Ontario-based NorthStar Gaming has reported significant growth in its annual financial reports. The sportsbook and casino provider has generated $19.4m in 2023, a colossal 240.4% increase on its earnings from the previous year.
A Very Strong 2023
While NorthStar also reported a net loss of CA$25.5m, the company has described its financial reports as ‘very strong’. The revenue showed a significant increase from the previous year, which was its debut.0
The company launched in May 2022, with its website, NorthStarBets.CA, only available to players in Ontario. In that year, it reported revenue of $5.7m. The company would undergo a significant overhaul after that, with a reverse takeover of the property business Baden Resources taking place.
In October 2023, the company made its most significant move to date, expanding its reach to other players in Canada outside of Ontario with the launch of NorthStarBets.com. This resulted in a big increase in the customer base, which has been one of several reasons for its big revenue increase.
During 2023, the company also acquired Slapshot Media, a marketing and management service. Slapshot is believed to have significantly helped them expand in Canada and made them a popular destination for Ontario bettors, enhancing their presence and reputation in the market.
Continued Growth
Michael Moskowitz, the CEO of NorthStar Gaming, is enthusiastic about the reported numbers. He said, “We delivered very strong growth in our first full year of operations; revenue and customers increased sequentially in every quarter.”
He believes that the company’s approach and business model are beginning to pay off, noting that its team has the people and systems to support considerable, continued expansion. He noted that as this happens, revenue will continue to grow faster than the company’s expenses, as they have seen in the previous 12 months.
