NorthStar Gaming has released its financial results for the fourth quarter and the full year of 2023.
Q4 2023
In the fourth quarter of 2023, NorthStar achieved CA$6.5m (US$4.73m) in revenue, an increase of 103% year-on-year.
Northstarbets.ca total wagers were set at CA$213.3m during the quarter, up from CA$112.3m in the same period of 2022. Gross gaming revenue of Northstarbets.ca rose 85% to CA$7.6m.
Gross margin for Q4 2023 was $2.5m, a rise of 127% from Q4 2022. This figure also represented around 39% of revenue during the quarter.
FY 2023
Looking at the full year of 2023, NorthStar’s revenue grew 240% to CA$19.4m, while the gross margin was CA$7.1m, an increase of 492% from 2022. This gross margin was also around 36% of the revenue.
For Northstarbets.ca, total wagers went up 251% to CA$648.8m in 2023 and its gross gaming revenue grew 208% compared to 2022, to a figure of CA$22.5m.
*2022 was not a full year, starting in May
2023 also saw NorthStar improve in some of its key performance indicators (KPIs) including a 31% decline in cost per acquisition of a customer (CPA) and an 18% increase in estimated 12-month player values.
NorthStar Bets of course launched in May 2022 and total wagers have recently exceeded CA$1bn.
Comments
NorthStar Chair and CEO Michael Moskowitz gave some thoughts on the results: "We delivered very strong growth in our first full year of operations, with revenue and customers increasing sequentially in every quarter.
"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. 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."
In other results-based news today, Studio City has released its Q1 2024 figures, showing a 192% increase in its total operating revenue.
