In the latest quarter, NorthStar CEO Michael Moskowitz announced record-breaking growth exceeding 60% in both revenue and gross margin. This success is attributed to efficient resource utilization and scalability within the business model, resulting in revenue of $7.5 million, marking a 61% increase from the previous year. Additionally, total wagers on Northstarbets.ca reached $225.5 million, showing a 41% increase from the same period in the previous year.
Moreover, gross gaming revenue at NorthStarbets.ca demonstrated significant growth, reaching $8.7 million, a 58% increase year-over-year. The gross margin for the quarter was $3.2 million, representing a notable 69% increase from the previous year.
For the six-month period ending on June 30, 2024, NorthStar reported revenue totaling $13.4 million, a 62% increase from the previous year. Total wagers at Northstarbets.ca reached $443.5 million, showing a 48% increase, while gross gaming revenue stood at $16.3 million, marking a 65% increase from the comparable period in the previous year.
In terms of operational highlights, the company saw a 48% year-over-year increase in active players, a decline in cost per acquisition of a customer, and a rise in estimated 12-month player values. The company also renewed its strategic marketing agreement with Playtech Software Limited, secured short-term financing of $3 million, and celebrated the second anniversary of the NorthStar Bets platform.
Looking ahead, Moskowitz expressed confidence in NorthStar’s ability to continue its growth trajectory by providing innovative content and exceptional customer service. Investors and interested parties are invited to a corporate update webinar on August 14, 2024, where the company’s performance and future milestones will be discussed. Additional financial information and updates are available on the company’s corporate website and SEDAR platform.
