The company’s Chair and CEO, Michael Moskowitz, expressed satisfaction with the latest quarter, citing a record-breaking performance with over 60% growth in revenue and gross margin. The company’s ability to efficiently scale the business while maintaining a positive revenue-to-expense ratio demonstrates the robustness of its business model.
Financial highlights for the second quarter ended June 30, 2024, include a 61% increase in revenue to $7.5 million compared to the previous year, along with notable growth in total wagers and gross gaming revenue at Northstarbets.ca. The gross margin also saw a significant increase, reaching $3.2 million and representing 42% of revenue.
In the six-month period ending June 30, 2024, revenue totaled $13.4 million, showing a 62% increase from the same period in 2023. Total wagers at Northstarbets.ca reached $443.5 million, while gross gaming revenue increased to $16.3 million, further highlighting the company’s growth trajectory.
Recent operating highlights included a substantial year-over-year increase in active players, a renewal of a strategic marketing agreement, and securing short-term financing for future growth initiatives. Additionally, the company celebrated the second anniversary of the NorthStar Bets platform, which has generated over $1 billion in total wagers in its first two years of operations.
As the company looks ahead, Mr. Moskowitz remains optimistic about its competitive position in the online betting market and the potential for continued growth. The company’s focus on innovation, unique content offerings, and customer service excellence underpin its confidence in future prospects.
The company will host a Corporate Update Webinar on August 14, 2024, where Mr. Moskowitz will discuss the Q2 Earnings and provide insights into current operations and upcoming milestones. Investors and interested parties are encouraged to register for the webinar to learn more about the company’s performance and strategic initiatives.
For additional information, interested parties can access the company’s financial statements and management’s discussion and analysis on the SEDAR website and the company’s corporate website. NorthStar is committed to operating at the highest standards of responsible gaming, positioning itself as a convergence leader in the sports media and sports wagering industry.
