SinglePoint Announces Investment In No. 1 Ranked Social Betting App StakeHaul
Welcome to SinglePoint’s May 15 2018 press release titled Supreme Court Decision Empowers States to Take Action on Sports Betting; SinglePoint Announces Investment in No. 1 Ranked Social Betting App StakeHaul
SinglePoint, Inc. (OTCQB: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. 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,” states SinglePoint President Wil Ralston.
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.