SharpLink Gaming (SBET) AI Stock Analysis

• Market Cap: $2.02B
• Dividend Yield: N/A
• Average Volume (3M): 7.86M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.89
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 5
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 0.62
• Shares Outstanding: 196,693,190
• 10 Day Avg. Volume: 7,573,302
• 30 Day Avg. Volume: 7,857,438
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.06
• Price to Sales (P/S): 0.61
• P/FCF Ratio: -0.10
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 192.61
• Enterprise Value/Gross Profit: 231.16
• Enterprise Value/Ebitda: -8.88K
• 1Y Price Target: $25.60
• Price Target Upside: 142.88% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $9.00 ▼(-14.61% Downside)

The score is held back primarily by weak underlying financial quality (ongoing losses and significant negative free cash flow) and bearish technicals (below key moving averages with negative MACD). The earnings call was a relative bright spot due to outsized crypto-driven gains and strategic momentum, but valuation is constrained by a negative P/E and the lack of dividend support.

Positive Factors

Strategic Acquisition

This strategic move into the high-growth crypto gaming market could drive long-term growth and shareholder value, leveraging blockchain technology's increasing adoption.

Stock Buyback Program

The stock buyback program reflects confidence in the company's valuation and provides flexibility to enhance shareholder value, potentially improving stock performance.

Improved Equity Position

Improvement in stockholders' equity indicates better financial stability and reduced leverage, enhancing the company's long-term financial health.

Negative Factors

Declining Revenues

Consistent revenue decline indicates challenges in market competitiveness and product adoption, potentially impacting long-term growth prospects.

Persistent Losses

Ongoing losses suggest operational inefficiencies and profitability challenges, which may hinder the company's ability to invest in growth initiatives.

Negative Cash Flow

Negative cash flow indicates cash burn from operations, limiting financial flexibility and the ability to fund strategic initiatives without external financing.

SharpLink Gaming Business Overview & Revenue Model

Company Description

SharpLink Gaming Ltd. operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. It operates through Affiliate Marketing Services – United States, Sports Gaming Client Services, Enterprise Telecom Expense Management, and Affiliate Marketing Services – International segments. The company collects information on potential U.S. domiciled sports bettors, connects them with contextual sports betting content, and converts them to paying sports betting customers, as well as offers sports betting data to sports media publishers. It also provides development, hosting, operations, maintenance, and service of free-to-play games and contests; and solutions for telecommunications expense management, enterprise mobility management, call usage, and accounting software, as well as iGaming and affiliate marketing network, which focuses on delivering quality traffic and player acquisitions, and retention and conversions to global iGaming operator partner worldwide. The company was founded in 2019 and is headquartered in Minneapolis, Minnesota.

How the Company Makes Money

SharpLink Gaming makes money primarily through its suite of technology solutions that cater to the sports betting and online gaming markets. The company generates revenue by licensing its software and platforms to sports betting operators and other gaming businesses. These operators use SharpLink's technologies to improve their user engagement and betting services, which in turn helps drive traffic and betting activity. Additionally, SharpLink may earn income through revenue-sharing agreements, where it receives a percentage of the betting revenue generated through its platforms. Significant partnerships with major sports leagues, media companies, or betting operators can also contribute to its earnings by expanding its market reach and user base.

SharpLink Gaming Financial Statement Overview

Summary

SharpLink Gaming faces financial challenges with declining revenues and continuous losses. While there are improvements in stockholders' equity and reduced cash burn, the company still struggles with profitability and cash flow stability. The lack of debt suggests limited financial risk, yet it may also constrain growth opportunities.

Income Statement

SharpLink Gaming's revenue has been declining over the years, with a significant drop from $7.3 million in 2022 to $3.6 million in 2024. Despite reducing negative net income from -$15.3 million in 2022 to $10.1 million in 2024, the company still faces persistent losses. Gross profit margins have been consistently low, and the EBIT and EBITDA margins have been negative, indicating ongoing operational challenges.

Balance Sheet

The company's balance sheet shows improvement in stockholders' equity, which turned positive in 2024 at $2.08 million from a negative position in 2023. The equity ratio improved significantly, suggesting a decrease in leverage. However, the company carries no debt, which limits its risk but also suggests a lack of growth financing. Overall, the financial stability has increased, but profitability remains a concern.

Cash Flow

SharpLink Gaming's cash flow statement reveals significant negative free cash flow, which has improved slightly from -$57.4 million in 2023 to -$5.9 million in 2024. Operating cash flow remains negative, suggesting cash burn from operations. The company also recorded substantial negative investing cash flow, indicating high capital outlays or investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.11M	3.66M	4.95M	3.49M	2.64M	2.28M
Gross Profit	10.92M	906.27K	1.53M	1.32M	-299.36K	423.72K
EBITDA	-284.43K	-4.75M	-6.19M	-13.09M	-33.26M	-1.00M
Net Income	-1.03M	10.10M	-14.24M	-15.23M	-55.64M	-1.14M
Balance Sheet
Total Assets	3.07B	2.57M	71.28M	65.05M	20.56M	4.42M
Cash, Cash Equivalents and Short-Term Investments	37.84M	1.44M	2.49M	1.38M	6.07M	2.59M
Total Debt	0.00	0.00	12.81M	2.92M	165.52K	193.09K
Total Liabilities	4.57M	488.30K	80.68M	62.06M	6.37M	1.71M
Stockholders Equity	3.07B	2.08M	-9.40M	2.99M	14.19M	2.71M
Cash Flow
Free Cash Flow	-10.11M	-22.82M	296.74K	-5.95M	-6.33M	-1.07M
Operating Cash Flow	-10.10M	-22.81M	582.89K	-5.94M	-6.07M	-769.10K
Investing Cash Flow	-3.04B	-18.71M	-1.03M	48.30M	-4.41M	-298.30K
Financing Cash Flow	3.05B	-17.38M	9.78M	2.68M	15.68M	1.85M

SharpLink Gaming Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.54
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBET, the sentiment is Neutral. The current price of 10.54 is above the 20-day moving average (MA) of 9.62, above the 50-day MA of 10.45, and below the 200-day MA of 14.84, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 54.50 is Neutral, neither overbought nor oversold. The STOCH value of 78.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SBET.

SharpLink Gaming Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSI	72 Outperform	$4.33B	74.93	29.67%	―	23.15%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
GAMB	60 Neutral	$183.36M	84.42	1.46%	―	24.21%	-92.49%
CDRO	56 Neutral	$350.32M	65.36	23.16%	―	1.79%	―
BALY	54 Neutral	$818.55M	-2.11	-114.88%	―	0.36%	47.55%
SBET	48 Neutral	$2.02B	-1.31	-0.07%	―	―	―
PENN	47 Neutral	$1.89B	-2.18	-35.97%	―	8.24%	-77.54%

SharpLink Gaming Corporate Events

SharpLink Gaming Appoints Joseph Chalom as CEO

On December 15, 2025, SharpLink Gaming finalized its planned senior leadership transition, with former Co-CEO Rob Phythian stepping down and Joseph Chalom assuming the roles of sole Chief Executive Officer, President, and Board member. This change, along with updates to the company’s bylaws, reflects SharpLink’s focus on strengthening its operational framework for long-term success in Ethereum treasury management. Since launching its ETH treasury business in June 2025, the company has made significant strides by doubling its ETH holdings, maximizing staking productivity, expanding institutional ownership, and building internal risk and investment expertise, further positioning itself as a leader in institutional-grade ETH platforms.

The most recent analyst rating on (SBET) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.

SharpLink Gaming Deploys $200M on Consensys Linea

On October 28, 2025, SharpLink Gaming announced its plan to deploy $200 million of its Ether treasury on Consensys Software Inc.’s Linea to enhance Ethereum DeFi yields. This strategic move involves collaboration with ether.fi and EigenCloud, utilizing institutional-grade staking and restaking offerings to optimize onchain yield. The deployment, managed through Anchorage Digital Bank, positions SharpLink at the forefront of Digital Asset Treasury innovation, reinforcing its commitment to Ethereum’s ecosystem and setting a new benchmark for ETH treasury strategies. This initiative is expected to enhance stockholder value by accessing competitive, risk-adjusted ETH-denominated returns and marks the beginning of a broader partnership with Consensys to develop institutional capital markets primitives.

The most recent analyst rating on (SBET) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.

SharpLink Gaming Boosts ETH Holdings After Capital Raise

On October 21, 2025, SharpLink Gaming announced an increase in its total ETH holdings to 859,853 as of October 19, 2025, following a successful capital raise of $76.5 million on October 17, 2025. The company strategically acquired 19,271 ETH at an average price of $3,892, enhancing shareholder value through disciplined execution and accretive ETH accumulation. The announcement underscores SharpLink’s commitment to strengthening its balance sheet and showcases its precision in capitalizing on favorable market conditions.

The most recent analyst rating on (SBET) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.

SharpLink Gaming Secures $76.5M in Stock Offering

On October 15, 2025, SharpLink Gaming, Inc. entered into a securities purchase agreement with an institutional investor to sell 4.5 million shares of its common stock in a registered direct offering, raising approximately $76.5 million. The proceeds will be used to acquire Ether and for general working capital purposes. Additionally, the investor has been granted a 90-day premium purchase contract to buy up to an additional 4.5 million shares, potentially raising another $78.8 million. This transaction, priced at a premium to market and NAV, reflects strong institutional confidence in SharpLink’s long-term vision and strategy.

The most recent analyst rating on (SBET) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.