SharpLink Gaming Announces Second Quarter 2023 Results with Three and Six Month Revenues Increasing 86% and 82%, Respectively

About this update from Sharplink, Inc.

[{"type":"text","content":"Leadership to Host Corporate Webcast Today at 11:00 AM Eastern TimeMINNEAPOLIS, MN / ACCESSWIRE / August 15, 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 and six months ended June 30, 2023.Second Quarter 2023 Financial HighlightsTotal revenue for the three months ended June 30, 2023 rose 86% to $3.26 million, compared to $1.75 million for the same period in 2022.Revenues from SportsHub/Fantasy Sports group totaled $1.13 million - up from $0 due to the timing of the acquisition of SportsHub on December 22, 2022.Revenues from Affiliate Marketing Services - U.S. increased 182% to $306,000 from $109,000.Revenues from Affiliate Marketing Services - International totaled $1.13 million - a 34% increase over revenues of $840,000.Revenues from Sports Gaming Client Services declined 13% to $699,000 from $803,000.For the six months ended June 30, 2023 compared to the six months ended June 30, 2022, total revenues increased 82% to $6.65 million from $3.65 million.SportsHub/Fantasy Sports group contributed $2.17 million to revenues compared to $0 in the prior year.Revenues from Affiliate Marketing Services - U.S. rose 244% to $585,000 from $170,000.Revenues from Affiliate Marketing Services - International increased 21% to $2.13 million from $1.75 million.Revenues from Sports Gaming Client Services increased 3% to $1.76 million from $1.71 million.Gross profit also greatly improved, increasing 972% to approximately $965,000 for the three months ended June 30, 2023 and 222% to $2.31 million for the first six months ended June 30, 2023. This compared to gross profit of approximately $90,000 and $718,000 for the three and six months ended June 30, 2022. Gross profit margin improved to 30% for the three months ended June 30, 2023 from 5% for the three months ended June 30, 2022; and to 35% for the six months ended June 30, 2023 from 20% for the six months ended June 30, 2022.Operating expenses remained relatively flat for the three months ended June 30, 2023 at $3.75 million as compared to $3.73 million for the same period in 2022. For the six months ended June 30, 2023, total operating expenses declined 34% to $7.42 million from $11.29 ...

More updates from Sharplink, Inc.