NorthStar Gaming Reports Year-End 2023 Results

Company reports revenue growth of 103% in fourth quarter and 240% for full year

Toronto, Ontario–(Newsfile Corp. – April 29, 2024) – NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (“NorthStar” or the “Company”) today released its financial results for the year ended December 31, 2023. All dollar figures are quoted in Canadian dollars.

“We delivered very strong growth in our first full year of operations, with revenue and customers increasing sequentially in every quarter,” said Michael Moskowitz, Chair and CEO of NorthStar. “Key accomplishments during the year included the public listing of our shares, numerous product innovations to enhance our online betting platform, a strengthening of strategic partnerships, implementation of a marketing plan that has yielded an excellent return on investment, and the Slapshot Media acquisition which has enabled us to expand our addressable market through a First-Nations managed services arrangement.”

“Our financial results and KPIs are beginning to demonstrate the strength of our business model,” Mr. Moskowitz added. “We have the people and systems in place to support considerable expansion. As we scale the business, we expect to realize operating leverage as revenue continues to grow faster than expenses.”

Mr. Moskowitz has published an inaugural Letter to Shareholders from the Chair and CEO, summarizing the Company’s recent progress and strategic priorities for 2024. The Letter is available on the Investor Relations section of the Company’s website.

Financial Highlights for Fourth Quarter 2023:

  • Revenue, including managed services fees, net of bonuses, promotional costs and free bets, was $6.5 million in the three months ended December 31, 2023, an increase of 103% over $3.2 million in the same period of 2022.
  • Total Wagers1 at were $213.3 million in Q4 2023, an increase of 90% compared to $112.3 million in Q4 2022.
  • Gross Gaming Revenue1 at was $7.6 million in Q4 2023, an increase of 85% over $4.1 million in Q4 2022.
  • Gross margin was $2.5 million in Q4 2023, an increase of 127% over $1.1 million in Q4 2022, and represented approximately 39% of revenue compared to 35% of revenue in Q4 2022.

Financial Highlights for Full Year 2023:2

  • Revenue, including managed services fees, net of bonuses, promotional costs and free bets, was $19.4 million in the year ended December 31, 2023, an increase of 240% over $5.7 million in 2022.
  • Total Wagers1 at were $648.8 million in 2023, an increase of 251% compared to $184.7 million in 2022.
  • Gross Gaming Revenue1 at was $22.5 million in 2023, an increase of 208% over $7.3 million in 2022.
  • Gross margin was $7.1 million in 2023, an increase of 492% over $1.2 million in 2022, and represented approximately 36% of revenue compared to 21% of revenue in 2022.

Recent Operating Highlights:

  • Delivered significant year-over-year improvement in key performance indicators (KPIs) in FY 2023, including a 31% decline in cost per acquisition of a customer (CPA) and an 18% increase in estimated 12-month player values.
  • Exceeded $1 billion of total wagers since the launch of NorthStar Bets in May 2022.
  • Introduced branded studios for select live dealer games, prominently showcasing the NorthStar Bets brand and reinforcing the Company’s positioning as a premium offering.
  • Continued to strengthen the Casino vertical, which earlier this year surpassed 600 games covering all major categories and curated from leading vendors worldwide.
  • Announced “Sports Insights 2.0,” with enhancements to the Company’s fully integrated content vertical to include a redesigned home page, smoother user experience, more dynamic “always on” content, and additional statistics.
  • Launched a VIP Rewards strategy to help secure the loyalty and satisfaction of our most active players.
  • NorthStar was the focus of an Emerging Ideas report from Cormark Securities in March 2024.
  • The Company’s common shares commenced trading on the U.S.-based OTCQB Venture Market in March 2024 under the symbol NSBBF.


“NorthStar is very well positioned to build on our momentum in 2024,” said Mr. Moskowitz. “We expect to grow the managed services business we acquired with the Slapshot Media transaction. Ongoing innovation in both our casino and sportsbook offerings, as well as enhancements to our unique content vertical, will help continue to deliver a compelling player experience. We will maintain our focus on operational excellence, prioritizing customer service and retention as a core aspect of our premium positioning.

“NorthStar is a rapidly growing company in a relatively new sector with a lot of runway ahead. We have a differentiated offering and, as a locally-based company, a distinct familiarity with the Canadian market. We are small and nimble enough to introduce innovation to our platform, while at the same time having access to world-leading technology and services through our committed partners. Our business model is gaining traction and has the potential to deliver strong returns.”

Issuance of Shares

The Company issued the following shares to Blue Sky Trading & Consulting Ltd. pursuant to a shares for services arrangement announced on April 21, 2023: 166,000 common shares at a price of $0.31 in respect of the June 2023 invoice, 166,000 common shares at a price of $0.16 in respect of the July 2023 invoice, 166,000 common shares at a price of $0.12 in respect of the August 2023 invoice, and 2,000 common shares at a price of $0.11 in respect of September 2023 invoice. All shares issued were legended and restricted from trading for a period of four (4) months and one (1) day from January 20, 2024.

Additional Information

For additional information, please refer to Company’s condensed consolidated financial statements for the year ended December 31, 2023, and the corresponding management’s discussion and analysis (“MD&A”). These documents are available on SEDAR+ at, and on the Company’s corporate website at

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. NorthStar’s subsidiary, Slapshot Media Inc., provides managed services to, an iGaming site owned and operated by the Abenaki Council of Wolinak.

A Canadian company, NorthStar is uniquely positioned to become a convergence leader in the intersection of sports media and sports wagering thanks to its partnerships and agreements with leading media companies. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The term “Gross Gaming Revenue” is a non-IFRS financial measure and the term “Total Wagers” is a non-IFRS supplementary financial measure. These measures are not recognized measures under International Financial Reporting Standards (“IFRS”) and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective and to discuss NorthStar’s financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Total Wagers
Total Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

Gross Gaming Revenue
Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

Reconciliation of Non-IFRS Measures to IFRS Measures
In Q4 2023, the Company reported $7.6 million of Gross Gaming Revenue and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:

months ended
months ended
Dec 31,
Dec 31,
$ million$ million
Gross gaming revenue from wagered games (sports- betting and casino transactions)$7.6$4.1
Bonuses, promotional costs and free bets-$1.3-$0.9
Gaming revenue from wagered games (sports- betting and casino transactions)$6.3$3.2
Sub-total Gaming revenue$6.3$3.2
Other revenue from managed services$0.2

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains “forward-looking information” within the meaning of applicable securities laws in Canada (“forward-looking statements”), including without limitation, statements with respect to the following: expected performance of the Company’s business, expansion into new markets and future growth opportunities and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the “Risk Factors” section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:
Corey Goodman
Chief Development Officer

Investor Relations:
RB Milestone Group LLC (RBMG)

1 Represents a Non-IFRS financial measure. See “Non-IFRS Financial Measures” below for more information.
2 The Company notes that full-year 2022 results include approximately 8 months of operation of the NorthStar Bets online betting platform, which launched in Ontario in May 2022.

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