NorthStar Gaming Revenue Growth in Q1 2024

Record Betting Volume Drives Growth

In the first three months of 2024, NorthStar Bets, the company’s Ontario-based casino and sportsbook platform, saw an impressive CA$218 million ($159.5 million) in wagers.

This represents a 56% increase compared to the previous year. The gross gaming revenue also rose by 59% to reach CA$7 million ($5.1 million), further highlighting the platform’s expanding market presence.

Financial Highlights

The total net revenue for NorthStar reached CA$5.9 million ($4.3 million), a substantial rise from CA$3.6 million ($2.6 million) in the first quarter of 2023.

The gross margin nearly doubled to CA$2.2 million ($1.6 million) from CA$1.2 million, reflecting the company’s enhanced profitability and operational efficiency.

Strategic Partnerships and Marketing Efficiency

NorthStar Gaming’s success in Q1 is also due to strategic marketing partnerships and enhanced player acquisition strategies. The company reported a 42% increase in active players and a 9% reduction in customer acquisition costs.

Michael Moskowitz, Chair and CEO of NorthStar, commented, “In the first quarter we continued our pattern of strong year-over-year growth, highlighted by record total wagers. Our premium customer experience and growing brand awareness are propelling higher player retention, strengthened loyalty, and increased player values.”

Innovative Strategies and Future Outlook

March 2024 was noted as the strongest month, with momentum continuing into the second quarter. NorthStar has been focusing on enriching its service offerings, including the launch of a VIP Elite strategy for its most active players.

“We have some exciting demand creation activities planned for the coming months along with further innovations to our platform and content,” added Moskowitz, emphasizing the company’s commitment to innovation and value creation for stakeholders.

Enhancements and Executive Appointment

NorthStar’s sportsbook is powered by leading providers such as Kambi, with additional betting content from Sportradar and IGT. The company has also enriched its ‘Sports Insights’ content and launched a new VIP Elite membership program.

Looking ahead, NorthStar plans to introduce more branded table games and online bingo offerings. Additionally, the company announced the appointment of Chin Dhushenthen as its permanent CFO, further solidifying its executive leadership team.