NorthStar preliminary results reflect positive quarter and full-year
Full audited results are expected to be filed by the end of April 2025.
Key Points
- Q4 2024 is expected to be best quarter in company’s history
- Revenue for the full-year was up more than 50%
NorthStar Gaming has released preliminary results for the fourth quarter and full-year 2024.
For Q4 2024, total wagers with Northstarbets.ca are expected to reach approximately CA$303m (US$211.9m), representing a rise of 42% year-over-year.
Gross gaming revenue for Northstarbets.ca is anticipated to be approximately CA$10m in Q4 2024, up from Q4 2023’s CA$7.6m. Revenue is expected to increase 47.6% to approximately CA$9.6m.
With the most significant growth, gross margin is set to be approximately CA$4.4m, a number 76% higher than the same period in 2023.
Looking at the full-year results, total wagers with Northstarbets.ca are projected to be around CA$980m, which would mean a 51% upswing from 2023.
Good to know: NorthStar Gaming recently entered into a credit agreement with Beach Point Capital and Playtech to gain CA$43.4m, which be used to strengthen the company’s balance sheet and accelerate its growth initiatives
Gross gaming revenue for Northstarbet.ca is set to reach approximately CA$34m, also representing a 51% increase year-over-year, while revenue for NorthStar is forecasted to be roughly 53.1% higher in 2024 at CA$29.7m compared to 2023.
Similar to the fourth quarter, gross margin for the full-year is expected to increase 76%, to a figure of approximately CA$12.5m.
NorthStar Chair and CEO said Michael Moskowitz said, “We capped off a great year with the best quarter in the Company’s history.
“Much of our focus in 2024 was on product innovation and simplifying the customer experience, and we are seeing the results through the growth of our business. Record gross margins demonstrate the ability of our model to deliver operating leverage as the business scales.
“We are very excited to enter 2025 with strong momentum at our backs.
“With our recent financing, we believe we have the funding in place to reach profitability based on the current business platform. We intend to pursue aggressive growth and introduce our premium iGaming platform to more Canadians, a strategy which we expect will continue to deliver strong year-over-year growth each quarter while maintaining effective control of costs.”
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