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May 17, 2018 7:30 AM ET

Recent News and Developments in the Sports Betting Market

iCrowdNewswire - May 17, 2018

This week in the news, the U.S. Supreme Court ruled against the Professional and Amateur Sports Protection Act (PASPA), the federal law that limited sports betting to only the state of Nevada for the last 25 years. With PASPA gone, states can pass their own regulations regarding sports betting. According to a report by Forbes, the research firm Eilers & Krejcik Gaming estimates that in 2017, while full sports betting was technically illegal outside of Nevada$2.5 billion to $3 billion was being earned from offshore bookmakers from individuals based in the U.S. who are betting illegally. The research also indicates the best case for a U.S. regulated sports betting market by 2023 would be a total of thirty-two states offering regulated sports betting, which may result in a market worth $6.03 billion in annual revenue. SinglePoint, Inc. (OTC: SING), Caesars Entertainment Corporation (NASDAQ: CZR), Penn National Gaming, Inc. (NASDAQ: PENN), MGM Resorts International (NYSE: MGM), International Game Technology PLC (NYSE: IGT)    

Dallas Mavericks owner Mark Cuban commented on the Supreme Courte decision, saying in an ESPN report that, “It doubled the value of the professional sports franchises in a second… It will increase interest, it will add to what happens in our arena and in stadiums. It will increase the viewership for our biggest customers online and on TV. It helps traditional television because it’s much lower latency, whereas online, because of cachet, it’s much higher latency.”

SinglePoint, Inc. (OTC: SING) yesterday announced breaking news that, “it has invested in an additional betting platform, StakeHaul, the No. 1 social betting app in the iTunes App Store.”

SinglePoint has been in the daily fantasy sports arena since March of 2016, when the company invested in GoDraft and DraftFury. With the recent Supreme Court vote, SinglePoint is excited to work closely with StakeHaul to penetrate the betting industry, which has a potential value of $150 billion, according to the American Sports Betting Coalition. SinglePoint has already established a payments option, and the two companies have been working to define the use of Ethereum smart contracts within the application. StakeHaul focuses on peer-to-peer social betting.

Download StakeHaul for iOS or Android and start playing today. – In a 6-3 ruling, the Supreme Court overturned the 1992 federal law that previously prohibited gambling on the outcome of sports events at the state level, once again making SinglePoint’s investments in GoDraft and DraftFury viable opportunities. In May 2016, SinglePoint invested in DraftFury, which has an industry leading 7-level referral program and was establishing major traction when it launched. SinglePoint is hopeful that with the new regulations in place, these companies will resume their hypergrowth trajectories as states across the country prepare to quickly move forward to offer sports betting.

“We have placed the company into multiple emerging markets that have huge growth potential,” states SinglePoint President Wil Ralston. “While we will continue to focus on cannabis and blockchain opportunities, we are excited that the Supreme Court has ruled in favor of sports betting legalization, giving the companies we have a stake in the opportunity to compete with the industry leaders again. We will continue to look for opportunity in the newly legalized sports betting arena.”

Previously, this market has been ruled by two major groups: DraftKings and FanDuel. SinglePoint believes there is an opportunity to tap into this market. StakeHaul provides a different approach and believes it can penetrate the huge betting market, and, as the No. 1 downloaded social betting app on the iTunes App Store, it has already shown its capabilities to do so.

SinglePoint will work collaboratively with StakeHaul to help facilitate the opportunity of using SinglePoint’s crypto-based payment solution within the application. Having the ability to transact in crypto payments provides SinglePoint another avenue to jumpstart users transacting with bitcoin.

SinglePoint will also continue focusing on the cannabis and blockchain markets. The company believes this Supreme Court ruling could additionally benefit cannabis, making it less scrutinized at the federal level and further empowering states, just as Monday’s sports betting ruling has done.”

Caesars Entertainment Corporation (NASDAQ: CZR) is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Recently, the company applauded the U.S. Supreme Court’s decision to strike down the federal Professional and Amateur Sports Protection Act (PASPA), likely leaving regulation to the states. Caesars currently has licensed gaming operations in thirteen states and currently manages a successful legal sports wagering business in Nevada. The company plans to expand its U.S. sports betting business wherever secure and responsible wagering on sporting events is legalized.

Penn National Gaming, Inc. (NASDAQ: PENN) owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. As of March 31, 2018, the Company operated twenty-nine facilities in seventeen jurisdictions, including CaliforniaFloridaIllinoisIndianaKansasMaineMassachusettsMississippiMissouriNevadaNew JerseyNew MexicoOhioPennsylvaniaTexasWest Virginia, and Ontario, Canada. On April 27, 2018, the company announced that at regulatory meetings held this week the Mississippi Gaming Commission and the Pennsylvania State Horse Racing Commission approved the Company’s pending acquisition of Pinnacle Entertainment, Inc. subject to customary conditions. The completion of the proposed transaction is contingent on receipt of additional regulatory approvals as well as certain other conditions.

MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. On Monday, the company released the following statement following the United Supreme Court ruling striking down the Professional and Amateur Sports Protection Act (PASPA): “MGM Resorts International applauds the Court’s decision to allow states the opportunity to protect consumers and benefit the public by regulating and taxing sports betting. We look forward to working with legislators and policy makers to achieve a regulatory outcome that benefits states and consumers alike while ensuring the integrity of sports. Having spent decades building trust with regulators, successfully operating sports books in Nevada, and hosting the world’s leading sporting events, MGM Resorts International is extremely well positioned for a post-PASPA environment.”

International Game Technology PLC (NYSE: IGT) is the global leader in gaming. IGT combines 30 years of betting experience from sports games within the lottery sector (legacy GTECH) with 15 years of commercial bookmaking and back office functionality (legacy Finsoft/G2), and the success story with the Better-brand being launched in Italy(Lottomatica). Together, this expertise drives its feature-rich portfolio to build and strengthen your sports betting operation. In March, the company announced that it has signed a patent cross-license agreement with the NOVOMATIC Group; a full-service provider in all segments of the gaming industry. Under the agreement, the NOVOMATIC Group can offer games including patented game features from the IGT portfolio, and will pay ongoing licensing fees to IGT.

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