The Chair and CEO of NorthStar, Michael Moskowitz, stated that the company achieved a record quarter with over 60% growth in revenue and gross margin. He emphasized the efficient scaling of the business model, with revenue exceeding expenses, showcasing the potential for further growth.
In the second quarter of 2024, key financial highlights included a 61% increase in revenue to $7.5 million, a 41% increase in total wagers at $225.5 million, and a 58% increase in gross gaming revenue to $8.7 million. Gross margin also saw a significant uptick, reaching $3.2 million, representing a 69% increase from the previous year.
For the six-month period ending June 30, 2024, revenue totaled $13.4 million, a 62% increase from the previous year. Total wagers reached $443.5 million, a 48% increase, and gross gaming revenue was $16.3 million, marking a 65% increase. Gross margin stood at $5.4 million, a 77% increase from the previous year.
Operating highlights included a 48% increase in active players, a 12% decline in cost per acquisition, and a 7% rise in estimated 12-month player values. Additionally, NorthStar outperformed industry growth rates in both total wagers and gross gaming revenue.
Recent accomplishments included renewing a strategic marketing agreement with Playtech Software Limited, securing short-term financing, and reaching the milestone of surpassing $1 billion in total wagers on the NorthStar Bets platform.
Looking ahead, Moskowitz expressed confidence in NorthStar’s position in the market, citing the company’s premium offerings and commitment to innovation. A Corporate Update Webinar is scheduled for August 14, 2024, to provide investors and stakeholders with detailed insights into the company’s performance and future milestones.
For more information, interested parties can access the company’s financial statements and management’s discussion and analysis on SEDAR and the company’s corporate website. NorthStar is a Canadian company that owns and operates NorthStar Bets, a leading online casino and sportsbook platform. The company is focused on responsible gaming practices and aims to become a convergence leader in the sports media and wagering sector.
