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Sharplink, Inc.
Communication Services · Interactive Home Entertainment
STRUCTURAL: SharpLink sits inside the sports-betting affiliate funnel, a capital-light toll position between media/content and regulated sportsbooks. US online sports betting (OSB) is still in early-innings geographic expansion - fewer than 40 states live as of 2026 - so the addressable affiliate opportunity grows as legalization spreads.
Affiliate economics in OSB are historically durable: sportsbooks pay $200-$500 CPA or 20-35% revenue share per acquired bettor, and SharpLink collects without carrying book risk.
(1) US OSB legalization continues state-by-state; each new market expands the addressable affiliate pool without $SBET adding incremental fixed cost. (2) Capital-light model - no balance-sheet risk, no regulatory book license required - allows margin expansion as revenue scales.
(3) Fan engagement and real-time odds integration are increasingly table stakes for sports media; $SBET technology is embedded in publisher workflows, creating switching friction. (4) Consolidation dynamic: small-cap affiliate platforms attract strategic interest from sportsbook operators ($DKNG, $FLUT, $MGM) seeking to own the acquisition funnel.
(5) European affiliate expertise provides a playbook for US expansion; cross-border optionality is underappreciated at current valuation.
(1) Revenue is heavily dependent on sportsbook partner marketing budgets, which compress when operators shift to retention spend or cut acquisition targets. (2) Regulatory concentration risk: a state-level affiliate fee cap or "clean-site" legislation could sever revenue streams overnight.
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