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SharpLink Gaming Announces First Quarter 2024 Results and Provides Operational Update

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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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The “Un-Boring” Update How Mancala Gaming Makes Sure You Click and Stick

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Stop us if you’ve heard this one before: “We are thrilled to announce a series of innovative updates…”

Actually, we do have a lot to share, starting with a gorgeous, brand-new website that’s finally as vibrant as our games. But let’s tell the story the right way so it’s worth your time. 

It’s not just that we’ve updated our look or tweaked a few tools; it’s about how to be “un-boring” for both our players and our partners. For Mancala Gaming, the rule is simple. Working together should never feel like a routine. From day one, the core of Mancala Gaming, and the big idea behind everything we do, has been: You click. You stick.

Take our new release pace, for example. We used to launch two games a month, and while that was great, we knew both our players and our partners wanted more. So did we. It was never our goal to become a company known for ‘that one cool game from last year.’ So, we expanded our team and dusted off our book of great ideas for the future to move to four releases a month.

This constant movement keeps engagement high and monetization steady, giving players a reason to come back every single week.

One might say that quantity is not the same as quality, and they would be right. The games have to feel right on the inside, too. That’s why we upgraded the Mancala Gaming bonus tool with a progress bar. It’s a tiny mechanic that does a lot of heavy lifting for player attention. We polish every detail like this because perfection has no limit, and as you can see, we are being very modest about it.

As we keep growing, we want Mancala Gaming to stay bright, interesting, and full of life. But there was always one piece of the puzzle that didn’t quite fit, and that was our old website. It served us well, but it didn’t quite capture the energy we have. So, we’ve decided to change it.

What began as a simple refresh turned, in the blink of an eye, into what became a year-and-a-half saga with hundreds of discussions, dozens of ideas, two major design rounds, and one black-or-white debate that came this close to becoming a fight. In the end, we kept both themes to preserve peace in the design department. Pretty diplomatic, wouldn’t you say?

Beyond the visuals, we added a comprehensive FAQ, expanded our partner resources, and introduced intuitive search filters so you can find any game in seconds. So yes, the new site looks very good, but more importantly –– it makes us easier to work with. When partners can quickly find what they need, it’s easier to launch, promote, and use our content in their day-to-day work. And that is exactly what we were aiming for.

Ultimately, all of this is about being a provider that feels truly alive. We want working with us to feel like a breath of fresh air that leads to a win, rather than a chore. Our job is to keep things interesting, engaging, and of course, profitable.

Looking at the results, we’re pretty sure we nailed it. We know you’re going to love it, so go ahead and see it for yourself.

That’s it from us for today. See you later!

Best,

The Mancala Gaming Team

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Altenar selected to power ArenaPlus sports betting platform in the Philippines

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Altenar, a leading sportsbook provider, has entered the Philippines’ regulated sports betting market after being selected to power ArenaPlus, the flagship sportsbook platform of DigiPlus Interactive Corp. and the #1 PAGCOR-licensed online sportsbook in the Philippines.

As part of the agreement, ArenaPlus is transitioning its sportsbook operations to Altenar’s advanced, fully-managed sportsbook solution. The platform includes customised betting options for enhanced localisation, fast in-play and live betting, advanced risk management, and compliance controls designed to support a mobile-first market.

Altenar’s in-house statistical model and automated pricing tools ensure a comprehensive player props portfolio on Philippine Basketball Association (PBA) games, alongside faster odds updates, enabling ArenaPlus to further enhance its sports betting experience for users.

The deal further strengthens Altenar’s position as a trusted sportsbook technology provider in regulated markets worldwide, delivering high-performance and adaptable solutions that support operators’ long-term growth. By combining innovation with operational excellence, Altenar is setting the bar for reliability and growth across Asia.

Dinos Stranomitis, COO at Altenar said: “Partnering with DigiPlus to power ArenaPlus marks a key step in our entry into the Philippines, a highly engaged and rapidly growing regulated market. Our fully managed, localised sportsbook delivers the performance, stability, and compliance required in this market.

“This agreement reinforces our ability to support ambitious operators and establishes a solid foundation for long-term growth.”

Erick Su, Head of ArenaPlus, added: “Altenar provides the technical strength and reliability needed to elevate the ArenaPlus sportsbook experience. Their fully-managed solution aligns with our strategy for continued growth in the Philippines, particularly amid the rising demand for live and in-play sports betting.

“With Altenar’s technology in place, we can continue enhancing the player experience while building a partnership focused on long-term and sustainable growth.”

About Altenar

Founded in 2011, Altenar is a leading turnkey sportsbook provider committed to meeting the unique needs of its clients. Renowned for its flexibility and customer-centric approach, Altenar specialises in customising solutions to new markets, audiences, and requirements. With a focus on building enduring partnerships, Altenar aims to be the most partner-oriented iGaming software provider in the industry.

For more information, visit www.altenar.com.

About ArenaPlus

ArenaPlus is the #1 PAGCOR-licensed online sportsbook in the Philippines, providing a secure and engaging sports betting and streaming experience. Launched in 2023, ArenaPlus features a wide range of local and international sports and continues to expand its presence through key partnerships across major leagues, including the NBA, PBA, and PVL.

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Betsul to take 1,000 bettors to “Fight Music Show 8” activation

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As an official sponsor of the event, the brand will run activations featuring a punch machine and giveaways

Between betting, adrenaline, and major fights, Betsul is preparing another experience designed to place its customers at the center of “Fight Music Show 8” (FMS 8).

As an official sponsor of the event, the company,  a reference in online betting since 2019,  has launched a special promotion that will take customers to one of the most anticipated nights in the sports entertainment calendar.

To participate, users must place a minimum bet of R$100 on one of the official fight card matches and complete their ticket by the 27th.

The promotion is valid for the first 500 participants, who will receive a pair of tickets for FMS 8, taking place on May 30 at Mercado Livre Arena Pacaembu in São Paulo.

In addition, Betsul will be present at the event with interactive activations, including a punch machine and giveaways throughout the program.

“We want to make our customers’ journey increasingly special. FMS combines entertainment, sport, and digital influence in a format that speaks directly to our audience.

In addition to the promotion and on-site activations, Betsul will be the only betting house offering odds for the fights, delivering a more complete and engaging experience,” said Mateus Rosa, Marketing Manager at the company.

This marks the second consecutive edition in which Betsul sponsors Fight Music Show, reinforcing its strategy of closer engagement with major sports entertainment events in Brazil.

The brand will also feature three ambassadors and influencers participating in the event: Kleber Bambam, Nego do Borel, and Fernanda Lacerda (Mendigata).

About Betsul

Regulated in the betting market, Betsul was founded in 2019 and was the first betting operator in Brazil to receive the RA1000 seal from Reclame Aqui.

The company offers 24/7 customer support and promotes responsible gaming initiatives.

By registering on the site, users aged 18+ gain access to a wide range of sports, competitions, casinos, live casino games, e-sports, and instant games.

Learn more at Betsul. Authorization: SPA/MF Ordinance No. 255/2025

The post Betsul to take 1,000 bettors to “Fight Music Show 8” activation appeared first on Americas iGaming & Sports Betting News.

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