SharpLink Gaming publishes FY2023 results: Revenue up 42% to $5m

It’s been a strategic past 12 months for SharpLink Gaming, with rising revenue and the sale of its Sports Gaming Client Services and SportsHub Gaming Network business segments.

SharpLink Gaming fy2023
Listen To Article

SharpLink Gaming has released its FY2023 results, for the period ending 31 December 2023.

The revenue from continuing operations totalled $4.95m, an increase of 42% when compared to the results from the year prior.

As for the individual vertices, the international segment of the affiliate marketing services increased 22% up to $4.2m.

Meanwhile, the revenue from the US segment of the affiliate marketing services rose 1112%, from $62,250 the year before to $754,446 in 2023.

The gross profit from continuing operations increased 17% to $1.5m.

However, SharpLink Gaming emphasised that the rising costs of marketing caused the gross profit margin to fall to 31% from 38%.

This is particularly regarding search engine optimisation (SEO) and programmatic advertising campaigns used to drive traffic to direct-to-player sites in the US.

The net loss at the company fell by 20%, down to $11.4m in the past year.

Rob Phythian, SharpLink Chairman and CEO said: “With the completion of the sale of our free-to-play sports games development and fantasy sports businesses in January 2024, followed shortly thereafter by the completion of our domestication merger in February 2024, SharpLink is now in a much better financial position and free to concentrate on growth opportunities that will allow us to make progress towards our long-term goal of creating enduring shareholder value.”

Since the beginning of 2024, SharpLink sold all of the issued and outstanding shares of common stock and membership interests in a sale to RSPorts Interactive in a $22.5m all-cash equity sale.

The company used the proceeds of this sale to retire about $19.4m in outstanding debt, and at the time of writing, SharpLink Gaming announced it is free of all interest-bearing debt.

That's not all, either.

At the start of the year, SharpLink Gaming completed a domestic merger and made several appointments to its board of directors.

Premium+ Connections
Premium Connections
Executive Profiles
Galaxy Gaming
Churchill Downs Incorporated
Follow Us

Global Gaming Awards Asia-Pacific: Going live

The Global Gaming Awards Asia-Pacific are set for their firs...

Preview: SiGMA Asia 2024

SiGMA’s annual Asia summit comes back to Manila – signif...

Company profile: Praxis Tech

Being payments ready in Asia - A call to action for iGaming...