In a recent statement, Michael Moskowitz, Chair and CEO of NorthStar, expressed satisfaction with the company’s performance, citing a record-breaking quarter with revenue and gross margin growth exceeding 60%. Moskowitz highlighted the efficient scaling of the business, with revenue outpacing expenses as existing resources are leveraged effectively.
Key financial highlights for the Second Quarter Ended June 30, 2024 (“Q2 2024”) include a 61% revenue increase to $7.5 million, total wagers at Northstarbets.ca reaching $225.5 million (a 41% increase), and gross gaming revenue at $8.7 million (a 58% increase). The gross margin also saw a significant rise to $3.2 million, representing 69% growth from the previous quarter.
For the six-month period ended June 30, 2024, revenue totaled $13.4 million, a 62% increase from the same period in 2023. Total wagers at Northstarbets.ca reached $443.5 million, a 48% increase, with gross gaming revenue at $16.3 million, marking a 65% growth from the previous year.
Operational highlights include a 48% year-over-year increase in active players, a strategic marketing agreement renewal with Playtech Software Limited, and the successful launch of the NorthStar Bets platform. Additional initiatives such as Sports Insights 2.0 enhancements and the EURO/Copa campaign have contributed to increased player engagement and positive impacts on Sportsbook KPIs.
Looking ahead, Moskowitz expressed optimism about NorthStar’s prospects for continued growth, emphasizing the company’s premium offering and its ability to outperform key metrics in the Ontario market. A Corporate Update Webinar with Michael Moskowitz is scheduled for August 14, 2024, to discuss Q2 Earnings, current operations, and upcoming milestones.
For more information, interested parties can refer to the Company’s condensed consolidated interim financial statements for the three- and six-month periods ended June 30, 2024, and the corresponding management’s discussion and analysis (MD&A) available on SEDAR+ and the company’s corporate website.
NorthStar, the company behind NorthStar Bets, a local casino and sportsbook gaming platform, is committed to operating at the highest level of responsible gaming standards. It has established partnerships with leading media companies to become a convergence leader in the sports media and sports wagering intersection.
