Ontario-based NorthStar Gaming provided a financial update on its three- and six-month periods that concluded on June 30, 2023. In the second quarter of 2023, the gambling operator recorded some impressive numbers. For instance, in 2Q23, the firm disclosed a total betting handle of CA$160.1 million which was a 15% improvement over Q1 of the year.
NorthStar owns and runs NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that offers localized and one-of-a-kind user experience. Its sportsbook portion provides real-time news, stats, analysis and scores directly in the betting environment. There is also a wide variety of popular iGaming titles for users to enjoy.
Remarkable Q2
In the second quarter of 2023, the gaming company disclosed wagers of CA$160.1 million, a 15% bump from the CA$139.5 million in Q1 of 2023. The handle transformed in gross gaming revenue of CA$5.5 million in Q2, which was a solid 26% improvement over CA$4.4 million in the previous quarter. Meanwhile, gaming revenue hit CA$4.6 million.
Furthermore, the company’s report indicated that in Q2 of 2023, its operations highlighted a gross margin of CA$1.9 million, or 40% of gaming revenue. This was a rise of 61% over Q1 2023 when the gross margin reached 32% of the gaming proceeds. Its Slapshot Media accounted for CA$3 million of the total betting handle and CA$0.1 million of the gaming revenue.
It should be explained that the Ontario company purchased Slapshot Media Inc., a local iGaming marketing and managed services firm specializing in delivering services to Spreads.ca in April this year. As per the agreement, the gaming operator managed to acquire 100% of the issued and outstanding shares of the firm. This was worth around CA$1.8 million.
The report further found that the company’s proprietary editorial features offered via the NorthStar Bets website and app have increased by 55% in the second quarter compared to the previous one in 2023. However, those figures do not contain readership externally, such as original NorthStar Bets content placed at Torstar media properties.
Meanwhile, the NorthStar Bets online casinos game library recently reached the milestone 500 titles, an increase of more than 50% since the start of the calendar year. The operator is keen on always providing quality content from new gaming vendors, hence, demonstrating its commitment to offering compelling and entertaining experiences to its players.
Playtech Agreement
Earlier in 2023, NorthStar Gaming announced a massive deal with Playtech. As part of the agreement, the gaming operator has received a strategic investment from the leading iCasino provider of content, which has provided over CA$12.25 million for the Canadian brand through a convertible debenture, and completes NSG’s reverse take-over of Baden Resources.
Source: “NorthStar Gaming Reports Record Wagering and Gaming Revenue in Second Quarter of 2023” NorthStar Gaming, August 24, 2023
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