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SharpLink Gaming Announces First Quarter 2024 Results and Provides Operational Update
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 first quarter financial results for the three months ended March 31, 2024, as reported in the Company’s Quarterly Report on Form 10-Q (“10-Q”) filed with the U.S. Securities and Exchange Commission (“SEC”) on Friday, May 17, 2024.
Commenting on the results, Rob Phythian, Chairman and CEO of SharpLink, stated, “2024 kicked off being marked by a pivotal quarter defined by the successful execution of a series of initiatives. We view each of these important milestones as critical first steps in achieving the strategic transformation of our Company, enabling us to ultimately win distinction as a leading pure-play online affiliate marketing company trusted by and relied upon by our U.S. sportsbook and global casino gaming partners.”
As previously announced, on January 18, 2024, SharpLink sold its Sports Gaming Client Services and SportsHub Gaming Network (“SHGN”) business segments to RSports Interactive, Inc. (“RSports”) for $22.5 million in an all-cash transaction. As a result, the historical results for these segments were reflected as discontinued operations in the Company’s consolidated financial statements included in the 10-Q.
Financial Highlights for the Three Months Ended March 31, 2024 Compared to Three Months Ended March 21, 2023
- Revenues from the Company’s continuing operations totaled $975,946 compared to $1,232,762.
- Net loss from continuing operations declined 18.4% to $1,760,811 compared to $2,157,183.
- Net income from discontinued operations, net of tax increased 2217% to $14,111,167 from a net loss from discontinued operations, net of tax of $666,563.
- Net income totaled $12,350,345, or $3.36 income per share on a fully diluted basis – up 537% from $2,823,746, or $1.01 loss per share.
For more detailed information on SharpLink’s first quarter 2024 financial performance, please refer to Form 10-Q filed with the SEC and accessible at sec.gov or on SharpLink’s website at sharplink.com.
First Quarter 2024 Business Highlights
- On January 18, 2024, completed sale of SharpLink’s Sports Gaming Client Services and SHGN businesses to RSports for $22.5 million in an all-cash transaction.
- Immediately following the sale, SharpLink used a portion of the proceeds from the sale to retire approximately $19.4 million, in aggregate, in outstanding debt obligations, thereby eliminating all interest-bearing debt on its balance sheet.
- On February 8, 2024, regained full compliance with Nasdaq Continued Listing Standards.
- On February 13, 2024, completed domestication merger with SharpLink Gaming, Ltd., changing from an Israel limited liability company to a Delaware corporation.
- In February, established new Board of Directors for SharpLink Gaming, Inc. with the appointments of Rob Phythian as Chairman and Leslie Bernhard, Obie McKenzie and Robert Gutkowski as new independent members of the Board.
Continuing, Phythian said, “Given our strengthened balance sheet; our highly engaged Board comprised of world class, accomplished business executives; and our shared commitment to a strategy that is expected to empower us to capitalize on potentially compelling growth opportunities in the sports, entertainment and media industries, SharpLink has great hopes for our Company’s future. We plan to continue to enhance our value proposition to our sportsbooks and casino operator partners, while also actively seeking opportunities to expand our iGaming affiliate marketing network into new U.S and international markets where online sports betting and casino gaming have been legalized. Moreover, we intend to continue executing our strategic transformation with clarity and focus, and in doing so, we hope to deliver strong, sustainable value creation for our fellow shareholders for many years to come.”
“Unlocking SharpLink’s next phase of growth with purpose and cost-discipline will be key to our long-term success and should provide us with greater agility as we build momentum and look to accelerate our growth prospects as 2024 unfolds. To help support our mission and continued strategic transformation, we have filed a registration statement on Form S-3 with the SEC and accompanying prospectus for an At-The-Market offering (“ATM”) which we may utilize to raise growth capital if and when market conditions permit. We have identified other measures that we may also pursue to optimize our assets and further strengthen the foundation on which we are building the ‘new’ SharpLink. Over the course of the next several months, I look forward to sharing many more details on our plans and future ambitions,” concluded Phythian.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of SharpLink, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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Evolution bolsters its US portfolio with landmark launch of Nolimit City’s distinctive slots.
Evolution today announced its entry into the United States online gaming market with Nolimit City, the award-winning slot brand renowned for a portfolio bursting with fun, high volatility slots with often outlandish themes. This marks a significant milestone as it is the first time Evolution has simultaneously launched in all six states in which it currently operates: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia.
The first Nolimit City slot available to US online players will be Buffalo Hunter, where mighty buffalo with mystic powers roam the plains of the American prairie. The game is full of exciting free spins and increasing multiplier features, including a Stampede Super Bonus feature that wraps up several bonuses in one.
A rapid rollout of further leading Nolimit City slot titles will follow.
Tombstone will offer US players high volatility with 11,456x stake maximum win potential. Starring the quickest gunslingers in the entire Wild West, this title is packed with sure-fire features like the Outlaw Wilds, Justice Spins, Gunslinger Spins and the hard to get Bounty Spins.
East Coast Vs West Coast will take players back to the golden era of hip hop, with bouncing lowriders, massive shiny spinner rims, blasting boomboxes and vivid graffiti.
In Deadwood xNudge®, meanwhile, the gunslingers will be back, as players follow bounty hunters in the notorious town of Deadwood, with the gnarliest quick-draws of the Wild West.
Established in 2014, Nolimit City is a Malta, Sweden, India, and Romania-based online casino platform and game developer, offering high-quality content and services to operators worldwide, including unique in-game xMechanics such as xNudge®, xWays® and xSplit®. The company became part of Evolution Group in 2022 and its games are available for rapid integration with operators’ systems using Evolution’s in-house One Stop Shop platform.
Jacob Claesson, Evolution CEO for North America, said: “The launch of the Nolimit City brand in the US marks a significant step for Evolution Group. We are commited to delivering unparalleled gaming experiences that redefine entertainment standards, and the outstanding slots from Nolimit City with their renown mechanics and edgy themes encapsulate this perfectly.”
Malcolm Mizzi, COO & Commercial Director at Nolimit City commented: “Our games are famous for their highly volatile math models and daring content and gameplay, so we are really looking forward to the reaction of online slots players in the US.”
He added: “Since the earliest days we have been heavily influenced by US themes. One only has to look at the titles in our games portfolio to see what a massive moment the US launch will be for our team.”
Welcome to the iGaming and TECH Summer Run-Off on Strava! 🌞
The sun is shining, the trails are calling, and it’s time to break out those running shoes! We are excited to announce the launch of the iGaming and TECH Summer Run-Off, a dynamic and engaging challenge designed to bring together professionals from the igaming and tech industries. This event runs from June 14 to August 31, inviting participants to step away from their screens and hit the pavement.
Why You Should Join:
- Boost Your Health: Swap screen time for running time and reap the benefits of fresh air and physical fitness.
- Connect with Colleagues: Interact with peers in a fun and supportive environment. Share routes, running tips, and motivation!
- Compete and Conquer: Keep an eye on the leaderboard, challenge friends, and track your progress. Who will be the top runner this summer?
Challenge Details:
- Period: June 14 – August 31
- Open To: Everyone in the igaming and tech sectors. All skill levels are welcome, from beginners to marathon veterans.
- Goal: Whether it’s your first 5K or you’re training for a marathon, set personal goals and use the club to stay on track.
Prizes and Perks:
- Recognition: Weekly shoutouts for top performers and most improved runners.
- Swag: Exclusive gear for standout runners at the end of the summer.
Getting Started Is Easy:
- Join the Club: Search for “iGaming and Tech Summer Run-Off” in Strava Clubs or click here and hit ‘Join’.
- Log Your Runs: Use Strava to track your runs. Each run will automatically update the leaderboard in our club.
- Engage: Post your routes, share photos from your runs, and engage with other members in the discussion section.
Let’s make this summer unforgettable! Lace up your running shoes, set your goals, and let’s run this season into the ground. Ready to sprint into action?
For more information and to join the challenge, visit our Strava club here.
The up-to-date leatherboard can be found here: https://hipther.com/2024summer-run-off/
Don’t forget to share your runs on social media! Tag @HIPTHER to showcase your achievements and connect with fellow participants. This challenge isn’t just about physical fitness—it’s about boosting our mental well-being too.
Let’s support each other and make strides towards better health, both mentally and physically! #iGamingTechRunOff #HIPTHER
Gaming Industry Marketing and Sales Professional Joins BIG Cyber to Help Company Continue its Growth as a Cybersecurity Defense Technology and Services Provider
BIG Cyber, a BMM Innovation Group Company dedicated to providing robust cybersecurity services and solutions to the global gaming industry, today announced the appointment of Heather Lee as Senior Director of Sales.
BIG Cyber Chief Executive Officer Amit Sharma said, “As BIG Cyber continues to grow, we are excited to add experience to our team by welcoming Heather to drive our sales initiatives. She brings six years of experience in Gaming sales and is well recognized for her focus on customer service and building trusted partnerships.”
Lee previously served as Vice President of Casino Sales & Partnerships at Engaged Nation, where she spearheaded revenue growth and marketing excellence through the award-winning REACH customer-engagement platform.
Before that, she was the Manager of Sales, Loyalty Marketing at Everi, and also worked for Atrient Technology.
Lee was recognized as one of the Emerging Leaders of Gaming 40 Under 40 class of 2022. Her commitment to gaming extends through her membership in the Global Gaming Women organization and her previous involvement in Everiߣs Women in Leadership Initiative.
Lee said,”I am excited to bring my experience and passion for sales to this dynamic organization. I look forward to driving growth, building strong customer relationships, and contributing to the continued success of BIG Cyber and its host of solutions focused on defending the gaming industry and protecting all who play.”
Lee earned a Bachelor of Arts degree from the University of Nevada, Reno, and a Hospitality and Tourism Management Certificate from Florida Atlantic University.
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