SharpLink Gaming Announces 2023 Year-End Results

Revenues from Continuing Operations Increase 42% on Year-Over-Year Basis

MINNEAPOLIS, April 01, 2024 (GLOBE NEWSWIRE) -- SharpLink Gaming, Inc. (Nasdaq:SBET) ("SharpLink" or the "Company"), an online performance-based marketing company serving the U.S. sports betting and iGaming industries, today announced its financial results for the year ended December 31, 2023.

Comparative Year-Over-Year Financial Highlights for Continuing Operations

• Total revenues from continuing operations rose 42% to $4,952,725 from $3,489,948.  
  
  
  • Affiliate Marketing Services – International segment achieved revenues of $4,198,279 – up 22% from $3,427,698.
    
    
  • Revenues from the Company’s Affiliate Marketing Services – United States segment climbed 1112% to $754,446 from $62,250.
    
    
• Gross profit from continuing operations increased 17% to $1,532,663 from $1,316,113; however, due to higher marketing costs associated with engagement of Search Engine Optimization and programmatic advertising campaigns used to drive traffic to our direct-to-player sites in the U.S., gross profit margin declined to 31% from 38%.
  
  
• Net loss from continuing operations totaled $11,248,598, a 20% decrease when compared to $14,095,646.
  

As previously announced, on January 18, 2024, SharpLink sold all of the issued and outstanding shares of common stock and membership interests in an equity sale of our Sports Gaming Client Services and SportsHub Gaming Network business segments to RSports Interactive for $22.5 million in an all-cash transaction. Consequently, the historical results for these segments have been reflected as discontinued operations in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the years ended December 31, 2023 and 2022. The Company, as previously disclosed, used a portion of the proceeds from the equity sale to retire approximately $19.4 million, in aggregate, in outstanding debt obligations. SharpLink is currently free of all interest-bearing debt. For more detailed information on SharpLink’s 2023 financial performance, please refer to Form 10-K filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on SharpLink’s website at www.sharplink.com.