SharpLink Gaming reports boost in 2023 revenue from US segment

Overall revenue increased by 42% during the year.

SharpLink Gaming has published its financial and business results for the end of 2023. Total revenue, along with gross profit rose significantly during the year.

SharpLink posted 42% growth in its total revenue from continuing operations. Revenue by the end of the year reached nearly $5m.

The company reported revenue gains in its affiliate marketing services, with the largest annual increase in its US segment.

Revenue from its US affiliate climbed by 1112% to reach $754,446. The company’s international segment reported a 22% rise in revenue for the year.

Gross profit across the board grew by 17% last year to total $1.5m. However, its gross profit margin declined from 38% to 31%. SharpLink attributed this decrease to “higher marketing costs associated with engagement of Search Engine Optimization and programmatic advertising campaigns used to drive traffic to our direct-to-player sites in the US.”

The company also reported a net loss of $11.2m for the year.

SharpLink recently sold RSports Interactive all its issued and outstanding shares of common stock and membership interests for $22.5m. The equity sale included the company’s Sports Gaming Client Services and SportsHub Gaming Network business segments as part of an all-cash transaction.

Chairman and CEO Rob Phythian further discussed sale and the company’s current financial state by saying, “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.”

Sarah Chen

Editor

Strong iGaming coverage is built on trust. When platforms are tested thoroughly and explained clearly, players gain the confidence they need to make informed decisions in an industry that rewards transparency.

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.