NorthStar Gaming reports GGR growth of 53% as CEO lauds “exceptional” Q3 performance
Michael Moskowitz praises company’s “operational efficiency” as he issues optimistic update for shareholders in 2025
NorthStar Gaming has posted Q3 2024 gross gaming revenue (GGR) of C$8.4m, marking a 53% year-over-year (YOY) rise compared to the C$5.5m recorded in 2023.
The Canadian operator saw total handle on Northstarbets.ca reach C$234m, a notable YOY increase of 69% when pitted against the C$138m generated in the same period last year.
NorthStar also reported a slight profit of C$0.1m, a marked improvement from the C$0.5m loss 12 months earlier.
Michael Moskowitz, NorthStar’s CEO and chair, hailed his company’s “operational efficiency,” adding: “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.”
NorthStar is outpacing industry growth rates in both total handle (54%, against 32% for the industry) and GGR (67%, against 37% for the industry) for Q3, according to regulator iGaming Ontario.
Recently, the firm launched a revamped version of its Sports Insights product, now featuring comprehensive team and player statistics, injury and player news feeds, expanded coverage of popular sports, improved casino content, and a redesigned home page.
In addition, it completed the first edition of its online Blackjack Championship tournament, which boasts a prize pool worth $100,000.
In September, NorthStar bolstered its online betting offering via “streamlined navigation in both the casino and sportsbook sections”, which involved doubling the amount of casino titles on offer since the start of the year.
The firm also offers users personalized prop bets and parlay suggestions.
Moskowitz said: “The marketing investments and product launches we executed in Q3 have set us up for a strong finish to the year, as the fourth quarter is typically a seasonally robust period.
“With the continued momentum in our business and operating leverage driving improved financial results, we are highly optimistic about our ability to deliver significant shareholder value in 2025.”
Elsewhere, NorthStar confirmed it has extended its marketing agreement with Playtech, which was first signed in June 2023 as part of a deal worth C$1.5m, though the supplier’s first investment into the Ontario-based outfit came that February, worth C$12.5m.
The most recent renewal is valued at C$1m and will run for two months through to December 31, 2024.