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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.
Booming Games
Booming Games launches Henhouse Hustle: Hold and Win
New farm-themed slot adds Free Spins, Hold and Win, and optional bonus buys priced at 75x and 150x the bet.
Booming Games has launched Henhouse Hustle: Hold and Win, a new farmyard-themed slot featuring a Free Spins mechanic and a Hold and Win bonus. The supplier said the game runs on a 5×3 grid with 20 paylines and offers a maximum win potential of 6,000x.
In the base game, Golden Eggs are stored in a Collection Pot. Free Spins trigger when three Golden Eggs land on the middle reels, with their cash value moved above the reels at the start of the round. Booming Games said that cash value is awarded each time a Golden Egg lands during the feature.
During Free Spins, Boost symbols can increase Egg prizes to the next prize level from one to five times, while an Extra Spins symbol can award between one and five additional spins. The company said Boost symbols can increase to Prize Pot values of 10x-1000x, awarding Mini, Minor, Major and Grand prizes.
The Hold and Win round triggers with five or more Eggs and starts with three respins, with Egg symbols held in place and the respin counter resetting when additional Eggs land. The Grand Prize is awarded when all positions on the grid are filled with Eggs. The release also states that triggering with five or more eggs including three golden eggs activates a Combo Bonus, awarding both Hold and Win and Free Spins in a Super Bonus Round.
Booming Games said players can purchase either the Bonus or the Combo Bonus for 75x and 150x the bet amount respectively, which is guaranteed to trigger the Hold and Win feature. A Boost+ option can also be activated in the base game, increasing the bet amount by 1.25x and increasing the chance of triggering bonus features.
Craig Asling, Director of Games at Booming Games, said: “Packed with a host of innovative new features which offer fast-paced, high stakes gameplay, Henhouse Hustle: Hold and Win is the latest example of Booming Games’ market-leading capabilities. The Fox acts as the antagonist, stealing Golden Eggs and adding a real sense of theatre to the game, which we’re confident will be a hit among players.”
The post Booming Games launches Henhouse Hustle: Hold and Win appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Amusnet
Amusnet Releases its Latest Cascading Slot, Crime King 1000
Amusnet has released its latest cascading slot Crime King 1000, which transports players into the heart of a gripping underworld inspired by classic mafia stories, hidden fortunes and high-stakes ambition. In this city of secrets, only the boldest are destined to build an empire.
Played across 6 cascading reels, the game features an engaging Match 8+ mechanic, where the matching symbols disappear after every successful combination, making room for new symbols to fall into place. This dynamic gameplay creates opportunities for consecutive cascades, keeping the action flowing and the anticipation high throughout every round.
At the centre of the experience is the Progressive Multiplier feature. As valuable multiplier symbols are collected, four distinct multiplier tiers – green, blue, purple and red – come into play, each offering increasingly powerful values. The highest tier can reach an impressive 1000x, adding a dramatic boost to both the base game and the Free Spins feature as multiple multipliers combine during cascading sequences.
The pressure intensifies when four Scatter symbols appear anywhere on the reels, unlocking 15 Free Spins and opening the door to even greater multiplier opportunities. The feature can also be retriggered, extending the action and allowing players to stay in the heart of the underworld even longer.
For those unwilling to wait, the Buy Bonus feature offers immediate access to the Free Spins experience, providing a fast track to the game’s most exciting moments.
With its cinematic crime-inspired atmosphere, cascading gameplay and powerful multiplier mechanics, Crime King 1000 delivers a bold adventure where every cascade strengthens the player’s influence and every decision brings the player one step closer to ruling the city. In this world, reputation is everything – and only the true king of crime will claim the throne.
Cascades & Match 8
The winning symbols disappear, allowing new symbols to drop into their place, potentially triggering additional wins from a single spin. A winning configuration consists of 8 or more identical symbols anywhere on the reels.
Free Spins
15 Free Spins are triggered by landing at least 4 Scatter Symbols at any position across the reels. The feature can be retriggered by landing another 3 Scatter symbols during Free Spins.
Progressive Multiplier
Available both in the Base game and Free Spins mode. There are four colours of multiplier gems, as follows:
Green Multiplier symbol – 2x, 3x, 4x, 5x, 6x, 8x
Blue Multiplier symbol – 10x, 12x, 15x, 20x
Purple Multiplier symbol – 25x, 50x
Red Multiplier symbol – 100x, 250x, 500x, 1000x
If several multipliers appear after the cascading sequence ends, their values are added together.
Buy Free Spins
Enables the player to purchase 15 Free Spins at the price of 100x the total bet.
The post Amusnet Releases its Latest Cascading Slot, Crime King 1000 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Betsson
Betsson and Sliema Wanderers FC Sign Landmark MOU for Long-term Partnership
Betsson and Sliema Wanderers FC have signed a memorandum of understanding outlining their intention to establish a landmark long-term partnership, reinforcing Betsson’s long-standing contribution to Maltese sport and the local community.
Under the proposed partnership, Betsson is expected to become Sliema Wanderers’ front-of-shirt sponsor and will support the club’s continued investment in its sporting operations and facilities. The parties will now work towards finalising the full partnership agreement.
The partnership would see Sliema Wanderers join Betsson’s international football portfolio, alongside leading clubs including Inter, Club Brugge, Boca Juniors and Atlético Nacional.
The MOU reflects a shared commitment to the long-term development of Sliema Wanderers and the club’s ambition to strengthen its sporting infrastructure, enhance its competitive position and establish a more sustainable operating model for the future.
Sliema Wanderers is one of a limited number of Maltese football clubs that owns premises which can be developed and commercialised to generate recurring revenue. The club intends to continue investing in its facilities and creating additional revenue streams to support its long-term sporting ambitions.
Jesper Svensson, CEO at Betsson Group, said: “Betsson has been part of Malta for over 20 years, and we are proud to deepen our long-standing commitment to the local sporting community.
“This proposed partnership goes well beyond the traditional sponsorship model. We are supporting a club with a clear vision for its future, including stronger sporting facilities and a sustainable model that can support its continued development.
“Sliema Wanderers has demonstrated ambition and a genuine commitment to long-term progress. These are values that strongly resonate with Betsson, and we look forward to working with the club and bring its vision to life.”
The proposed partnership builds on the work undertaken by the club’s new committee, which has focused on strengthening the club’s financial foundations and investing in its sporting infrastructure.
Walter Arciola, President of Sliema Wanderers FC, said: “The signing of this MOU represents an important vote of confidence in the long-term vision we have established for Sliema Wanderers.
“Our objective is not simply to achieve success on the pitch. We want to build an institution that is financially sustainable, supported by high-quality facilities and positioned to compete successfully over the long term.
“Betsson has understood and embraced that vision from the outset. We are delighted to take this important first step towards a long-term partnership and look forward to working together to support the future development of Sliema Wanderers.”
The announcement comes as Sliema Wanderers continues to strengthen its sporting project ahead of the upcoming season. During the event, the club also presented Malta international Teddy Teuma as its latest signing, following the recent arrivals of fellow Malta internationals Alexander Satariano and Henry Bonello. The three signings further reflect the club’s ambition to combine immediate sporting progress with a sustainable long-term development strategy.
The post Betsson and Sliema Wanderers FC Sign Landmark MOU for Long-term Partnership appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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