MINNEAPOLIS, Nov. 15, 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 three and nine months ended September 30, 2024.

Financial Highlights

• Revenues decreased 27.7% to $2,838,908 for the first nine months of 2024, compared to $3,925,618 for the same nine-month period in 2023. For the three months ended September 30, 2024 and 2023, revenues declined 34.7% to $881,690 compared to $1,349,331, respectively.
• Total operating expenses declined 25.9% to $4,426,835 from $5,977,327 for the nine months ended September 30, 2024 and 2023, respectively; and total operating expenses dropped 46.0% to $970,080 from $1,795,057 for the three months ended September 30, 2024 and 2023, respectively.
• For the nine months ended September 30, 2024, net income climbed to $11,002,266 after factoring net income from discontinued operations of $14,567,733 – up 673.3% from a net loss of $9,114,443 inclusive of the net loss from discontinued operations of $2,523,754 posted for the comparable nine months in the prior year. After factoring a net loss from discontinued operations of $97,139, the net loss for the three months ended September 30, 2024 decreased 68.9% to $885,131 when compared to a net loss of $2,849,547 for the same three months ended September 30, 2023 after factoring a net loss from discontinued operations of $822,100.
• As of September 30, 2024, cash on hand was $1,850,206 and total stockholders’ equity was $2,020,143. This compared to $2,487,481 cash on hand and total stockholders’ deficit of $9,399,769 as of December 31, 2023.

Commenting on the results, SharpLink Chairman and CEO Rob Phythian said, “The notable decline in operating expenses reflects SharpLink’s continued focus on streamlining our affiliate marketing business; and the significant improvement in our bottom line results is largely a result of our $22.5 million cash sale of our SportsHub fantasy sports and sports game development businesses to RSports Interactive, Inc. earlier this year. Since that time, we have succeeded at scouring our balance sheet, eliminating virtually all of our debt, and have turned our attention to identifying, qualifying and pursuing compelling strategic growth opportunities that we believe can best be leveraged to create and enhance long-term sustainable value for our shareholders. As we progress through to the end of the year, we look forward to sharing much greater insight into our future plans for SharpLink resulting from the collective due diligence efforts of our leadership team and our highly engaged Board of Directors.”

For more detailed information about SharpLink’s Third Quarter 2024 financial results, please refer to the Company’s Quarterly Report on Form 10-Q filed yesterday with the U.S. Securities and Exchange Commission and accessible online at www.sec.gov or via SharpLink’s investor relations page at https://investors.sharplink.com/

About SharpLink Gaming, Inc.

Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit www.sharplink.com.

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Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business through strategic growth opportunities, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.

CONTACT INFORMATION:
INVESTOR AND MEDIA RELATIONS
[email protected]

MINNEAPOLIS, Aug. 15, 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 three and six months ended June 30, 2024.

Rob Phythian, Chairman and CEO of SharpLink, stated, “The first half of 2024 has largely been marked by our Company’s efforts to materially strengthen our balance sheet, and narrow our focus on our performance-based marketing business through several strategic initiatives, namely:

• The sale of our SportsHub Games Network and sports games development businesses in January of this year for $22.5 million in an all-cash transaction;
• The extinguishment of all interest-bearing debt;
• The raising of $71,356 from our At-the-Market Offering during the first six months of this year; and
• The receipt of $297,387 in an earn-out accrued in June 2024 and paid in July 2024, which related to our sale of MTS, SharpLink’s legacy telemanagement solutions business sold to EntryPoint South Ltd. in December 2022.”

Continuing, Phythian said, “As a result, SharpLink has emerged with a very lean operating base that is free of debt, and we have a management team and Board of Directors equally committed to pursuing strategic growth opportunities capable of increasing shareholder value over the long-term.”

Financial Highlights

• Revenues for the three and six months ended June 30, 2024 totaled $981,272 and $1,957,218, respectively – a 27% and 24% decline from revenues of $1,343,526 and $2,576,287 reported for the comparable three and six month periods in 2023, respectively.
• Operating expenses decreased 31% to $1,484,680 from $2,136,936 for the comparable three-month reporting periods; and declined 17% to $3,456,755 from $4,182,270 for the six months ended June 30, 2024 and 2023, respectively.
• After factoring net income from discontinued operations of $453,705, net losses dropped to $462,959 for the three months ended June 30, 2024 from net losses of $3,441,158 after factoring net losses from discontinued operations of $1,035,099 for the same three-month period in 2023. For the six months ended June 30, 2024, net income totaled $11,887,397 after factoring net income from discontinued operations of $14,564,872 – significantly up from a net loss of $6,264,904 inclusive of the net loss from discontinued operations of $1,701,662 posted for the same six month period in the prior year.
• As of June 30, 2024, cash on hand was $2,435,600 and total stockholders’ equity was $2,760,915. This compared to $2,487,481 cash on hand and total stockholders’ deficit of $9,399,769 as of December 31, 2023.

For more detailed information about SharpLink’s Second Quarter 2024 financial results, please refer to the Company’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission and accessible online at www.sec.gov or via SharpLink’s investor relations page at https://investors.sharplink.com/

About SharpLink Gaming, Inc.

Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit www.sharplink.com.

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Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business through strategic growth opportunities, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.

CONTACT INFORMATION:

INVESTOR AND MEDIA RELATIONS
[email protected]

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MINNEAPOLIS, July 17, 2024 (GLOBE NEWSWIRE) — SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”) today announced that the Company received a letter from Nasdaq Listing Qualifications on July 11, 2024 (the “Letter”) indicating that the Company is no longer in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The rules also provide SharpLink a compliance period of 180 calendar days to regain compliance. According to the Letter, the Company has until January 7, 2025 to regain compliance with the minimum bid price requirement. SharpLink can regain compliance if at any time during this 180-day period, the closing bid price of its Common Stock is at least $1.00 for a minimum of ten consecutive business days, in which case SharpLink will be provided with written confirmation of compliance by Nasdaq and this matter will be closed. In the event that the Company fails to regain compliance after the initial 180-day period, SharpLink may then be eligible for additional time if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will be required to provide written notice of its intention to cure the deficiency during the second compliance period equal to an additional 180 calendar days.

If SharpLink cannot demonstrate compliance by the end of the second compliance period, Nasdaq will notify SharpLink that its Common Stock is subject to delisting. The Letter has no immediate effect on SharpLink’s listing or the trading of its Common Stock, and during the grace period, as may be extended, the Company’s Common Stock will continue to trade on The Nasdaq Capital Market under the symbol “SBET.”

About SharpLink Gaming, Inc.

Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit www.sharplink.com.

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Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the expected growth in the online betting and iGaming industries, the Company’s ability to grow its business, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.

CONTACT INFORMATION:

INVESTOR AND MEDIA RELATIONS
[email protected]

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