SharpLink Gaming (SBET)
Market Price (12/4/2025): $10.965 | Market Cap: $265.4 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
SharpLink Gaming (SBET)
Market Price (12/4/2025): $10.965Market Cap: $265.4 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Digital Advertising. Themes include Prediction Markets, Show more. | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -157% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -678% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 76x | ||
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -29% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -127%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -127% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 138684% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -48% | ||
| High stock price volatilityVol 12M is 508% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 85% |
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Digital Advertising. Themes include Prediction Markets, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -157% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -678% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 76x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -29% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -127%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -127% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 138684% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -48% |
| High stock price volatilityVol 12M is 508% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 85% |
Valuation, Metrics & Events
SBET Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
SharpLink Gaming (SBET) experienced significant stock volatility during the approximate time period from August 31, 2025, to December 4, 2025. While the company made strategic moves to strengthen its position in the Ethereum market, the stock underwent a substantial decline in value. Here are five key points highlighting why the stock moved by approximately -40.6% during this period: 1. 1. Overvalued Assessment and Subsequent Decline: In July 2025, InvestingPro's Fair Value models identified SharpLink Gaming as significantly overvalued at $19.57 per share. Over the subsequent months, the stock steadily declined through August (-5.3%), September (-4.5%), October (-18.6%), and November (-25.9%), ultimately reaching $10.25 by November 28, 2025, representing a 48% decline from the July valuation. 2. 2. Broader Crypto Market Weakness: The company's significant investment in Ethereum (ETH) exposed it to the volatility of the cryptocurrency market. A "crypto crash" earlier in October 2025 pushed Ethereum's price below $3,800, and despite some rebound, it remained in a volatile environment, with ETH trading around $3,892.14 by October 21, 2025, reflecting a 3.5% decline in 24 hours. This broader market sentiment likely contributed to pressure on SBET's stock price. 3.
Show moreStock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SBET Return | 50% | -15% | -88% | -52% | -57% | 30% | -96% |
| Peers Return | 23% | 54% | -7% | 3% | 3% | 5% | 98% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| SBET Win Rate | 58% | 33% | 25% | 25% | 50% | 20% | |
| Peers Win Rate | 58% | 50% | 40% | 48% | 53% | 54% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| SBET Max Drawdown | -22% | -29% | -91% | -62% | -69% | -67% | |
| Peers Max Drawdown | -66% | -15% | -32% | -16% | -18% | -29% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CHDN, BYD, MCRI, FLL, LVS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | SBET | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.9% | -25.4% |
| % Gain to Breakeven | 1000.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -29.6% | -33.9% |
| % Gain to Breakeven | 42.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -22.7% | -19.8% |
| % Gain to Breakeven | 29.3% | 24.7% |
| Time to Breakeven | 7 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -55.6% | -56.8% |
| % Gain to Breakeven | 125.3% | 131.3% |
| Time to Breakeven | 81 days | 1480 days |
Compare to CHDN, BYD, MCRI, FLL, LVS
In The Past
SharpLink Gaming's stock fell -90.9% during the 2022 Inflation Shock from a high on 1/3/2022. A -90.9% loss requires a 1000.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| With SharpLink Gaming Stock Sliding, Have You Assessed The Risk? | Return | ||
| SharpLink Gaming (SBET) Operating Cash Flow Comparison | Financials | ||
| SharpLink Gaming (SBET) Revenue Comparison | Financials | ||
| SharpLink Gaming (SBET) EBITDA Comparison | Financials | ||
| SharpLink Gaming (SBET) Net Income Comparison | Financials | ||
| SharpLink Gaming (SBET) Operating Income Comparison | Financials | ||
| SharpLink Gaming (SBET) Tax Expense Comparison | Financials | ||
| SharpLink Gaming (SBET) Debt Comparison | Financials | ||
| ARTICLES | |||
| Analyzing SharpLink Gaming’s Price Catalysts And Key Risks | August 25th, 2025 | ||
| Why Sharplink Gaming Stock Surged 50% Last Week | July 17th, 2025 |
Trade Ideas
Select past ideas related to SBET. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 6.8% | 6.8% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.5% | 0.5% | 0.0% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.6% | -2.6% | -2.6% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.7% | 3.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -1.6% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 6.8% | 6.8% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.5% | 0.5% | 0.0% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.6% | -2.6% | -2.6% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.7% | 3.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for SharpLink Gaming
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 74.72 |
| Mkt Cap | 4.2 |
| Rev LTM | 1,712 |
| Op Inc LTM | 414 |
| FCF LTM | 194 |
| FCF 3Y Avg | 118 |
| CFO LTM | 484 |
| CFO 3Y Avg | 440 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 20.2% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 21.0% |
| Op Mgn 3Y Avg | 21.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 23.0% |
| CFO/Rev 3Y Avg | 24.8% |
| FCF/Rev LTM | 9.5% |
| FCF/Rev 3Y Avg | 8.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.2 |
| P/S | 2.7 |
| P/EBIT | 5.4 |
| P/E | 10.3 |
| P/CFO | 8.8 |
| Total Yield | 5.7% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.6% |
| 3M Rtn | -4.4% |
| 6M Rtn | 13.9% |
| 12M Rtn | 13.1% |
| 3Y Rtn | 14.8% |
| 1M Excs Rtn | 7.6% |
| 3M Excs Rtn | -11.1% |
| 6M Excs Rtn | -0.8% |
| 12M Excs Rtn | 0.7% |
| 3Y Excs Rtn | -56.8% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5152025 | 10-Q 3/31/2025 |
| 12312024 | 3142025 | 10-K 12/31/2024 |
| 9302024 | 11142024 | 10-Q 9/30/2024 |
| 6302024 | 8152024 | 10-Q 6/30/2024 |
| 3312024 | 5172024 | 10-Q 3/31/2024 |
| 12312023 | 3292024 | 10-K 12/31/2023 |
| 9302023 | 11132023 | 10-Q 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5162023 | 10-Q 3/31/2023 |
| 12312022 | 4052023 | 10-K 12/31/2022 |
| 6302022 | 10072022 | 6-K 6/30/2022 |
| 12312021 | 5162022 | 20-F 12/31/2021 |
| 6302021 | 9302021 | 6-K 6/30/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |