In a statement, Michael Moskowitz, NorthStar’s Chair and CEO, expressed satisfaction with the company’s recent performance, citing a record quarter characterized by a remarkable growth rate of over 60% in revenue and gross margin. Moskowitz emphasized the ongoing trend of revenue surpassing expenses, showcasing the efficiency and scalability of their business model.
Key financial highlights for the second quarter ending on June 30, 2024, included:
– Revenue reaching $7.5 million, a 61% increase from the same quarter in 2023.
– Total wagers on Northstarbets.ca totaling $225.5 million, marking a 41% increase.
– Gross Gaming Revenue on NorthStarbets.ca hitting $8.7 million, a 58% year-over-year growth.
– Gross margin of $3.2 million, representing a 69% increase from the previous year and accounting for about 42% of revenue.
For the six-month period ending on June 30, 2024, the company reported:
– Revenue totaling $13.4 million, a 62% increase from the same period in 2023.
– Total wagers amounting to $443.5 million, a 48% increase year-over-year.
– Gross Gaming Revenue at $16.3 million, reflecting a 65% increase from the previous year.
– Gross margin reaching $5.4 million, marking a 77% increase from the same period in 2023.
Recent operational highlights included a significant increase in active players, a decrease in the cost per acquisition of customers, and a rise in estimated 12-month player values. The company also renewed a strategic marketing agreement with Playtech Software Limited, securing $3 million in short-term financing to support growth initiatives.
Moskowitz expressed optimism about the company’s future growth prospects, highlighting the platform’s success against major international competitors and its ability to outperform the Ontario market in key metrics like total wagers and gross gaming revenue.
NorthStar will host a Corporate Update webinar on August 14, 2024, featuring a discussion on the Q2 earnings, current operations, and upcoming milestones. Investors and interested parties are encouraged to register for the webinar for more information.
For additional details, interested individuals can access the company’s condensed consolidated interim financial statements for the relevant periods on SEDAR+ and the company’s corporate website.
NorthStar, the operator of NorthStar Bets, a casino and sportsbook gaming platform, aims to provide players with a premium user experience and is committed to operating at the highest standards of responsible gaming. The company maintains a focus on innovation, unique content, and exceptional customer service to drive continued growth and success.
