NorthStar Gaming Marks First Year with Strong Growth

Expansive Growth Across Canada

Initially launching operations in Ontario, NorthStar Gaming expanded its services across all Canadian provinces by October 2023.

The expansion contributed notably to its gaming revenues, which totaled $18.9 million CAD. Additional revenue streams were generated from Slapshot Media, a software management group acquired by NorthStar during the year.

Rising Operational Costs Amid Expansion

Despite the impressive revenue growth, NorthStar experienced significant increases in operational costs. Service provider fees climbed to $8.2 million CAD, while operator participant fees saw a 207.7% increase to $4 million CAD. Marketing and administrative expenses also rose substantially, reaching $14.1 million CAD and $11.3 million CAD, respectively.

The company also faced $2.8 million in expenses related to public listing, contributing to a net financial loss of $25.5 million CAD for the year.

Strategic Acquisitions and Partnerships

NorthStar Gaming’s CEO, Michael Moskowitz, highlighted key achievements over the past year, including the public listing of shares and the acquisition of Slapshot Media.

“The Slapshot Media acquisition has enabled us to expand our addressable market through a First Nations-managed services arrangement,” Moskowitz stated. He emphasized the strategic partnerships and product innovations that have significantly enhanced NorthStar’s online betting platform.

Looking forward, Moskowitz expressed optimism about the company’s trajectory. “Our financial results and KPIs are beginning to demonstrate the strength of our business model. We have the people and systems in place to support considerable expansion,” he noted. With a focus on scaling the business, NorthStar anticipates achieving operational leverage as revenues continue to grow faster than expenses.