With SinglePoint, Inc. (OTC: SING) having already developed a functional, robust, and intuitive package of mobile solutions, it makes sense they may try to leverage their technologies for entry into other profitable lines of business.
Recently, the company announced its hiring of a consultant to analyze their entry into the fantasy sports industry. The appeal here is obvious, as the daily fantasy sports industry is expected to bring in $2.6B in entry fees this year, with 41% in annual growth and an expected market size of $14.4B in 2020 according to research done by Eilers Research. The industry is still young, and the largest names involved are currently undergoing scrutiny due to claims of fraud, manipulation, and other questions of general business ethics being raised. This creates opportunities for new entrants moving forward.
SinglePoint has been processing mobile payments and has been developing that infrastructure for years. It is likely the company could utilize its existing platforms to gear up for a quick entry into this market, as they would not need to start entirely from scratch on the fund processing side of things. The company also announced their intention to acquire several of the smaller, but established daily fantasy sports (DFS) companies, which could help springboard the company into a very profitable industry nearly overnight, pending the closure of these acquisitions.
To watch the full clip where the CEO of SinglePoint, Inc. (OTC: SING), Greg Lambrecht, speaks about their exciting entry into the fantasy sports industry, take a look at: http://www.emergingcompany.com/volume19week42f.htm