SinglePoint, Inc. (OTC: SING) recently announced they had entered negotiations for a joint venture with Hot Deal Asia Limited, a Hong Kong-based company which is seeking to launch a daily fantasy sports (DFS) league across South East Asia. This is an industry that has attracted hundreds of millions of dollars in venture capital, including excitement from none other than billionaire Mark Cuban. With this much excitement in the U.S., it makes a whole lot of sense to try to capture the much larger market in Asia.
That’s right, there are estimated to be over 300 million basketball players and more than 600 million soccer fans in China alone. Not even including the other Asian countries that could be within the reach and scope of this joint venture, there are more sports fans in China than there are people in the United States of America. This seems to be an innovative and intelligent way for SinglePoint to diversify its operations, protect against domestic fluctuation and legislation, and increase its target market substantially.
Hotdeal Asia Limited already has a strong technical infrastructure, as they offer business and IT consulting along with payment solutions and digital marketing. They are well versed in e-commerce and digital transactions in Asian countries and it makes a great deal of sense to partner with them in this expansion.
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