NetworkNewsWire
Editorial Coverage: A recent change in United States law has
led to a gold rush in the gaming industry as numerous companies
scramble to set up sports gambling operations.
- The U.S. Supreme Court’s overruling of 1992 gambling
legislation essentially makes sports betting widely legal
throughout the country.
- Casinos are moving to make the most of this by opening sports
books.
- Technology companies are also exploring possible revenue
avenues through online gambling apps.
- The United States is set to see a $3–$5 billion take in the
global sports betting market within a few years — a market already
worth an estimated $40 billion.
One of the new players in the sports gambling space is
SinglePoint, Inc. (OTCQB: SING) (SING
Profile), a tech company focused on innovation that
has invested in gambling app StakeHaul. In
the world of big gambling, casino companies such as Caesars
Entertainment Corp. (NASDAQ: CZR) are exploring ways to
add sports gambling to their existing entertainment rosters.
MGM Resorts International (NYSE: MGM) already
provides sports gaming alongside traditional betting options.
Following suit, Penn National Gaming, Inc. (NASDAQ:
PENN) has started offering sports betting at some of its
casinos, as has Boyd Gaming Corp. (NYSE: BYD),
which is also entering the online gambling space.
To view an infographic of this editorial, click here.
The Race to Benefit from Sports Betting
From soccer in Europe to cricket in India, people enjoy betting
on the outcome of sports competitions. In fact, sports betting is
one of the most popular forms of gambling in the world, producing
an estimated $40 billion global industry that includes local
bookmakers to national brands to international betting
websites.
In the United States, this type of betting has been extremely
limited since the early 1990s. Legislation designed to protect
people from the harmful effects of gambling effectively made
betting on sports illegal across the country, with limited
exceptions in a handful of states.
The recent overturning of this law has suddenly created a new
market. Because that market hasn’t existed for the past 25 years,
the renewed interest has revealed an infrastructural void in the
American gaming industry. Technological innovations have not been
applied to sports gambling, so companies are now playing catch up.
The results will shape an industry estimated to be worth billions
of dollars every year.
The Death and Life of U.S. Sports Gambling
This year is seeing a number of gambling companies expand their
operations to include sports betting while tech companies such as
SinglePoint,
Inc. (OTCQB: SING) are looking at what they can do to
fill a commercial void. But how did this gap in the gambling market
come about in the first place?
The Professional and Amateur Sports Protection Act (PASPA) was
passed by the U.S. Congress in 1992. It effectively outlawed
betting on sports across the United States, with limited
exceptions, including specific forms of racing; sports lotteries in
Delaware, Montana and Oregon; and licensed pools in Nevada.
The law quickly became an unpopular one. By 2017, a majority of Americans reportedly wanted to see sports
betting legalized so they could join in a pastime enjoyed by
millions around the world. Several attempts were made to overturn
the law, eventually resulting in a legal case being heard before
the Supreme Court. In May, the court overturned PASPA, declaring
that the law violated the 10th Constitutional
Amendment.
The sports betting market was already growing around the world.
Because of the nature of the business and the lack of centrally
collected figures, it’s impossible to accurately measure its worth,
but it was estimated at around $40 billion in 2016. And now,
America is expected to become a significant growth area, worth an estimated $3 billion to $5 billion within the
next five years.
That’s a lot of money. So how does a company such as SinglePoint
go about getting a piece of the acton?
Gambling on Technology
The key to this market, like so many others, lies in online
interactions and mobile technology in particular. By bringing
gambling first into customers’ homes and then into their pockets,
tech-savvy gambling companies have vastly increased the opportunity
to make small, casual bets.
One of the products that has sprung from this is StakeHaul. A
mobile gambling platform, StakeHaul allows users to bet on
anything. Whether it’s a traditional test of machismo such as who
can do the most pull-ups, a motivational bet on who will complete a
chore first, or even a gamble on the outcome of world events,
StakeHaul can make it happen. And with sports betting now
apparently legal in the United States, StakeHaul can include that
too.
StakeHaul makes it easy to carry out the sort of casual bets
traditionally placed in person. The stakes need be nothing more
than the honor of knowing who won, although they can just as easily
be financial. The company is currently finalizing a peer-to-peer
payment model that can pay out in either U.S. dollars or
cryptocurrency. With internet native currencies on the rise, it
makes sense for an online gambling system to recognize those types
of transactions.
With more than 70,000 downloads, StakeHaul is currently the
top-ranked app for making bets with friends — and those numbers are
steadily increasing. Each month has seen a double-digit percentage
rise in active users and bets placed through the platform.
With more than a third of Americans betting on at least one
sports event every year, there are plenty of people looking to make
the most of the newly loosened laws, and StakeHaul provides a way
to do that. “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,” stated Jeffery Lippert,
founder of StakeHaul.
Investing in the Future of Gambling
It’s not surprising then that tech company SinglePoint has made
an investment in StakeHaul.
Originally a full-service mobile technology provider,
SinglePoint has evolved into a company with an interest in a wide
range of technologies. The organization focuses on companies that
have great potential and proven assets currently believed to be
undervalued on the market. By investing in such companies,
SinglePoint has developed a diverse portfolio of up-and-coming tech
companies.
Payment systems play a large part in SinglePoint’s holdings. The
global payment market is changing, with finance increasingly
transacted online or with smartphones. SinglePoint’s payment processing systems are designed
to deal with this new world. It is also working to provide cryptocurrency payment systems using Bitcoin and
Ethereum, the leading global cryptocurrencies. These are
technologies that will fit well with the financial side of the
company’s investment in StakeHaul.
But it’s not all about electronic payment. SinglePoint has
teamed up with New Sun Energies to provide cost effective solar power in six states. With
interests in blockchain, renewable energy and the sports betting
market, the company has investments in several sectors that are due
to see considerable growth over the next decade.
The Bigger Game Market
History shows that gambling can lead to big wins for a business.
Caesars Entertainment Corp. (NASDAQ: CZR) started
off as a single bingo parlor in 1930s Nevada. Over the decades,
it’s become the most famous name in gaming, with 47 casinos in five
countries. Its buildings play host to conventions, meetings and
hundreds of thousands of tourists. The thrill of betting keeps the
customers coming through the doors of those casinos and has helped
to build up a legendary reputation as a place of decadence and
entertainment, a reputation that also helps explain the success of
over 600 bars, restaurants and clubs across the United States.
With its string of hotels and casinos, MGM Resorts
International (NYSE: MGM) has done a job similar to
Caesars’ in turning the pleasure of gambling into a
multimillion-dollar entertainment empire. Even before PASPA was
struck down, MGM was profiting from sports betting as well as
traditional gambling, thanks to the popularity of its venues.
Hosting events such as world-class boxing
matches means not just ticket receipts but also a flood of fans
using the hotels and their facilities.
Penn National Gaming, Inc. (NASDAQ: PENN) might
not have the glamor of the big names, but the company is still a
very successful operator in the American gambling sector. It has
gaming, racing and video gaming terminals spread across 29
facilities in the United States and Canada, with a focus on slot
machines. The recent legal change is creating more options, and the
company recently started
offering sports betting at Hollywood Casino at Charles Town
Races in West Virginia.
One of the largest casino companies in the United States,
Boyd Gaming Corp. (NYSE: BYD) has 24 gaming
properties spread across seven states. The company runs 10 sports
betting operations across Nevada and has recently opened sports
books at two of its Mississippi properties. It has also teamed up
with FanDuel Group to engage in online betting and sports gaming
opportunities across the country.
The overturning of PASPA is set to transform the American
gambling industry. Both online and in casinos, sports gambling is
taking off in a big way. Early adopter companies are set to benefit
enormously from this change.
For more information on SinglePoint, Inc., visit SinglePoint,
Inc. (OTCQB: SING)
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