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SharpLink Gaming announces Q1 2024 results: Revenue down 21%

These results come off the back of a busy quarter for the company.

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SharpLink Gaming, an online marketing company serving the US sports betting and iGaming industries, has announced its financial results for the first quarter of 2024.

Notable figures for the quarter include revenue from continuing operations totalling $976,000, down 21% year-on-year.

Despite this, net loss from continuing operations improved 18.4%, decreasing to $1.8m.

Net income from discontinued operations surged by 2,217%, reaching $14m from a net loss of $667,000 the previous year.

With regard to this last figure, it is worth noting that, on 18 January, SharpLink completed the sale of its Sports Gaming Client Services and SportsHub Gaming Network business segments to RSports Interactive for $22m in cash.

This sale led to the classification of these segments' historical results as discontinued operations in the company's financial statements.

Finally, net income totalled $12m – or $3.36 per share on a fully diluted basis – up 537% from $2.8m.

Commenting on these 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 US sportsbook and global casino gaming partners.”

Earlier this year, SharpLink Gaming underwent significant changes, completing a domestic merger and seeing several changes to its Board.

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