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    Home»Technology»Bitcoin Well Reports 43% Monthly Growth in May on a Prominent Bitcoin Website in the United States
    Technology

    Bitcoin Well Reports 43% Monthly Growth in May on a Prominent Bitcoin Website in the United States

    Alexander LeeBy Alexander LeeAugust 19, 2024Updated:August 19, 2024No Comments3 Mins Read
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    In the latest quarter, NorthStar reported significant growth with revenue and gross margin increasing by over 60%, according to Michael Moskowitz, the Chair and CEO. The efficient scaling of the business resulted in top-line growth outpacing expenses, showcasing the potential of the business model.

    Financial Highlights for the Second Quarter Ended June 30, 2024 ("Q2 2024"):

    • Revenue, including managed services fees and net of bonuses, promotional costs, and free bets, reached $7.5 million in Q2 2024, a 61% increase from the previous year.
    • Total wagers at Northstarbets.ca were $225.5 million in Q2 2024, a 41% increase compared to the same period in 2023.
    • Gross Gaming Revenue at NorthStarbets.ca was $8.7 million in Q2 2024, a 58% increase from the previous year.
    • Gross Margin reached $3.2 million in Q2 2024, representing a 69% increase from the same period in 2023 and approximately 42% of revenue.

    Financial Highlights for the Six-Month Period Ended June 30, 2024:

    • Revenue totaled $13.4 million, a 62% increase from the previous year.
    • Total wagers at Northstarbets.ca reached $443.5 million, a 48% increase compared to the same period in 2023.
    • Gross Gaming Revenue at NorthStarbets.ca was $16.3 million, a 65% increase from the previous year.
    • Gross Margin was $5.4 million, marking a 77% increase from the same period in 2023 and representing approximately 40% of revenue.

    Recent Operating Highlights:

    • 48% year-over-year increase in active players in Q2 2024, along with a decline in cost per acquisition and a rise in estimated player values.
    • Outpacing industry-wide growth rates in Total Wagers and Gross Gaming Revenue according to iGaming Ontario’s report for Q2 2024.
    • Renewal of a strategic marketing agreement with Playtech Software Limited to accelerate player acquisition in Ontario.
    • Secured $3 million in short-term financing for continued growth.
    • Anniversary celebration of the NorthStar Bets platform, generating over $1 billion in total wagers in the first two years.
    • Rolling out enhancements to "Sports Insights 2.0" content vertical and successful EURO/Copa campaign.

    Outlook:
    Michael Moskowitz expressed confidence in NorthStar’s performance and growth prospects, highlighting the platform’s competitive position among international competitors in online betting.

    Corporate Update Webinar:
    On August 14, 2024, Michael Moskowitz will present a detailed Corporate Update, covering Q2 earnings, current operations, and upcoming milestones. Investors and other interested parties are invited to register for the webinar for further insights.

    Additional Information:
    For further information, refer to NorthStar’s financial statements and management’s discussion and analysis for the relevant periods. These documents are available on SEDAR and the company’s corporate website.

    About NorthStar:
    NorthStar owns and operates NorthStar Bets, an Ontario-based casino and sportsbook platform offering a premium user experience. The company is positioned as a convergence leader in the sports media and sports wagering intersection, committed to responsible gaming standards.

    Cautionary Note: The provided forward-looking information contains risks and uncertainties that may lead to deviations from anticipated results. It is recommended not to rely solely on this information for making investment decisions.

    Bitcoin Well BTCW:CC Tech Investing TSXV:BTCW
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    Alexander Lee
    • Website

    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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