The NFL season is underway, and Daily Fantasy Sports (DFS) companies are already setting records. Revolution Growth recently announced a $150 million investment in DraftKings, and other deep pocketed investors are seeking out opportunities to dip their feet into the DFS pool as well. In other news, legislators from Texas recently announced intent to push for legalization of DFS as well. With the excitement in this industry, it is expected DraftKings is valued above $1 billion. What does that have to do with SinglePoint, Inc. (OTCMKTS:SING)? Great question.
Over the past year, SinglePoint has been working with Milost Advisors to acquire more interests in the DFS arena, and the company successfully acquired DraftFury, which is predicted to become a top contender in the DFS market. Additionally, DraftFury offers a one-of-a-kind referral bonus program to help increase the user base. The company has seen consistent year-over-year growth in daily active users, prize pools, and revenues as a whole.
The company is currently working very actively to compete with top-shelf competitors like DraftKings and FanDuel. They are developing a dynamic new mobile application, which will be on par with the best in the market. They have already received flattering reviews on their user-experience by respected fantasy sports review sites, including RotoGuys.com. The bigger names in the industry are actively paying upwards of 75 lobbyists in 30+ states to help clarify the legal status of DFS across the nation. This directly benefits smaller DFS operations like DraftFury, because they will receive the same benefit without the capital outlay to hire lobbyists. At this time, approximately 20 states have pending legislation that would largely permit daily fantasy sports.
In addition to the tremendous progress the company has made in its entry into the DFS arena over the past year, the company has also pushed forward on its Text2Bid acquisition, which it intends to finalize shortly. Text2Bid is an already-profitable mobile auction software platform that would immediately bolster SinglePoint revenues while increasing cash flow, which will help the company make more acquisitions. Milost Advisors is very actively seeking out more acquisition targets that are undervalued companies with annual revenues in excess of $50 million.
SinglePoint has also engaged MaloneBailey, a PCAOB firm, to audit the company’s Form 10, which has long been an obstacle for the company in its goal to uplist. Pending the Form 10 being filed, the company will seek to uplist and find more favorable financing for future acquisition deals.