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
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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.

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