DraftFury viable
opportunities. In May 2016, SinglePoint invested in DraftFury, which has an
industry leading 7-level referral program and was establishing major traction
when it launched. SinglePoint is hopeful that with the new regulations in
place, these companies will resume their hypergrowth trajectories as states
across the country prepare to quickly move forward to offer sports betting.
"We
have placed the company into multiple emerging markets that have huge growth
potential," states SinglePoint President Wil Ralston. "While we will
continue to focus on cannabis and blockchain opportunities, we are excited that
the Supreme Court has ruled in favor of sports betting legalization, 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 legalized
sports betting arena."
Previously,
this market has been ruled by two major groups: DraftKings and FanDuel.
SinglePoint believes there is an opportunity to tap into this market. StakeHaul
provides a different approach and believes it can penetrate the huge betting
market, and, as the No. 1 downloaded social betting app on the iTunes App
Store, it has already shown its capabilities to do so.
SinglePoint
will work collaboratively with StakeHaul to help facilitate the opportunity of
using SinglePoint's crypto-based payment solution within the application.
Having the ability to transact in crypto payments provides SinglePoint another
avenue to jumpstart users transacting with bitcoin.
SinglePoint
will also continue focusing on the cannabis and blockchain markets. The company
believes this Supreme Court ruling could additionally benefit cannabis, making
it less scrutinized at the federal level and further empowering states, just as
Monday's sports betting ruling has done.
About SinglePoint, Inc.
SinglePoint,
Inc (SING) is a technology company with a focus on acquiring companies that
will benefit from the injection of growth capital and technology integration.
The company portfolio includes mobile payments, daily fantasy sports, ancillary
cannabis services and blockchain solutions. Through acquisitions into
horizontal markets, SinglePoint is building its portfolio by acquiring an
interest in undervalued companies, thereby providing a rich, diversified
holding base.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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Disclosure: SinglePoint, Inc. (OTC: $SING) is featured on the
420 Cannabis Investor Ideas of 2017 at www.420cannabisinvestorideas.com
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