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Jerome García September 9, 2022 3 min read
SharpLink Enters into Agreement to Take Over SportsHub
The leading data-driven user engagement and conversion solutions provider for the US iGaming and sports betting industries, SharpLink, announced it entered into an agreement to acquire the leading fantasy and sports game provider, SportsHub Games Network.
SharpLink Inks Agreement to Take Over SportsHub
On Wednesday, SharpLink revealed it entered into an agreement and plan for a merger to acquire 100% of SportsHub. The leading fantasy sports provider currently offers multiple real-money fantasy sports and sports simulation games. The delivery of those games is completed via the company’s licensed platform which has approximately 2 million active fantasy sports fans. The company estimates that its fantasy sports fans spent nearly $40 million annually and last year alone, SportsHub generated nearly $6 million in annual revenue.
“By leveraging the SportsHub platform, the acquisition would enable SharpLink to have a proven “plug and play” solution to easily onboard potential future acquisitions in an efficient and scalable way,”reads a statement released by SharpLink
According to SharpLink, the combination seeks to accelerate the company’s growth and expand its audience. Considering SportsHub’s existing fan base, SharpLink will have the unique chance to create scalable growth opportunities in the future. Although SharpLink and SportsHub entered into an agreement and plan of merger, the closing of the deal is still subject to meeting specific conditions. One such condition will be the approval of SharpLink’s shareholders. SharpLink outlined that the approval is expected at a meeting of the shareholders that will likely take place in Q4 this year.
The Combination Brings Excitement to the Duo
John Lettmann, SportsHub’s chairman of the Board, outlined that the company is excited to join forces with SharpLink. He pointed out that the combination is expected to create a “significant opportunity for our companies as the US sports betting industry evolves and matures.” Lettmann added that combining SharpLink’s leadership and expertise will help drive growth within the fantasy sports and gaming industries which in turn will deliver value for all of the stakeholders.
“We are excited about the combination of SportsHub and SharpLink.“John Lettmann, chairman of the Board at SportsHub
Rob Phythian, the co-founder and CEO of SharpLink, added that the takeover of SportsHub taps directly into an existing fan base that is loyal to fantasy sports. He revealed that some of the fantasy fans are already sports bettors, or may become sports bettors when the activity is legalized within the state where they live. Phythian acknowledged that many of SportsHub’s fantasy sports players currently live in states where sports betting is yet to be legalized. However, he outlined that those players are “primed to convert to bettors” once those states legalize the activity.
“This accretive acquisition of SportsHub would serve to solidify the foundation on which SharpLink will continue to build demonstrable value of its game-changing C4 engine’s conversion capabilities for all sports media operators, leagues, teams and sportsbooks.“Rob Phythian, co-founder and CEO at SharpLink
SharpLink’s co-founder and CEO explained that an ultimate goal for the company is becoming the go-to operator for high-performing and scalable conversion technology. Besides creating new revenue streams, that technology is expected to enhance customer experience and engagement at the same time.