SharpLink reports strong 2023 financial results

The trusted marketing partner powering online casino and sportsbook operators in the United States and across the globe, SharpLink Gaming, released its latest financial report, highlighting strong performance during 2023. On Monday, the company released details regarding its latest financial update, pointing to an increase in revenue and gross profit.

For the year ended December 31, 2023, SharpLink revealed that its revenues hit $4,952,725. This result represented a significant increase of 42% when compared to the $3.5 million figure reported a year earlier, in 2022.

A breakdown of the revenue, which was close to $5 million reveals an uptick in the company's International Affiliate Marketing Services and US-facing Affiliate Marketing Services. Focusing on the US market, SharpLink said that its revenues for the industry skyrocketed by 1112% to $754,445. In contrast, the same operational segment posted only $62,250 in revenue for 2022.

On the other hand, SharpLink's International Affiliate Marketing Services also reported strong growth in 2023. In 2022, this operating segment posted $3.4 million in revenue. However, in 2023, the revenue for SharpLink's International Affiliate Marketing Services jumped by 22% hitting $4.2 million.

Rob Phythian, SharpLink's Chairman and Chief Executive Officer, shared his excitement about the latest announcement in a statement. He explained: "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."

After the trading period, in mid-January, SharpLink announced the divestment of SportsHub, its free-to-play and fantasy sports game development business units. At the time, the company agreed to sell the aforementioned assets to RSports Interactive in an all-cash transaction with a $22.5 million value.

Upon announcing the divestment, SharpLink said that nearly all of the employees of the business unit would transition to employment under RSports Interactive. The company explained that this move seeks to ensure the seamless transition of the business.

The latest 2023 financial results highlighted that SharpLink reported a solid increase in gross profit. For 2022, the company's gross profit halted at $1.3 million. In contrast, for 2023, it posted an increase of 17% in gross profit to $1.53 million.

Image credit: Pixabay.com