Here are a couple of brief analogies to describe SharpLink Gaming (SBET):

• Booking.com for sports betting: Just as Booking.com helps users find and book travel services (hotels, flights) and earns a commission for referrals, SharpLink Gaming helps online sports betting enthusiasts find and sign up for various sportsbooks, earning commissions from those operators.

• LendingTree for sports betting: Similar to how LendingTree connects consumers looking for loans with multiple lenders and earns a fee, SharpLink Gaming connects potential bettors with different online sportsbooks and iGaming platforms, driving customer acquisition for the operators.

• Affiliate Marketing Services (Service: Digital Marketing): SharpLink Gaming provides digital marketing and lead generation services by driving traffic and player registrations to regulated online sports betting and iGaming operators, earning commissions based on performance.
• Sports Betting Content & Publishing (Service: Digital Media): The company operates digital media properties that offer sports news, analysis, predictions, and other engaging content, serving as a content creation and publishing platform for sports enthusiasts and bettors.
• Proprietary Technology Solutions (Service: Software Platform): SharpLink develops and deploys its own technology platforms, offered as a service, designed to optimize content monetization, enhance audience engagement, and manage affiliate tracking for its iGaming initiatives.

SharpLink Gaming (SBET) primarily operates in a business-to-business (B2B) model, providing technology solutions, affiliate marketing, and managed services to online sports betting and iGaming operators. Its major customers are the licensed sportsbooks and online casinos themselves, for whom SharpLink drives user acquisition and engagement.

Based on their business model and the general landscape of the regulated U.S. sports betting and iGaming markets, SharpLink Gaming likely works with or targets many of the leading operators. While specific, exclusive long-term contracts with all customers are not always publicly detailed, the following are prominent public companies that represent the typical profile of SharpLink's major clientele:

• DraftKings Inc. (Symbol: DKNG)
• Caesars Entertainment, Inc. (Symbol: CZR)
• PENN Entertainment, Inc. (Symbol: PENN)
• Rush Street Interactive, Inc. (Symbol: RSI)

SharpLink also likely serves other major operators, including those that are privately held or are subsidiaries of larger, non-pure-play public companies (e.g., FanDuel, BetMGM, Tipico).

Joseph Chalom Co-Chief Executive Officer

Joseph Chalom was appointed Co-Chief Executive Officer of SharpLink Gaming, Inc. on July 24, 2025. Prior to joining SharpLink, he spent 20 years at BlackRock, where he served as Managing Director and Head of Strategic Ecosystem Partnerships, leading digital finance innovations, including the launch of the iShares Ethereum Trust (ETHA). He also architected strategic partnerships with prominent companies such as Nasdaq, Coinbase, Anchorage Digital Bank, BNY Mellon, and Circle. Chalom held other senior leadership roles at BlackRock, including interim Deputy Chief Operating Officer and Chief Operating Officer of BlackRock Solutions.

Rob Phythian President and Board Member

Rob Phythian co-founded SharpLink Gaming in 2019 and served as its CEO since inception, transitioning to President and remaining a Board Member effective July 25, 2025. He was CEO of SportsHub Games Network, Inc. from 2015 through June 2021. Before SportsHub, he co-founded Sports Data in 2010, a sports content provider, which he later sold to Sportradar AG in 2013. Earlier in his career, he founded Fanball.com, an online fantasy sports site, and sold it to FUN Technologies in 2005. FUN Technologies was subsequently acquired by Liberty Media Corporation in 2007.

Robert DeLucia Chief Financial Officer

Robert DeLucia was appointed SharpLink's Chief Financial Officer effective August 22, 2022. Before joining SharpLink, he was recruited as Interim Chief Financial Officer of Neon Logistics, LLC. From February through December 2022, he served as Chief Accounting Officer at GTT Communications, where he was credited with leading the company's financial restructuring and was involved in the $2 billion sale of its fiber backbone division. From October 2016 through 2019, DeLucia provided fractional CFO services to primarily mid-sized private equity firms at Tarsus CFO Services.

Matthew Sheffield Chief Investment Officer

Matthew Sheffield was appointed Chief Investment Officer on October 20, 2025. He brings extensive institutional trading and digital asset investment experience, having most recently served as Head of U.S. Spot Trading at FalconX, an institutional digital asset prime brokerage and trading firm.

Mandy Campbell Chief Marketing Officer

Mandy Campbell was appointed Chief Marketing Officer on October 20, 2025. Prior to SharpLink, she was the Head of Marketing at Bain Capital Crypto.

The key risks to SharpLink Gaming (symbol: SBET) primarily stem from its strategic pivot from a sports betting marketing company to an Ethereum (ETH) treasury company.

1. Ethereum Price Volatility: The most significant risk to SharpLink Gaming is the inherent volatility of the cryptocurrency market, specifically the price of Ethereum. The company's value is now predominantly tied to its substantial ETH holdings. A significant downturn or "crypto crash" in the price of Ethereum would directly and severely impact SharpLink Gaming's valuation and stock price. The stock is highly sensitive to ETH price movements, acting as a leveraged play on the cryptocurrency.
2. Regulatory Risk: The evolving and uncertain regulatory landscape surrounding cryptocurrencies poses a substantial threat to SharpLink Gaming's business model. Potential government crackdowns, new taxes on corporate crypto holdings, stricter rules, or the classification of SBET as an unregistered investment company could severely impact the company. Regulatory changes could also limit staking rewards or require new disclosures, diminishing Ethereum's appeal and negatively affecting SharpLink's financial stability and stock value.
3. Share Dilution and Unprofitable Legacy Operations: Historically, SharpLink Gaming's core sports betting marketing business faced significant challenges, including revenue decline and negative profit margins. Although the company has pivoted to an Ethereum treasury strategy, its past reliance on equity issuance to fund ETH purchases has led to shareholder dilution. If the crypto strategy underperforms or if the company's legacy operations continue to be unprofitable, there is a risk of further shareholder dilution to sustain the business or fund future activities.

U.S. Sports Betting Market

U.S. iGaming Market

• Expansion of Ethereum Treasury Strategy and ETH Holdings: SharpLink's core strategy now focuses on accumulating Ether (ETH) as its primary treasury reserve asset. The company aims to generate revenue through ETH appreciation and by employing yield-enhancing strategies such as liquid staking, restaking, and participation in decentralized finance (DeFi). SharpLink has already acquired over 700,000 ETH, demonstrating a commitment to significant asset accumulation. This aggressive accumulation and yield generation from its substantial ETH holdings are central to its future revenue growth.
• Strategic Partnerships: A key differentiator for SharpLink is its strategic partnership with Consensys, described as a leading Ethereum software company. This collaboration is expected to provide distinct advantages over other ETH treasury companies and could open doors to new revenue streams, potentially through joint ventures, enhanced yield opportunities, or specialized services within the Ethereum ecosystem.
• Disciplined Capital Raising and Deployment: The company's ability to consistently raise and intelligently deploy capital is a significant driver. SharpLink has already raised over $2.6 billion to fund its ETH acquisitions, demonstrating its capacity to attract investment for its treasury strategy. Continued successful capital formation and its efficient allocation into yield-generating ETH strategies will directly contribute to revenue growth.
• Growth of Crypto-Focused Affiliate Marketing Services: While the primary focus has shifted, SharpLink's legacy affiliate marketing business still exists and is anticipated to find new growth opportunities through blockchain and crypto-focused partnerships. This segment could contribute to revenue by leveraging its existing expertise within the rapidly expanding cryptocurrency market.

Share Repurchases

• SharpLink Gaming authorized a stock repurchase program of up to $1.5 billion in August 2025.
• The company began utilizing this program in September 2025, initially repurchasing approximately 939,000 shares at an average price of $15.98.
• By September 16, 2025, SharpLink had repurchased a total of 1,938,450 shares, including an additional 1,000,000 shares bought at an average price of $16.67.

Share Issuance

• In May 2025, SharpLink completed a private placement (PIPE) of approximately 69.1 million shares at $6.15 per share, generating around $425 million in gross proceeds to fund its Ethereum treasury strategy.
• In July 2025, shareholders approved an increase in the number of authorized common stock shares from 100,000,000 to 500,000,000.
• In October 2025, SharpLink conducted a registered direct offering of 4,500,000 common shares at $17.00, raising approximately $76.5 million, with proceeds intended for acquiring Ether (ETH) and for general working capital. This offering also included purchase contracts for up to an additional 4,500,000 shares, potentially yielding another $78.8 million if fully exercised.

Inbound Investments

• Consensys Software Inc. served as the lead investor in the $425 million private placement in May 2025, which also saw participation from numerous crypto venture capital firms.
• In August 2025, SharpLink secured approximately $400 million from five global institutional investors through a registered direct offering.

Outbound Investments

• SharpLink adopted an Ethereum Treasury Strategy in 2025, accumulating Ether (ETH) as its primary treasury reserve asset, with total ETH holdings reaching 859,853 by October 19, 2025.
• In January 2024, the company divested its Sports Gaming Client Services and SportsHub Gaming Network business units to RSports Interactive, Inc. for $22.5 million in an all-cash transaction.
• In October 2025, SharpLink announced plans to deploy $200 million of its Ether treasury on Consensys Software Inc.'s Linea to generate enhanced Ethereum DeFi yield.

Capital Expenditures

• Capital expenditures have been minimal, with reported figures of -$0.01 million in 2023, -$0.01 million in 2022, and -$0.06 million in 2021.
• In December 2023, SharpLink discontinued investments in its C4 sports betting conversion technology due to a lack of market acceptance.