Business
SharpLink Gaming Now Cleared to Reach 59% of the Legal U.S. Sports Betting Market in 12 States & D.C.
Company Is Advancing its Licensing Efforts in Four Additional States MINNEAPOLIS, March 01, 2022 (GLOBE NEWSWIRE) -- SharpLink Gaming Ltd. (Nasdaq:SBET)
About this update from Sharplink, Inc.
[{"type":"text","content":"Company Is Advancing its Licensing Efforts in Four Additional States\nMINNEAPOLIS, March 01, 2022 (GLOBE NEWSWIRE) -- SharpLink Gaming Ltd. (Nasdaq:SBET) (“SharpLink” or the “Company”), a pioneer of smart, data-driven sports betting conversion solutions for the emerging U.S. sports betting and iGaming industries, today announced the Company is authorized to provide sports betting conversion solutions and affiliate marketing services in 12 U.S. state jurisdictions, where online sports betting has been legalized. These jurisdictions include Colorado, Illinois, Iowa, Montana, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, West Virginia, Wyoming and Washington, D.C. SharpLink is also in the later stages of the licensing process in four additional U.S. states, which include Arizona, Louisiana, Michigan and Virginia. In 2018, the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA), freeing states to establish their own regulated sports betting. According to LegalSportsReport.com, the total dollars wagered in legal sports betting states in the month of December 2021 totaled $6.92 billion. The total betting handle for the 12 states and Washington, D.C. in which SharpLink is now cleared to operate reached over $4.07 billion, representing approximately 59% of the legal sports betting market reported for December 2021. Rob Phythian, Chief Executive Officer of SharpLink, stated, “Expansion of our state license portfolio and ensuring ongoing legal compliance is and will remain a mission-critical aspect of our business and is central to our growth strategy and long-term success. We are very pleased with our team’s progress in navigating the highly complex state licensing environment and expect that, over the course of this year, we will prevail in winning licenses in every state where online sports betting has been legalized.” Continuing, Phythian added, “It is also important to bear in mind that while there continues to be tremendous momentum behind state legalization of sports betting, approximately 70 percent of the U.S. population still cannot make legal online bets at this time. While generic ads and promotions may garner sports bettors in legal betting states, this approach to user engagement disregards those in non-betting states and provides those potential customers no direc...