SinglePoint Announces Acquisition in GoDraft Daily Fantasy Sports Enterprise
SEATTLE, WA -- (Marketwired) -- 03/22/16 -- SinglePoint Inc. (OTC: SING), a mobile marketing and payment technology company with a focus on Daily Fantasy Sports acquisitions, announces today it has acquired an ownership stake in GoDraft.com, a Daily Fantasy Sports (DFS) enterprise featuring "one of the most powerful Daily Fantasy Sports gameplay systems on the planet." GoDraft gives players opportunities to win cash daily in NFL, NBA, MLB and PGA. It also features an exciting referral program in which players can earn cash and credit.
The acquisition comes just on the heels of New York Lawmakers announcing that legislation to regulate the industry could pass by mid-May 2016, which would be a major boon for the industry as a whole.
The deal was tendered with a blend of cash and restricted common stock in a transaction with lucrative potential for all involved.
SinglePoint CEO, Greg Lambrecht is thrilled with opportunities here: "GoDraft is an ideal candidate with excellent growth potential. There are 2000+ 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."
The acquisition marks the first in SinglePoint's DFS rollup initiative, with several candidates identified and others under negotiation and/or LOI. Billionaire investor Mark Cuban recently invested in DFS via Fantasy Labs, stating, "I'm excited to be involved with a company that is working to advance an industry that is poised for huge growth." To date, SinglePoint, Inc. is one of the only companies of its kind in the DFS arena trading in the public markets.
Lambrecht states, "With nearly 57 million people in the USA and Canada participating in fantasy sports last year, demand for participation in DFS is on the rise. We will continue fielding leads and inquiries from FSTA (www.fstaconference.com) and alongside our strategic alliances. Shareholders can expect to see significant movement in DFS and DFS verticals by SinglePoint as we continue to move forward with our model."
The Company is also in negotiation to acquire Text2Bid, an industry leading provider of mobile auction technology.
SinglePoint is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. www.singlepoint.com
Go Draft is a daily fantasy sports website that allows you to play in exciting NFL, MLB, NBA and PGA fantasy contests. We offer 100% legal gameplay and proudly serve the entire U.S. Play contests in our public lobby or create your own private league using our first-in-the-industry private league system. Sign up today for free and see how fun it is to play fantasy sports everyday with Go Draft.
Source: SinglePoint, Inc.
Released March 22, 2016