NorthStar Gaming revenue increases in Q3

Wagers increased 69 per cent from Q3 2023.

Canada.- The Ontario-based online casino and sportsbook operator NorthStar Gaming Holdings has announced its financial results for the three months ended September 30, 2024. Wagers at Northstarbets.ca totalled CA$234m, a 69 per cent increase compared to $138m in Q3 2023. Gross gaming revenue was CA$8.4m, up 53 per cent from Q3 (CA$5.5m).

For the nine months ended September 30, wagers reached CA$ 677m, a 54 per cent increase compared to CA $438m in the same period in 2023. Revenue totalled CA $20.2m, a 55 per cent increase from CA $13m.

Michael Moskowitz, chair and CEO of NorthStar, said: “We delivered exceptional year-over-year growth across all key metrics in the third quarter, including a 69% increase in total wagers and a 63% boost in gross margin. Our consistent revenue growth and improved economies of scale have enabled gross margin to fully cover overhead costs–a significant milestone in our journey toward profitability.

“Additionally, marketing expenditures as a percentage of revenue have declined substantially, dropping from two-thirds last year to roughly half year-to-date, further demonstrating our continually improving operational efficiency and strategic focus.”

See also: iGaming Ontario launches leadership search

Meanwhile, iGaming Ontario has released its market performance report for the second quarter of the 2024-25 fiscal year, from July 1 to September 30, 2024. Licenced operators collected combined wagers of CA$18.7bn ($13.45bn), a 1.6 per cent increase over previous quarter and a 31.7 per cent increase over Q2 of 2023.

Gaming revenue was CA$738m ($530.72m), a 35.4 per cent increase over Q2 of last year. There were 51 operators with 83 gaming websites. More than 1.32 million player accounts were active, and the average monthly spend per active player account was CA$308 ($221.45). Casino games, including slots, live and computer-based table games and peer-to-peer bingo, accounted for CA$16bn ($11.5bn) of wagers and CA$553m ($397.56m) of revenue.