SinglePoint, Inc. (OTC: SING) announced today it had executed a letter of intent to acquire an ownership stake in DraftFury, which is a leading Daily Fantasy Sports (DFS) company. The company is already cash flow positive and it has only been operating for seven months, showing competent leadership and client acquisition strategy. The company has brought a strong affiliate network marketing strategy to the DFS industry- they already have 1,800 marketing affiliates registered to help bring more new users to the company.
Management is excited from both companies, as they believe they can leverage existing synergies between the two businesses (SinglePoint's mobile and technical expertise along with DraftFury's fully-developed DFS platform) to take an even larger share of the rapidly expanding fantasy sports market. On top of this, DraftFury is one of the first entrants to provide DFS gaming to the world of eSports, which has recently seen huge investment from the likes of well-known billionaire, Mark Cuban.
SinglePoint is one of the first publicly traded companies to offer investors an opportunity in the DFS industry. They are also still working toward acquiring Text2Bid and uplisting to the OTCQB.
