SharpLink Gaming Announces Record Financial Performance for LeagueSafe for 2023/2024 NFL Season

Rhea-AI Summary

SharpLink Gaming Ltd. reports $31.5 million in entry fees for fantasy football leagues, up 22% from last year.

Positive

• SharpLink's LeagueSafe platform has collected over $31.5 million in entry fees for the 2023/2024 NFL season, a 22% increase compared to the previous season.

Negative

• None.

MINNEAPOLIS, MN / ACCESSWIRE / October 10, 2023 / SharpLink Gaming Ltd. (Nasdaq:SBET), a pioneer of targeted, data-driven fan activation and conversion solutions for the U.S. sports betting and iGaming industries, today announced that the Company's LeagueSafe fantasy sports league management platform, acquired as part of the merger with SportsHub Games Network in December 2022, reported that it has collected more than $31.5 million in total entry fees from over 56,000 private fantasy football leagues for the 2023/2024 NFL season - up 22% when compared to the 2022/2023 NFL season. In addition, the total number of individual payments processed on the platform was 574,043, a 29% increase over the 2022/2023 NFL season.

Rob Phythian, SharpLink's Chief Executive Officer, stated, "2023 is proving to be a banner year for LeagueSafe, expanding its dominance as the premier private fantasy league commissioner assistance service in the industry and providing SharpLink with the means to significantly increase the income earned through higher interest yields on the tens of millions in cash currently be managed by the platform. Based on our internal discounted cash flow analysis, LeagueSafe is currently valued on a standalone basis at over $18 million without considering the other five properties that came with the SportsHub merger."

"According to a 2023 survey conducted by the Fantasy Sports & Gaming Association, there were 62.5 million people playing fantasy sports in the U.S. and Canada in 2022 - up from 59.3 million in 2021. While LeagueSafe's market share currently stands at a fraction of the total addressable market, this suggests that LeagueSafe's long-term upside growth potential is enormous - particularly as we move forward with our planned national brand and business building initiatives in the coming year. We are very proud of the success that LeagueSafe continues to achieve and the important role it is playing in the growth of SharpLink," concluded Mr. Phythian.

Some additional interesting data points shared by LeagueSafe related to the 2023/2024 NFL season, based on entry fees collected for 2023 fantasy football leagues through both the online and mobile LeagueSafe channels, include the following:

• The average league entry fee is $55 per user and the average amount collected per league is $565.
• LeagueSafe supports leagues on all major fantasy football league management platforms. The average entry fee on the major platforms varies widely, including the following data:

1. CBS Sports - $122.39
2. MyFantasyLeague - $93.50
3. Yahoo! - $91.18
4. ESPN - $70.38
5. Sleeper - $45.10

• The most common league entry fee is $50 (34% of leagues), while 25% pay $25 and 20% pay $100. 66.5% of all users play in a league costing at least $25, while just 0.4% had a league entry fee of $500 or more.
• The five U.S. states in which users paid the highest average league entry fees are:

1. Vermont - $183.21
2. New Jersey - $168.46
3. Hawaii - $162.22
4. New York - $161.85
5. Nevada - $154.15

• The five U.S. states in which users paid the lowest entry fee per user is:

1. West Virginia - $84.12
2. Oregon - $91.25
3. Iowa - $99.37
4. Oklahoma - $100.97
5. Idaho - $101.14

• One individual LeagueSafe user is competing in 818 leagues, while a different user has paid more than $30,000 in entry fees to participate in 62 leagues with an average entry fee of $504.

LeagueSafe has been simplifying fantasy league management for private fantasy league commissioners since 2008. Using LeagueSafe's secure online and mobile applications, league commissioners can collect and protect league entry fees, store league funds safely and securely throughout the season, send automated payment reminders to unpaid owners, disburse end-of-season prize winnings and fill empty spots in their leagues all in one place.

To download the infographic, titled "SharpLink Gaming's LeagueSafe 2023 Private Fantasy Football League Annual Report," please click here.

About SharpLink Gaming Ltd.

Founded in 2019, SharpLink is a leading online technology company that connects sports fans, leagues and sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online conversion technology to convert sports fans into sports bettors for licensed, online sportsbook operators. In addition, SharpLink specializes in helping sports media companies, leagues, teams and sportsbooks develop strategies, products and innovative solutions to drive deep fan activation and engagement with highly interactive free-to-play games and mobile applications. Further, SharpLink owns and operates a variety of real-money fantasy sports and sports simulation games and mobile apps on its platform; and is licensed or authorized to operate in every state in the United States where fantasy sports and online sports betting has been legalized. SharpLink's proprietary fantasy sports platform reaches more than two million fantasy sports fans who spend almost $40 million annually on its portfolio of digital gaming experiences and contests. For more information, please visit the SharpLink website at www.sharplink.com.

Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the expected growth in the online betting and iGaming industries, the Company's ability to grow its business, the potential benefits of the Company's products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company's annual report and other filings with the United States Securities and Exchange Commission. The Company does not undertake any responsibility to update the forward-looking statements in this release.

CONTACT INFORMATION:

MEDIA:

Hot Paper Lantern
Michael Adorno, Vice President, Communications
Phone: 212-931-6143
Email: madorno@hotpaperlantern.com

INVESTOR RELATIONS:

Integra Consulting Group
Jeremy Roe, Managing Partner
Phone: 926-262-8305
Email: jeremy@intracg.net

SOURCE: SharpLink Gaming Ltd.

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FAQ

What is the total amount of entry fees collected by LeagueSafe for the 2023/2024 NFL season?

LeagueSafe has collected over $31.5 million in entry fees for the 2023/2024 NFL season.

What is the percentage increase in entry fees compared to the previous NFL season?

The entry fees have increased by 22% compared to the previous NFL season.

What is the total number of private fantasy football leagues for the 2023/2024 NFL season?

There are over 56,000 private fantasy football leagues for the 2023/2024 NFL season.

What is the total number of individual payments processed on the LeagueSafe platform for the 2023/2024 NFL season?

The platform processed 574,043 individual payments, a 29% increase compared to the previous NFL season.

What is the average league entry fee on the LeagueSafe platform?

The average league entry fee is $55 per user.

What are the major fantasy football league management platforms supported by LeagueSafe?

LeagueSafe supports leagues on CBS Sports, MyFantasyLeague, Yahoo!, ESPN, and Sleeper.

Which states have the highest average league entry fees?

The states with the highest average league entry fees are Vermont, New Jersey, Hawaii, New York, and Nevada.

Which states have the lowest entry fee per user?

The states with the lowest entry fee per user are West Virginia, Oregon, Iowa, Oklahoma, and Idaho.