NorthStar's first full year revenue reaches CA$19.4 million.
NorthStar Gaming CEO Michael Moskowitz has lauded the operator's robust growth in its inaugural full year of operations, despite reporting a net loss of CA$25.5m (£14.9m/€17.4m/US$18.6m). Revenue for the 12-month period ending December 31, 2023, soared to $19.4m, marking a staggering 240.4% increase from the previous year's $5.7m, coinciding with NorthStar's debut.
Officially launched in May 2022, NorthStar unveiled its online sportsbook and casino in Ontario, swiftly followed by a reverse takeover by Canadian property entity Baden Resources. Initially confined to Ontario, NorthStar expanded its services nationwide in October 2023, igniting a surge in revenue.
Moskowitz attributed this growth to an influx of customers following the expansion across Canada, noting sequential increases in revenue and clientele throughout each quarter. He highlighted key milestones, including the public listing of shares, product innovations enhancing the betting platform, fortified strategic partnerships, and a lucrative marketing strategy yielding substantial returns.
Further bolstering its reach, NorthStar acquired Slapshot Media, a move instrumental in the Canadian expansion. The acquisition facilitated an expansion of the market through a First Nations-managed services arrangement, broadening NorthStar's operational scope.
Despite revenue growth, operational costs surged, primarily attributed to territorial expansion. Operator participant fees escalated by 207.7% to $4.0m, while service provider fees more than doubled to $8.2m. Operating expenses rose by 58.7% to $33.8m, driven by increased marketing and general administrative costs, alongside expenses incurred from public listing.
With net finance costs totaling $1.2m, the pre-tax loss for the year widened to $25.5m from $20.2m in 2023. However, consistent with the prior year, NorthStar remained exempt from tax, resulting in a net loss matching the pre-tax loss at $25.5m.]


thefakekush Vavada taking months to pay casino players and now launching a sportsbook? Yeah, no thanks. Imagine hitting a big bet and waiting half a year to get paid. Hard pass.


MrMinerson Finally, someone saying it like it is! Just because one person got lucky doesn’t mean the rest of us should throw money at this slot hoping for the same result.


mooniverse Another state gets flooded with Play’n GO slots. Too bad the RTP is hardly ever player-friendly, with some games barely hitting 80%. Hope they reconsider giving players more control over it.


TheHoodWhisperer It's alarming to see how many young people are getting exposed to gambling through streamers. With the rise of this influence, we need more stringent regulations to protect underage viewers and ensure they aren't encouraged to gamble.


TheHunther This is such a sad story. Gambling can start as a harmless pastime but can quickly turn into an addiction that destroys lives. We need better education and support to help those struggling with it.


YellowToad This is a great step forward! Young people shouldn’t have a criminal record for a mistake, but they should still face consequences. A fine system makes much more sense.


YELLOWWOOD This is amazing news! The NFL coming to Australia is a huge win for sports fans. The MCG will be a fantastic venue—can't wait to see which team the Rams will face!
While the widening net loss may raise eyebrows, NorthStar's focus on scalability and operational leverage suggests a commitment to long-term success despite short-term financial challenges.
The strategic acquisitions and expansions undertaken by NorthStar, including the Slapshot Media acquisition, demonstrate a proactive approach to market penetration and growth.
NorthStar's exponential revenue growth amidst its first full year of operations is certainly impressive, showcasing the potential within the Canadian gaming market.