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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.
ELA Games
ELA Games launches King and Flame slot with Hold and Win coins and Bonus Wheel
The 5×3, 20-payline fantasy title includes expanding wild events, Mystery Chests, Free Spins, and a 5,000x max win.
ELA Games has released a new fantasy-themed slot, King and Flame, built on a 5×3 layout with 20 paylines.
The game includes a Hold and Win-style coin mechanic where coins “paying exactly their visible face value,” according to the company. ELA Games also highlighted “Queen’s Mercy” and “Mystery Chests,” which it said can deliver instant prizes or trigger the Grand Jackpot.
On the feature side, ELA Games said the “Tamed by the Crown” event can turn the Dragon Queen into a full reel wild. A “Bonus Wheel Coin” can also appear to unlock a bonus wheel with extra prizes, jackpots, and Free Spins.
The Free Spins round is triggered by three Scatter symbols. During Free Spins, ELA Games said any coin that lands expands to cover the entire column. The title’s maximum win is capped at 5,000x, with a stated maximum exposure of €250,000.
King and Flame is rated mid volatility (2/5), according to the company.
The post ELA Games launches King and Flame slot with Hold and Win coins and Bonus Wheel appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Inside GEO
Inside GEO: Slovenia As the Next Emerging Goldmine
Slovenia is definitely one of the most promising GEOs for the iGaming niche.
That is why the N1 Partners team has collected insights that will help to work more accurately with the audience, increase ROI and build effective advertising campaigns for the GEO.
Let’s look at the big picture to understand the potential of the region better. Slovenia is a small country in Central Europe with a population of about 2.1 million people and its capital in Ljubljana. The official language is Slovenian, the currency is euro, and the time zone is CET (UTC+1).
With the background of a high living standard and a stable economy, the market creates favorable conditions for online gambling: the iGaming sector is already showing steady growth, and its volume was estimated at about $497 million by 2025.
Reasons to test Slovenia
Slovenia is a promising region, but it often turns out to be underestimated in the iGaming niche.
Top 3 reasons to drive traffic to Slovenia right now:
- Low competition.
Slovenia is the country with a low share of online gambling in the market. For partners, this is a signal: with proper localisation and strategy, you can enter a less competitive environment and make a long-term profit. - Solvent players.
The GDP per capita in Slovenia is about $35.3 thousand, which confirms the high level of audience solvency and the potential for stable LTV. - High potential.
Slovenia is not an overheated online market: in European comparison, the share of online gambling in the overall revenue structure remains relatively low. This means that the market has not yet fully realised its digital potential and there’s a room for growth.
Players’ behaviour
Slovenian users are more likely to choose online platforms due to their convenience, wide choice of games and accessibility from mobile devices.
In this region, smartphones account for the majority of iGaming traffic — 86.45%, which requires the adaptation of all funnels to mobile devices.
Gender and age
- Men — 63%, average age 31-35 years
- Women — 37%, average age 26-30 years
According to N1 Partners, the iGaming market remains predominantly male, which is confirmed by external research: the main audience is men aged 25-44. At the same time, the proportion of women is gradually increasing, expanding the segment’s potential.
Top 10 slots Among N1 Partners Players in Slovenia
N1 Partners team notes that players prefer slots with recognizable series, bonus features and adventure themes — this directly affects retention and LTV.
- Legacy of Dead
- Book of Dead
- Heist Stakes
- Book of the Fallen
- Gates of Olympus Super Scatter
- Lucky Lady’s Charm Deluxe
- Magic Apple 2
- Rich Wilde and the Tome of Madness
- Gonzo’s Quest II: Return to El Dorado
- More Magic Apple
Conclusion
Slovenia is a GEO with strong and sustainable potential and a high share of mobile traffic, as well as a growing iGaming market, ideal for those working with gambling traffic.
N1 Partners analytics confirms that with the right localisation strategy and taking into account the characteristics of the audience, this market is able to bring stable profits and long-term growth within the framework of iGaming partner programs.
Wanna scale and increase your income? Work with N1 Partners!
N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with high conversion (CR) and Reg2Dep across Tier-1 GEOs.
N1 Partners offers competitive terms for top partners, including CPA up to €700 and RevShare up to 55%, ensuring stable and scalable performance.
Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.
The post Inside GEO: Slovenia As the Next Emerging Goldmine appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
3 Oaks Gaming
3 Oaks Gaming adds Must Drop JACKPOT mechanic to 4 Pots of Egypt slot
New variant pairs Hold & Win gameplay with two daily progressive jackpots designed to drop before a capped maximum value.
3 Oaks Gaming has released Must Drop JACKPOT
4 Pots of Egypt, extending its Must Drop JACKPOT
series by adding the time-limited jackpot mechanic to its 4 Pots of Egypt slot.
The 5×3, 20-line title uses a Hold & Win format and a four-pots bonus structure, with a progressive jackpot that the supplier says is guaranteed to drop before reaching a defined maximum value. 3 Oaks Gaming said two progressive jackpots are available daily.
According to the company, the Must Drop JACKPOT
prize is set at network level within the game, meaning operators can deploy the promotional feature without additional administrative setup.
The game is built on the original 4 Pots of Egypt, with three smaller pots—Boost, Collect and Multi—and a fourth pot that can add Mini to Major jackpot values on up to three random symbols during the Bonus Game.
Victoria Vashukevich, Acting CCO 3 Oaks Gaming, said: “Must Drop JACKPOT
4 Pots of Egypt builds on the strength of proven Hold & Win gameplay with the added excitement of our Must Drop JACKPOT
feature.
“The game’s layered bonus features, engaging Egyptian theme and progressive jackpot functionality make it a valuable addition to our portfolio and an attractive proposition for operators seeking high-performing content.”
The post 3 Oaks Gaming adds Must Drop JACKPOT mechanic to 4 Pots of Egypt slot appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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