Technology investment company SinglePoint, Inc. (OTCQB: SING) has injected more funds into an innovative peer to peer betting app, in time for the start of the fall sports season, according to a company press release (http://ccw.fm/po0OR).
StakeHaul is a mobile platform that allows users to carry out social betting. SinglePoint president Wil Ralston said that the investment has allowed StakeHaul to develop a payment solution and fund a marketing strategy in time to capture traffic from sports fans who wish to make wagers with their friends and family. Speaking to MoneyTV (http://ccw.fm/Xba2Q), Ralston said, “You could bet on anything you want to between you and your peers.”
“We’re really excited, especially because we’ve been able to implement a payments option, which really gives StakeHaul a path towards monetization: being able to take a percentage of every transaction, which we here at SinglePoint have deep experience in because of all the credit card experience and processing knowledge we have in that arena,” Ralston added.
The SinglePoint president explained that his company invested additional funding into StakeHaul to help it get to a level where it is “actually able to take credit card processing, be able to dabble in a little bit of cryptocurrency so that users can actually bet between themselves and then pay up on those bets.”
StakeHaul, available for both Android and Apple devices, has been downloaded over 70,000 times since its launch and has experienced strong, double-digit growth in user numbers and betting volumes. The app is developing the capacity to allow betting transactions using cryptocurrency, which would make it the first platform of its kind with such functionality.
With the sports betting industry worth an estimated $150 billion and a Supreme Court ruling earlier this year paving the way for legalized betting (http://ccw.fm/a8LNF), StakeHaul is in a position to capitalize significantly on the industry. It’s estimated that at least one third of Americans place a bet on at least one sports event per year, and 97 percent of these people place their bets outside of casinos, according to the American Gaming Association (http://ccw.fm/bAt3w).
In a news release, StakeHaul founder Jeffrey Lippert said, “All in all, our unique features, our ease of use, and the legal momentum behind betting in the U.S. makes our opportunity not just a home run, but a grand slam.”
Investing in StakeHaul is part of SinglePoint’s strategy of acquiring companies that need capital investment and technology integration to boost its own growth. The company’s portfolio currently includes mobile payments, ancillary cannabis services and blockchain solutions.
“Everything that we do, we try to wrap in ‘how can this fit into SinglePoint’s model?’ Whether it’s an acquisition, what kind of technology can we supply to make it more efficient? Can we bring in more payment systems to make it more efficient? So, really, everything SinglePoint does, it comes back to our backbone of payments and technology development,” Ralston said.
For more information, visit the company’s website at www.SinglePoint.com
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