SharpLink Gaming Ltd.
- Open
- 4.84
- Day high
- 5.21
- Day low
- 4.80
- Prev close
- 4.80
- Volume
- 8.3M
- Mkt cap
- $1.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.6
- P/S
- 25.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$286K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
SharpLink Gaming Ltd. (SBET) is a Consumer Cyclical company listed on NASDAQ. The stock is down 49% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
SharpLink Gaming Ltd. (SBET) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SBET earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.02 | $0.06 | +200.0% | $12M | -17.4% |
| Nov 12, 2025 | $-0.08 | $-0.02 | +75.0% | $11M | -36.9% |
| Aug 14, 2025 | — | $-0.64 | — | $697291 | — |
| May 15, 2025 | — | $-1.73 | — | $741731 | — |
| Mar 17, 2025 | — | $-2.72 | — | $823441 | — |
| Nov 14, 2024 | — | $-2.64 | — | $881690 | — |
| Aug 14, 2024 | — | $-3.24 | — | $981272 | — |
| May 17, 2024 | — | $-6.96 | — | $975946 | — |
| Nov 13, 2023 | — | $-9.96 | — | $1M | — |
| Aug 14, 2023 | — | $-12.48 | — | $1M | — |
| May 16, 2023 | — | $-11.40 | — | $1M | — |
| Oct 7, 2022 | — | $-10.40 | — | $1M | — |
SBET insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | MCKENZIE OBIEdirector | Sell | 12,892 | $7.41 |
| May 15, 2026 | GUTKOWSKI ROBERT Mdirector | Sell | 12,892 | $7.41 |
| May 15, 2026 | Bernhard Lesliedirector | Option | 1,389 | — |
| May 15, 2026 | MCKENZIE OBIEdirector | Grant | 11,503 | $6.52 |
| May 15, 2026 | MCKENZIE OBIEdirector | Option | 1,389 | — |
| May 15, 2026 | GUTKOWSKI ROBERT Mdirector | Grant | 11,503 | $6.52 |
| May 15, 2026 | GUTKOWSKI ROBERT Mdirector | Option | 1,389 | — |
| May 15, 2026 | Bernhard Lesliedirector | Sell | 12,892 | $7.41 |
| May 15, 2026 | Bernhard Lesliedirector | Grant | 11,503 | $6.52 |
| Mar 31, 2026 | DeLucia Robert Michaelofficer: Chief Financial Officer | Grant | 10,904 | — |
| Mar 31, 2026 | DeLucia Robert Michaelofficer: Chief Financial Officer | Sell | 2,848 | $6.21 |
| Feb 12, 2026 | Chalom Josephdirector, officer: Chief Executive Officer | Tax | 149,065 | — |
| Feb 12, 2026 | DeLucia Robert Michaelofficer: Chief Financial Officer | Tax | 22,863 | — |
| Jan 12, 2026 | Chalom Josephdirector, officer: Chief Executive Officer | Grant | 291,829 | — |
| Jan 12, 2026 | DeLucia Robert Michaelofficer: Chief Financial Officer | Grant | 87,549 | — |
Source: SBET SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full SBET insider & 13F page →SharpLink Gaming Ltd. company profile
Overview
SharpLink Gaming Ltd. (NASDAQ:SBET) is an online technology company founded in 2019 and headquartered in Minneapolis, Minnesota. The company operates at the intersection of sports media and gambling, connecting sports fans with sports betting and iGaming content through various digital platforms and services. Since its founding, SharpLink has pursued an acquisition-driven growth strategy, acquiring companies like FourCubed and SportsHub to build a comprehensive platform for converting sports fans into paying sports betting customers.
Business
SharpLink Gaming operates in the rapidly growing sports betting and iGaming affiliate marketing industry, which serves as a bridge between sports entertainment and legal gambling markets. The company's core business involves collecting data on potential sports bettors, connecting them with relevant betting content, and facilitating their conversion to paying customers of various sportsbooks and gaming operators. The company operates through four primary business segments: 1. Affiliate Marketing Services - United States: This segment focuses on the domestic U.S. market, creating state-specific affiliate marketing websites and educational content to connect American sports fans with legal sports betting opportunities. This represents approximately 6-7% of total revenue based on recent financial data. 2. Sports Gaming Client Services: This division provides development, hosting, operations, and maintenance of free-to-play games and contests, along with sports betting data services to sports media publishers. This segment accounts for roughly 11-13% of total revenue. 3. Enterprise Telecom Expense Management: A legacy business segment that provides telecommunications expense management solutions, enterprise mobility management, and call usage accounting software to corporate clients. This represents a smaller portion of the overall business. 4. Affiliate Marketing Services - International: The largest revenue contributor at approximately 33-47% of total sales, this segment operates an iGaming affiliate marketing network that delivers traffic and player acquisition services to global iGaming operators worldwide. The company also operates LeagueSafe, a fantasy sports platform that collected $32 million in fantasy football league entry fees in 2023, and is developing C4 BetSense, an AI-powered platform designed to create personalized sports betting experiences.
Revenue model
SharpLink Gaming generates revenue through multiple business models centered around affiliate marketing commissions and technology services. The primary revenue streams include commission-based affiliate marketing, where the company earns fees for successfully referring customers to sports betting and iGaming operators. These commissions are typically based on customer lifetime value, deposit amounts, or revenue sharing agreements with the gambling operators. The company also generates revenue through technology licensing and service fees from its Sports Gaming Client Services division, which provides software development, hosting, and maintenance services to clients. The Enterprise Telecom segment operates on a traditional software-as-a-service model, charging clients for telecommunications expense management solutions. Several factors significantly impact SharpLink's margins and profitability. Regulatory expansion in U.S. sports betting markets creates new opportunities as more states legalize online sports betting, expanding the addressable market. However, increasing competition from established media companies and dedicated affiliate marketing firms puts pressure on customer acquisition costs and commission rates. The company's margins are also sensitive to customer conversion rates - the percentage of referred users who become paying customers - which can fluctuate based on sports seasons, major sporting events, and the effectiveness of marketing campaigns. Seasonality plays a crucial role, with higher activity during NFL season and March Madness driving stronger performance. Additionally, the company faces ongoing challenges from high cash burn rates and the need for continuous investment in technology development and customer acquisition, which currently outpaces revenue generation.
Competitive moat
SharpLink Gaming operates in a highly competitive affiliate marketing space with limited sustainable competitive advantages. The company's primary moat appears to be its data aggregation capabilities and the network effects from its various platforms, particularly the LeagueSafe fantasy sports platform which provides access to engaged sports fans who are prime candidates for sports betting conversion. The company's C4 BetSense AI technology, currently in development, represents a potential technological moat if successfully implemented. This platform aims to provide personalized sports betting experiences, which could differentiate SharpLink from generic affiliate marketers. However, this technology remains largely unproven in the market. The regulatory complexity of operating across multiple states with different sports betting laws creates some barriers to entry for smaller competitors, giving established players like SharpLink a slight advantage. The company's international presence also provides geographic diversification that pure-play U.S. affiliates lack. However, the competitive threats are significant. Large media companies like ESPN, Fox Sports, and DraftKings have substantially more resources and direct relationships with sports fans. Technology giants like Google and Facebook control much of the digital advertising ecosystem that affiliate marketers depend on. Additionally, sports betting operators are increasingly building their own customer acquisition capabilities, potentially reducing reliance on third-party affiliates. The affiliate marketing business model itself provides limited defensibility, as switching costs for consumers are low and the service is largely commoditized. SharpLink's moat is therefore considered weak, with success heavily dependent on execution, technology development, and the ability to scale efficiently in a crowded market.
Risks & safety
SharpLink Gaming presents moderate to high financial risk with limited margin of safety for investors. • Cash Position: $1.37 million in cash as of Q1 2025, down from $2.44 million in Q2 2024, indicating rapid cash burn • Burn Rate: Operating cash flow negative $453K in Q1 2025, with full-year 2024 operating cash flow of negative $22.8 million • Debt Level: Zero debt provides some cushion, but current cash runway appears limited at current burn rates • Solvency Risk: High - company likely needs additional financing within 12-18 months • Valuation Metrics: - P/E ratio of -3.57 (based on losses) - Price-to-book ratio of 6.67 - EV/EBITDA of -3.42 (negative due to losses) - Current ratio of 3.27 indicates adequate short-term liquidity • Other Considerations: Revenue declining quarter-over-quarter, persistent negative EBITDA, and small market cap of $2.5 million makes the stock highly volatile and speculative
Recent development
Over the past few years, SharpLink Gaming has pursued an acquisition-driven transformation strategy to pivot from a telecommunications expense management company into a sports betting technology and affiliate marketing business. The company completed significant acquisitions including FourCubed and SportsHub, which brought access to approximately 2 million sports fans and expanded its fantasy sports capabilities. A key strategic initiative has been the development of C4 BetSense, an AI-powered platform designed to create personalized sports betting experiences. Management has positioned this technology as a potential game-changer that could differentiate the company from traditional affiliate marketers through flexible licensing models and per-customer engagement fees. The platform was expected to gain meaningful traction during the 2024 NFL season. The company has also focused on geographic expansion and regulatory compliance, working to redomesticate from Israel to Delaware and developing state-specific affiliate marketing websites to capitalize on the expanding U.S. sports betting market. SharpLink launched the SharpLink HQ website as a central hub for its sports betting conversion solutions. Cross-promotional synergies have been a major focus, with management working to leverage the LeagueSafe fantasy sports platform (which collected $32 million in entry fees in 2023, up 22% year-over-year) to convert fantasy sports players into sports betting customers. This represents a key part of the company's strategy to create a comprehensive fan-to-bettor conversion ecosystem. However, the company has faced significant challenges including declining revenues from $7.3 million in 2022 to $3.7 million in 2024, persistent losses, and the need to maintain NASDAQ compliance. These operational challenges have occurred alongside the strategic transformation efforts.
SBET company profile · for informational purposes only — not investment advice.
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