The recent US Supreme Court decision which has opened the door to potentially one of the world’s largest sports betting markets has been met with enthusiasm by many interested parties, including SinglePoint, a technology company with a focus on acquisitions that will benefit from the injection of growth capital and technology integration.

S

Sources have predicted the industry’s gross gaming revenue from sports betting could rise by US$5 - 10bn in five years and noted that gaming technology providers may also have an incremental $250m - $1bn annual sales opportunity from the trend.

SinglePoint has been in the daily fantasy sports arena since March 2016, when the company invested in GoDraft and DraftFury. Following this month’s Supreme Court ruling, the company announced it had invested in an additional betting platform, 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 2,000-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.”