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Internet of Things Inc sees potential opening in sports betting market to leverage its tech

This month in the US, the supreme court in the US struck down a federal law
Internet of Things sees an opportunity in the sports betting market

Internet of Things Inc (CVE:ITT) sees an opportunity to enter the sports betting market in the US, it said, as the firm posted an update on recent achievements.

This month in the US, the supreme court struck down a federal law barring gambling on football, baseball and other sports in most states, giving them the green-light to legalize betting on sports.

"This change in legislation effectively clears a path for the legalization of sports betting in the United States," said ITT.

It points to research firm Eilers & Krejcik Gaming, which estimates a regulated US sports betting market could generate US$6.03bn in annual revenue by 2023.

Internet of Things on Friday also pointed to its strategic investment in Blockstrain Technology, which, it says, provides a blockchain platform to establish global certainty for cannabis strains and their ownership.

ITT is mulling how to deploy and leverage its strategic technology applications into the Blockstrain ecosystem.

READ: Internet of Things set to buy AI firm offering road weather analytics

Other recent milestones are its deal to buy for C$2.53mln, Weather Telematics Inc, a company which offers real-time artificial intelligence (AI) based predictive road condition weather analytics.

Weather Telematics uses a proprietary mobile sensor network and a data fusion platform.

In 2015, Internet of Things acquired an 8.33% minority equity position in Braingrid for C$500,000. Braingrid recently closed a C$2.5mln equity financing and continues to work on its public listing on the Canadian Securities Exchange.

The company reckons that Braingrid's go-public transaction will be accretive to Internet of Things.

Earlier this month, the  firm said it had appointed industry veteran James Sutcliffe as president and chief operating officer.

"Internet of Things is at a critical inflection point given its growth opportunities in Asia and North America. I am excited to leverage my relationships and operating experience as the company pursues very compelling and complementary accretive acquisitions," he said today.

Shares in Toronto shed 6.25% to C$0.075.

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