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SharpLink Gaming Announces Second Quarter 2024 Financial Results
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.
The companies point to growth in Africa, with East Africa cited as a standout market since the relationship began on January 7, 2021.
GoldenRace and Spinmatic say they have reached the five-year mark of their partnership with Playlogiq, dating the start of the relationship to January 7, 2021. The companies positioned the collaboration as focused on distributing GoldenRace Virtual Sports and Spinmatic casino content via Playlogiq’s platform.
In the announcement, the companies pointed to Africa as the main growth region for the partnership, with East Africa highlighted as a particularly strong market. They also said mobile and online channels have been central to traffic volumes and content performance.
“Our collaboration with Playlogiq has always been about more than just a business transaction; it is a very strong and productive relationship between two companies that share a drive for excellence. By offering our full suite of verticals, Playlogiq has proven to be a vital partner in our mission to dominate key markets in Africa.” Martin Wachter, GoldenRace CEO and Founder.
Playlogiq CEO Baha Yahya said Spinmatic’s content has been a top performer on its network, adding: “Working with GoldenRace and Spinmatic since 2021 has allowed us to consistently provide our operators with the most engaging content on the market. The traffic we see, particularly through mobile and online channels, is a testament to the quality of the games. We’ve seen Spinmatic become our most successful product line by far, with the Sizzling Blaze series generating incredible engagement across the board.”
The companies also said GoldenRace Virtual Sports remains part of Playlogiq’s ongoing offering, while Spinmatic’s slots have led results within the partnership. No financials, GGR figures, or operator-level performance data were disclosed.
The post GoldenRace and Spinmatic mark five years with aggregation partner Playlogiq appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Deal launches with NODWIN Clutch Series as the companies target better oversight and more interactive broadcasts across Tier 2 CS2 and beyond.
NODWIN Gaming has signed a strategic partnership with Prague-based esports technology company Runestone to add integrity monitoring and real-time data tools across NODWIN’s global tournament portfolio. The companies said the collaboration has launched with the NODWIN Clutch Series.
NODWIN and Runestone positioned the deal around tournament oversight and broadcast engagement, as organizers increasingly use data-driven tooling to support fair competition and build more interactive viewing experiences.
The partnership begins on a Tier 2 Counter-Strike 2 property. The latest edition ended with BIG winning NODWIN Clutch Series 5, beating ECSTATIC 2–1 in the grand final of the $50,000 online tournament.
Speaking on the partnership Teemu Koski, Chief Business Officer at NODWIN Gaming MENA and Global Head of Data Monetization, said, “We’re excited to partner with Runestone as we continue expanding our competitive gaming portfolio across high-growth regions and titles. Integrity and transparency are fundamental to sustainable esports ecosystems, especially in Tier 2 competition where the next generation of talent emerges. Runestone’s expertise in real-time data and integrity infrastructure complements our experience in building scalable esports IPs and competitive ecosystems. Together, we’re able to strengthen tournament operations while unlocking richer engagement experiences for fans. Starting with the NODWIN Clutch Series for CS2, we see strong potential to expand this collaboration across new IPs, new regions, and new competitive formats.”
Michael Schwartz, Head of Partnerships at Runestone, added, “NODWIN Gaming has built one of the most dynamic esports ecosystems across emerging markets, and we’re thrilled to collaborate with a partner that shares our focus on building sustainable competitive ecosystems. By combining NODWIN’s experience in operating global esports IPs with Runestone’s integrity and engagement infrastructure, we can support tournaments with greater transparency, deeper fan interaction, and scalable operational tools. Supporting the NODWIN Clutch Series is an exciting starting point, and we’re looking forward to expanding into new titles, formats, and regions together.”
The post NODWIN Gaming partners Runestone on integrity and real-time data for esports events appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
GoldenRace, líder mundial en deportes virtuales y soluciones de apuestas, y Spinmatic, innovador desarrollador de juegos de casino de alta calidad, celebran cinco años de una exitosa asociación con Playlogiq, una de sus colaboraciones más duraderas.
Desde el 7 de enero de 2021, GoldenRace y Spinmatic han trabajado codo con codo con el equipo de Playlogiq para ofrecer experiencias de juego de primer nivel en todo el mundo. Han sido más de cinco años de objetivos compartidos, sinergia técnica y, lo más importante, resultados inmejorables.
Esta asociación ha sido un motor fundamental para el crecimiento en el continente africano. Al aprovechar la sólida plataforma de Playlogiq y el contenido líder en el sector de GoldenRace y Spinmatic, han logrado proporcionar a los operadores una ventaja competitiva que conecta con los jugadores locales.
Aunque el alcance del acuerdo es amplio, se ha obtenido un éxito excepcional en África Oriental, donde el interés por contenidos de apuestas de alta calidad y ritmo trepidante sigue disparándose. Al centrarnos en las ofertas online y móviles, las compañías han llegado al corazón del mercado africano moderno de las apuestas, donde la accesibilidad y el rendimiento son las claves para alcanzar altos volúmenes de tráfico.
“Nuestra colaboración con Playlogiq siempre ha sido algo más que una simple transacción comercial; se trata de una relación muy sólida y productiva entre dos empresas que comparten el afán por la excelencia. Al ofrecer nuestra gama completa de verticales, Playlogiq ha demostrado ser un socio fundamental en nuestra misión de dominar los mercados clave de África”.
Martin Wachter, director ejecutivo y fundador de GoldenRace.
Uno de los aspectos más destacados de esta colaboración es el compromiso de Playlogiq con la innovación: siempre se encuentran entre los primeros en integrar e implementar los últimos lanzamientos de GoldenRace y Spinmatic, lo que garantiza que sus operadores tengan acceso a una oferta variada y emocionante.
“Trabajar con GoldenRace y Spinmatic desde 2021 nos ha permitido ofrecer constantemente a nuestros operadores el contenido más atractivo del mercado. El tráfico que observamos, especialmente a través de los canales móviles y online, es una prueba de la calidad de los juegos. Hemos visto cómo Spinmatic se ha convertido, con diferencia, en nuestra línea de productos más exitosa, con la serie Sizzling Blaze generando una increíble participación en todos los ámbitos”.
Baha Yahya, director ejecutivo de Playlogiq.
La línea de productos Spinmatic se ha erigido como la campeona indiscutible de esta asociación. Es, con diferencia, la línea de productos más exitosa que se ofrece a Playlogiq.
Aunque los slots de Spinmatic lideran actualmente la oferta, los deportes virtuales de GoldenRace siguen siendo un pilar fundamental de la oferta de Playlogiq. Proporcionan una fuente de ingresos constante y fiable, y son especialmente apreciados por los entusiastas de las apuestas deportivas.
Lo que hace que esta colaboración sea realmente especial no es solo el GGR o las estadísticas de tráfico, sino la sólida relación entre las empresas, las cuales hablan el mismo idioma en lo que respecta a la calidad y a una visión común sobre el futuro del igaming.
The post Los cinco años de una asociación ganadora entre GoldenRace, Spinmatic y Playlogiq appeared first on Americas iGaming & Sports Betting News.
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