The utilization of extremely high frequency (EHF) bands can achieve very high throughput in satellite networks (SatNets). Nevertheless, the severe rain attenuation at EHF bands imposes strict limitations on the system availability. Smart gateway diversity (SGD) is considered indispensable in order to guarantee the required availability with reasonable cost. In this context, we propose and examine a new SGD architecture, namely, load-sharing SGD (LS-SGD). For this diversity scheme, we define the system outage probability (SOP) using a rigorous probabilistic analysis based on the Poisson binomial distribution (PBD), and taking into consideration the traffic demand as well as the gateway (GW) capacity. Furthermore, we provide several methods for the exact and approximate calculation of SOP. As concerns the exact computation of SOP, a closed-form expression and an efficient algorithm based on a recursive formula are given, both with quadratic worst-case complexity in the number of GWs. Finally, the proposed approximation methods include probability-distribution approximations and Chernoff bounds.