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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.
New 4×4 slot includes free spins, locked positions and a stated max win of 2,000x the initial bet.
PG Soft has released a new slot, Funky Fortunez, adding another title to its mobile-focused catalogue.
The game uses a 4×4 symbols combination format and includes Prize symbols that the studio says can carry wins of up to 500x the bet amount per symbol, with a stated maximum win of 2,000x the initial bet.
PG Soft said the Prize Symbol mechanic is built around symbol position activation: winning symbols activate their positions, the first activation marks the position, and the second converts it into a Prize symbol. When no further winning combinations remain, each Prize symbol pays a prize ranging from 0.2x to 8x.
Before a Prize symbol pays, it can be upgraded to a Gold Prize symbol (10x to 50x) or a Platinum Prize symbol (100x to 500x), according to the company.
The slot also includes a Free Spins Feature. PG Soft said three Scatter symbols trigger 10 free spins, with each additional Scatter awarding two more. During free spins, any marked positions and Prize symbols remain locked for the duration of the feature, with the Prize Upgrade Feature able to trigger on every winning free spin. Free spins can be retriggered.
PG Soft’s spokesperson commented: “Funky Fortunez is a celebration of the hip-hop genre, which we expect to dominate the charts for a long time. The Prize Symbol mechanic is the beat that drives the game, as players look for big returns of up to 500x per symbol, with a maximum win of 2,000x the initial bet.”
The post PG Soft releases Funky Fortunez slot with Prize symbol upgrades appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Quick Custom Intelligence (QCI), a leading provider of AI-driven solutions for the gaming and hospitality industries, has been recognized by the County of San Diego with a prestigious Certificate of Recognition for Excellence Through Innovation.
The award, issued by the San Diego County Assessor/Recorder/County Clerk’s Office under Jordan Z. Marks, honors QCI for outstanding service, innovation, and contributions to the community.
Quick Custom Intelligence was recognized for its organizational excellence and continued advancement of cutting-edge technologies that support data-driven decision-making across the gaming and hospitality sectors.
These honors reflect QCI’s ongoing commitment to innovation, excellence, and community impact. Through its powerful enterprise platform, QCI continues to help organizations unlock actionable insights, optimize operations, and deliver enhanced customer experiences.
“This recognition is a testament to the incredible work of our entire team and our shared mission to innovate with purpose. We are proud to contribute to a thriving San Diego community while pushing the boundaries of what’s possible with data and technology,” said Dr. Ralph Thomas, Co-Founder and CEO of QCI.
The post San Diego County Honors Quick Custom Intelligence for Innovation appeared first on Americas iGaming & Sports Betting News.
Caesars Entertainment
Caesars Entertainment Opens In-Person Caesars Sportsbook at Northfield Park Racino in Ohio
Caesars Entertainment Inc. announced the opening of a new in-person Caesars Sportsbook located inside Northfield Park Racino near Cleveland through a new partnership with Clairvest Group Inc. As an official sports betting partner of the Cleveland Cavaliers, the launch expands Caesars’ presence in the Buckeye State and is an ideal complement to the Caesars Sportsbook mobile app.
Designed for today’s sports fan, Caesars Sportsbook at Northfield Park Racino delivers a premium in-person sports wagering and viewing experience powered by Caesars’ best-in-class technology. The new sportsbook features an expansive LED video wall, five staffed betting windows and a fleet of Caesars Sportsbook self-service betting kiosks, available for 24/7 wagering. Guests can access a diverse menu of sports wagering markets with convenient mobile app account deposits and withdrawals and earn Caesars Rewards with every wager.
“Northfield Park Racino gives us a strong new venue to connect with Northeast Ohio sports fans in a high-traffic entertainment destination. Its location just outside Cleveland, a market defined by some of the most passionate sports fans in the country, pairs our industry-leading technology with a lively atmosphere that enhances how fans watch and wager on sports throughout the year,” said Eric Hession, President of Caesars Digital.
“We’re excited to partner with Caesars Sportsbook to bring even more energy and excitement to our guest experience. This collaboration is a strong addition to our Overtime Bar and Grill, enhancing the overall sports fan atmosphere and entertainment offering,” said Kevin Brady, GM at Northfield Park Racino.
Caesars Sportsbook users will enjoy unmatched rewards redeemable through their sports wagering activity via the industry-leading customer loyalty program, Caesars Rewards. Every wager placed in-person at Caesars Sportsbook at Northfield Park or via the Caesars Sportsbook mobile app earns Tier Credits for status and Reward Credits that are redeemable for a variety of extraordinary Caesars Rewards experiences. Those include discounted getaways at various Caesars destinations across North America, bonus cash in the Caesars Sportsbook app, world-class culinary or entertainment experiences, and more.
The post Caesars Entertainment Opens In-Person Caesars Sportsbook at Northfield Park Racino in Ohio appeared first on Americas iGaming & Sports Betting News.
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