SharpLink Gaming Announces First Quarter 2023 Results

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[{"type":"text","content":"Leadership to Host Corporate Webcast Today at 11:00 AM ETMINNEAPOLIS, MN / ACCESSWIRE / May 16, 2023 / SharpLink Gaming Ltd. (Nasdaq:SBET) (\"SharpLink\" or the \"Company\"), a pioneer of targeted, data-driven fan activation and conversion solutions for the U.S. sports betting and iGaming industries, today announced its financial results for the three months ended March 31, 2023.Highlights of Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022Total revenues rose 79% to $3,390,391 from $1,896,335.Sports Gaming Client Services group contributed revenues of $1,054,015 - up 17% from $911,063.Newly merged SportsHub/Fantasy Sports group generated $1,037,325 in revenues compared to $0 in the prior year.Revenues from Affiliate Marketing Services - International climbed 9% to $1,008,275 from $923,750.Affiliate Marketing Services - U.S. revenues increased 355% to $279,776 compared to $61,622.Gross profit rose 114% to $1,343,641 from $627,433, and gross profit margin improved to 40% from 33%.Operating expenses declined 51% to $3,671,417, down from $7,555,892.After factoring a net loss from discontinued operations of SharpLink's legacy MTS business of $145,000, net loss decreased 60% to $2,823,746, or $1.00 loss per basic and diluted share, compared to $7,044,529, or $2.99 loss per basic and diluted share, which is inclusive of a net loss from discontinued operations of $108,000.Rob Phythian, Co-Founder and CEO of SharpLink, stated, \"As we begin a new year, I am excited and proud of how we have positioned SharpLink to take advantage of dynamic growth opportunities within the emerging U.S. sports betting and iGaming industries. The evolution of our fundamental growth platform over the last year, coupled with the strength of our multi-channel revenue model and industry relationships, uniquely positions us to pursue market leadership in the year ahead across each of our core business segments. We are committed to improving our leverage metrics in 2023 through the combination of continued revenue growth, improved operating performance and strict discipline on our strategic investments.\"For more detailed information on the first quarter 2023 financial results, please refer to the Quarterly Report on Form 10-Q filed with the SEC and accessible on www.sec.gov and on www.sharplink.com.First Quarter 2023 Corporate Webca...

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