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Northstar Gaming Reports Impressive Quarterly And Yearly Financials

James Murphy
by in Gaming Industry on
  • Northstar Gaming has reported significant growth in Q4 2023 as well as for the entire year.
  • Northstar is licensed in Ontario by the AGCO and serves the rest of Canada under license of the Kahnawake Gaming Commission.
  • Northstar Gaming is based in Toronto.

It’s always great to see someone outside of the juiced in legacy gaming companies and state lottery commissions reporting financial gains in the dysfunctional North American sports betting ecosystem. Sorry, American sports betting enthusiasts–you have to go ‘north of the border’ for this one.

NorthStar Gaming Holdings Inc., a prominent player in the Canadian gaming industry, recently unveiled a series of impressive financial figures for both the quarter and year ending December 31, 2023. Demonstrating significant growth, the company reported notable increases in revenue, wagers, and gross gaming revenue, underpinning its strengthening position in the market.

Michael Moskowitz, the Chair and CEO of NorthStar, expressed his enthusiasm about the company’s trajectory:

“We ended the year with our strongest quarter to-date, highlighted by record wagers and revenue as well as accelerating growth in player acquisition and deposits. In the fourth quarter, we also solidified our balance sheet and significantly expanded our addressable market.”

For the quarter ending December 31, 2023, NorthStar anticipates revenue to reach approximately $6.5 million, marking a substantial 103% increase from the same period in 2022. Total wagers at Northstarbets.ca are projected to hit around $213.3 million, up 90% from the previous year. Gross Gaming Revenue at the same platform is expected to be about $7.6 million, an 85% jump from 2022. Moreover, the gross margin is set to be around $2.5 million, a 127% increase, representing 39% of revenue.

The annual figures are equally impressive. Revenue for 2023 is expected to be approximately $19.5 million, a staggering 242% increase over 2022. Total wagers at Northstarbets.ca are predicted to reach about $648.8 million, up 251% compared to 2022. Gross Gaming Revenue is anticipated to be around $22.5 million, marking a 208% rise. The gross margin is estimated to be about $7.1 million, a massive 492% increase, representing 36% of revenue.

The fourth quarter of 2023 saw significant operational advancements for NorthStar. Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak, was rebranded to Northstarbets.com, with NorthStar managing the platform. Additionally, the company completed a private placement financing of approximately $10.3 million.

December 2023 was particularly notable for the company, setting records in wagers, new customer acquisitions, and deposits. NorthStar also gained recognition from Paradigm Capital, being included in a Diversified Watch List report, signaling potential investor interest.

Significantly, the company’s focus on business model optimization resulted in a reduced cost of customer acquisition and an improved payback ratio on acquired players. Furthermore, the readership of the company’s proprietary Insights content increased by 40% year-over-year in the fourth quarter, with readers generating higher deposits and wagering.

Looking ahead to 2024, Mr. Moskowitz continued:

“We are very optimistic about our growth trajectory and ability to create shareholder value in 2024. We plan to roll out exciting innovations to our product suite that will further differentiate NorthStar Bets as a premium offering uniquely suited for the Canadian market. Continued momentum across our key metrics, together with an ongoing focus on cost management and optimizing our marketing, should deliver increasing operating leverage as the year progresses.”

NorthStar intends to file its complete, audited financial results by the end of April 2024 but chose to announce these preliminary results ahead of time.

NorthStar owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform, offering a local, premier user experience with real-time news, stats, analysis, and scores in the betting environment, alongside popular online casino games. Through its subsidiary, Slapshot Media Inc., NorthStar provides managed services to Northstarbets.com. As a Canadian company, NorthStar is poised to become a convergence leader in the intersection of sports media and wagering, committed to maintaining the highest level of responsible gaming standards.

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