SharpLink Gaming acquires 10% stake in Armchair Enterprises

Supplier SharpLink Gaming has announced the $500,000 acquisition of a 10% equity stake in UK-based company Armchair Enterprises Limited – the owner and operator of CryptoCasino.com.  

This newly brokered deal, which was made for $500,000 alongside SharpLink’s right of first refusal to acquire a controlling interest in Armchair, comes as part of a newly initiated strategy of focusing on the crypto gaming market for the supplier.  

Now, CryptoCasino.com – which was originally launched in 2024 – will act as part of SharpLink’s latest expansion strategy, following the company’s full compliance notice from Nasdaq in February 2024.  

Rob Phythian, Chairman and CEO of SharpLink, spoke on this latest development, saying, “Over the past year, our leadership team and highly engaged Board of Directors have dedicated significant resources and time to identify the best growth opportunities for our Company. Our goal is to strategically leverage our existing performance-based marketing platform and industry relationships to achieve deeper and more lucrative penetration into the digital gaming and sports betting markets. 

“Throughout this process, we carefully evaluated more than two dozen compelling opportunities and determined that the combination of market expansion, cost efficiency, security and player demand makes crypto gaming one of the most promising growth opportunities in the online gaming industry today. Furthermore, we believe that the steps we have already taken — and will continue to take — to execute a well-defined plan centred on the exponential growth of crypto gaming, positions SharpLink to become a future leader in this space.” 

Good to know: SharpLink’s recently released Q3 2024 results highlighted a 34.7% year-over-year fall in revenue despite a reduction in net loss  

It has been a busy past few years in the US market for SharpLink, which followed up on its acquisition of a Kentucky state license in Q3 2023 by launching its affiliate SharpLinkHQ online source of sports betting content later in the year.  

More recently, the company initiated a strategic review during the final quarter of 2024, stating that the process would involve the consideration of a merger of sale of the company – alongside other transactions – as potential strategic alternatives for the business.  

Will Underwood

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