Earlier today, Singlepoint, Inc. (OTC: SING) announced New York State Senate approval of a daily Fantasy Sports (DFS) bill that will play a key role in solidifying the legality of fantasy sports in the Empire State. The bill is currently pending final approval from Governor Andrew Cuomo, who is expected to sign it into law in the coming days. New York’s recent progress toward issuing regulations for the fantasy sports market follows the approval of similar measures from a number of other states, including Colorado, Indiana, Missouri, Mississippi and Virginia.
“This is terrific news for all of us involved in the DFS industry,” Greg Lambrecht, chief executive officer of Singlepoint, stated in today’s news release.
Singlepoint’s entry into the DFS industry came last month, when the company finalized an acquisition deal for an interest in DraftFury, which has been widely recognized as the first cash flow positive DFS enterprise. The acquisition was completed at a valuation of $8 million, and Singlepoint’s management team has pointed toward this valuation as a key to the company’s near term efforts to build shareholder value.
“I believe this is a significantly undervalued company in the DFS space and Singlepoint is proud to have ownership in this enterprise as we continue to cultivate relationships toward additional acquisitions in the space,” Lambrecht added. “DraftFury is well on its way to becoming one of the top players in the industry alongside DraftKings, FanDuel, and Yahoo. Likewise, Singlepoint stock has seen steady, organic growth over the last 6 weeks and we expect that growth to continue.”
As the start of the NFL season rapidly approaches, Singlepoint’s interest in the fantasy sports market strategically positions it to capitalize on the industry’s projected growth. According to the Fantasy Sports Trade Association (FSTA) (http://dtn.fm/4kt3F), roughly 57.4 million people participated in some form of fantasy sports in the United States and Canada during 2015. This marked an increase of more than 36 percent from the previous year. Also worthy of note is the rapid rise of daily fantasy sports spending. In 2012, the FSTA attributed just over six percent of fantasy sports spending to DFS competition. In 2016, the organization predicts average spending will surpass 57 percent of total fantasy sports expenditures, coming to an average of more than $315 per player.
In an effort to maximize on its position in the DFS space, DraftFury has continued to introduce innovative new features in recent weeks. To date, DraftFury has implemented one of the most optimized user interfaces available, improved lineup manageability, live lineup performance monitoring and a seven-level referral program designed to reward marketing affiliates. It has also initiated development of a new mobile app which is expected to greatly expand its market share by creating an opportunity for a significant increase in the size of its user base.
For more information, visit the company’s website at www.Singlepoint.com
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