NorthStar Gaming, a leading online gambling and sportsbook operator, has most recently issued its latest fiscal numbers for the three- and nine-month periods ending on September 30, 2023. In Q3, the company reported some impressive numbers, including a total betting handle of CA$138 million which was a substantial 140% increase over CA$57.6 million in Q3 2022.
It provides iGaming service via NorthStarbet.ca, which is a made-in-Ontario casino and sports betting platform providing a unique and premium local experience. It features real-time news, stats, analysis and scores directly in the betting environment accompanied by popular iCasino games. The company also offers managed services to NorthStarBets.com owned by the Abenaki Council of Wolinak.
Q3 Broken Down in Numbers
In its report, the gaming brand disclosed that wagers on NorthStarBets.ca hit CA$138.0 million which was an increase of 140% over the same quarter of 2022 with CA$57.6 million. Meanwhile, revenue, net of bonuses, promotional costs and free bets, reached CA$4.7 million, including CA$0.2 million of services revenue contributed by Spreads.ca.
Additionally, gross gaming revenue on its Canadian iGaming platform eclipsed CA$5.5 million in Q3 this year, which was an amazing improvement of 120% in comparison to CA$2.5 million in the same quarter of 2022. Also, gross margin was at CA$1.6 million in Q3, a stunning 527% spike from CA$0.3 million in 2022, and accounted for 35% of the revenue in contrast to 13% last year.
In addition to that, in its latest financial report, the company’s innovative Insights content-proprietary editorial features offered seamlessly to users on its NorthStar Bets web page and app, continue to be a strong factor and engine of value. During Q3, players who read Insights content had 40% higher deposits on average than the rest of the players.
More Recent Highlights
In early October 2023, NorthStar Gaming announced it would debut its digital sports betting and gambling platform across Canada. Now, its online casino is available to Canadians via NorthStarBets.com. Prior to that, the company was only up and running in Ontario’s regulated market for private gambling companies. But now it is expanding.
Another important update from the firm saw the launch of an Artificial Intelligence tool on its online casino platform. The AI tool is set to provide customers with a daily selection of personalized sports wagers based on their previous betting choices. It was developed by AI and Machine Language personalization software provider Epoxy.ai.
The AI tool examines customer betting patterns and creates increasingly individualized “best fit” wagering options, providing a new level of intuition to sports betting. The beta version of the tool has been launched with NorthStar Bets and is now available for single bets parlays, and same-game parlays. These personalized bets are located under the “Trending for You” tab.
Source: “NorthStar Gaming Reports Triple-Digit Growth in Wagers and Revenue in Q3 2023” NorthStar Gaming, November 15, 2023
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