SharpLink Gaming Now Cleared to Reach 59% of the Legal U.S. Sports Betting Market in 12 States & D.C.
SharpLink Gaming Ltd. (Nasdaq: SBET) has announced progress in licensing for sports betting conversion solutions across 12 U.S. states, including major markets like New Jersey and New York. The company is also in the advanced stages of licensing in Arizona, Louisiana, Michigan, and Virginia. Following the Supreme Court's 2018 decision to allow state-regulated sports betting, SharpLink’s operations represent about 59% of total betting handle in legal states. CEO Rob Phythian highlighted compliance and licensing as crucial for growth in the expanding online betting market.
- Authorized to operate in 12 states, representing approximately 59% of the legal sports betting market.
- In advanced stages of licensing in four additional states, expanding market presence.
- 70% of the U.S. population remains unable to place legal online bets, limiting potential market reach.
Company Is Advancing its Licensing Efforts in Four Additional States
MINNEAPOLIS, 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
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 direct call to action. Free-to-play games extend to all states, regardless of legal betting laws, and can be applicable to all sports media, leagues and teams. In turn, this builds brand recognition and loyalty. When more states ultimately legalize online sports betting, major sports media companies, leagues and teams who have long relied on SharpLink to create and operate free-to-play and fantasy sports games will benefit from having built-in bases of prospective bettors who are learning through game play and sports betting simulations how to place real bets using real dollars.”
About SharpLink Gaming Ltd.
Founded in 2019 and based in Minneapolis, Minnesota, 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. SharpLink's intelligent C4 Sports Betting Conversion solution delivers and determines the best sportsbook betting offers and experience for each identified user. Using sophisticated, AI-enabled behavioral modeling and tracking technologies, and by analyzing user's past and present behaviors, we serve sports fans with personalized betting offers specifically tied to each fan's favorite sports, teams and players. Additionally, SharpLink specializes in helping sports media companies develop strategies, products and innovative solutions to drive deep customer engagement with highly interactive sports games and mobile applications. SharpLink is run by industry veterans with several successful exits in the sports gaming and iGaming sectors. 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 industry, the Company’s ability to successfully advance its licensing efforts, 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 effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries in which we operate on our operations, the demand for our products and our customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, the Company’s ability to obtain the capital resources necessary to fund its business, 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:
| SHARPLINK INVESTOR RELATIONS: | SHARPLINK MEDIA RELATIONS: | |
| SharpLink Gaming Ltd. | Hot Paper Lantern | |
| Dodi Handy, Director of Communications | Michael Adorno, Vice President, Communications | |
| Phone: 407-960-4636 | Phone: 212-931-6143 | |
| Email: ir@sharplink.com | Email: madorno@hotpaperlantern.com |
FAQ
What states is SharpLink Gaming licensed to operate in?
What is the significance of SharpLink's licensing progress?
How much of the legal sports betting market does SharpLink cover?
When was the Supreme Court decision that affected sports betting legality?
What additional states is SharpLink seeking licenses in?
