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.]
![WinSpirit Enhances VIP Experience with Unique Tournaments and Rewards](/upload/resize_cache/iblock/326/280_156_2/82l8i7et1mx256uu0tjncv9rsp58v8mt.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
DeborahTheMarvellous I'm really impressed with WinSpirit's new VIP program! The tournaments sound exciting, and it's great to see a casino actually listening to what their players want. Can't wait to see what they have planned next.
![Banned Player Wins Jackpot, Faces Arrest](/upload/resize_cache/iblock/472/280_156_2/dyd82aizy0cdyfdis4dba1svfnh06s6n.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
Parkerroberts This is a perfect example of why self-exclusion programs exist. They’re there to help people stay away from gambling. Trying to bypass them not only defeats the purpose but can lead to serious trouble like this.
![Teen Arrested in the UK for MGM Resorts Hack](/upload/resize_cache/iblock/975/280_156_2/qpq15k4amhde57539zkxyxyl8w2z8q3t.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
Donaldbetty It's concerning to see such young individuals involved in large-scale cyber attacks. This shows the importance of investing in cybersecurity education and preventive measures from a young age. Hopefully, the authorities can get to the bottom of this and prevent future incidents.
![The Mirage of Poker Wins](/upload/resize_cache/iblock/6ce/280_156_2/al1tau70x3qfcunsw3k6kelaq2rmt6sg.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
DonaldTheXtraordinary Wow, Jonathan Tamayo's win is incredible! But I totally agree with the conclusion. Poker requires so much skill and dedication. I’ve seen too many friends lose big trying to chase these rare wins. Slots are definitely more my speed – simple and fun!
![The Allure and Elusiveness of Bingo Jackpots](/upload/resize_cache/iblock/3b8/280_156_2/sve8prifo8cr7849923p4gz04it2w9yi.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
HelenTheLoyal Wow, what an incredible win for Monica Bouma! It's true that the odds of hitting such a jackpot are insanely low, but it’s stories like these that keep people coming back. Congrats to her, though I'll stick to my smaller bingo games for fun.
![A recent survey reveals the increase in use of regulated markets](/upload/resize_cache/iblock/5dd/280_156_2/miohru55qwh11538an43xthg4525brok.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
HelenTheAmbitious It's great to see that Ontario is cracking down on unregulated gaming sites, but lowering the RTP to 85% feels like a sneaky way to take more from players. Regulation should mean better protection, not just more ways for the house to win.
![ZumoSpin and B7Casino: From Trusted to Blacklisted](/upload/resize_cache/iblock/a8e/280_156_2/jd8finvv058a6i6sx447y7yiha9fyw8f.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
CrazyDaniel Well, what can I say, guys, here's your trust for you. Instead of 96%, now it's 94% RTP.
![Drake's Dangerous Influence: Using Fame to Lure Fans into Betting](/upload/resize_cache/iblock/a40/280_156_2/dbl4cy4l2dhzm3pnf3531qw11rqoxxed.png)
![](/upload/resize_cache/main/fb7/100_100_2/vnykbc68j2lviqtwuti73yhd809x0r83.jpg)
ParkerSusan7 It's really disappointing to see someone with Drake's influence promoting gambling like this. Young fans might follow his lead without realizing the risks involved.
![Review of new slots released this week 2024.07.08-2024.07.15](/upload/resize_cache/iblock/dc1/280_156_2/uahn5z6b431xprdkjv7skmmyi2mc4i7r.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
WilliamTheTenacious These new slots of yours are just another way to squeeze the last penny out of players' pockets. So where is the innovation here? Just beautifully drawn pictures and promises of big wins.
![Wazdan Expands in Canada Through Partnership with Fitzdares](/upload/resize_cache/iblock/066/280_156_2/t0h075vgi3g674ea3f8v2nmi88286zja.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
SandraTheXtraordinary Excited to see Wazdan's games coming to Fitzdares, but the reduced RTP is a bit concerning. Hope the gameplay still stays fun and rewarding!
![ODDSworks Expands iGaming Reach to Ontario's Regulated Market](/upload/resize_cache/iblock/bbf/280_156_2/7hyjpxrl661llj8l7mcqac99p7o95tal.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
CharlesTheLuminous Excited to see ODDSworks expanding in Ontario! Their games are top-notch, but I hope the lower RTP doesn't make it too hard to win.
![Celebrate the Release of Punk Rocker 2 with Nolimit City's New Free Tournament](/upload/resize_cache/iblock/c80/280_156_2/93rs566wua2mutwsfdekf4aephnj34jq.png)
![](/upload/resize_cache/iblock/f04/100_100_2/201rr74miv2yk039zxn34wd8bx26tluw.jpg)
RuthTheXtraordinary I can't believe how generous Nolimit City is with this tournament! 500 free spins and an iPhone 15 Plus for the winner? Count me in!
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.