In a recent statement, Michael Moskowitz, the Chair and CEO of NorthStar, announced a significant growth milestone in revenue and gross margin, exceeding 60% in the latest quarter. Moskowitz highlighted that top-line growth continues to outpace expenses, showcasing the business’s efficient scalability and potential.
Financial highlights for the second quarter ending June 30, 2024 (Q2 2024) include a remarkable 61% increase in revenue, reaching $7.5 million compared to $4.6 million in Q2 2023. Total wagers at Northstarbets.ca saw a 41% increase to $225.5 million, while gross gaming revenue at NorthStarbets.ca surged by 58% to $8.7 million during the same period.
For the six-month period ending June 30, 2024, revenue totaled $13.4 million, a 62% increase from the previous year. Total wagers at Northstarbets.ca reached $443.5 million, up by 48%, and gross gaming revenue increased by 65% to $16.3 million compared to the same period in 2023.
Recent operating highlights included a 48% year-over-year increase in active players in Q2 2024, a 7% rise in estimated 12-month player values, and a renewal of a strategic marketing agreement with Playtech Software Limited valued at up to $4 million. Additionally, the company secured $3 million in short-term financing and celebrated the second anniversary of the NorthStar Bets platform.
Looking ahead, Moskowitz emphasized the company’s competitive positioning in the online betting market and expressed confidence in continued growth through innovation and outstanding customer service.
For more information, interested parties can access detailed financial statements for NorthStar on SEDAR+ at www.sedarplus.com or the company’s corporate website at www.northstargaming.ca. Additionally, a Corporate Update Webinar hosted by Michael Moskowitz is scheduled on August 14, 2024, to discuss Q2 earnings and upcoming milestones. Investors and stakeholders are encouraged to register for the webinar for a comprehensive update on the company’s performance and future strategies.
