Business
NorthStar Gaming Reports First Quarter 2023 Results and Record Wagering
Growth in wagers, gross gaming revenue and completion of strategic acquisition positions NorthSta...
About this update from Northstar Gaming Holdings Inc
[{"type":"text","content":"NorthStar Gaming Reports First Quarter 2023 Results and Record WageringGrowth in wagers, gross gaming revenue and completion of strategic acquisition positions NorthStar for further market expansionToronto, Ontario--(Newsfile Corp. - May 24, 2023) - NorthStar Gaming Holdings Inc. (TSXV: BET) (\"NorthStar\", \"NGHI\" or the \"Company\") today released the financial results for the three-month period ended March 31, 2023. All dollar figures are quoted in Canadian dollars.Highlights for the first quarter ended March 31, 2023:Total wagers (1) were $139.5 million in Q1 2023, an increase of 24% from Q4 2022.Gross gaming revenue (2) was $4.4 million in Q1 2023, an increase of 8% over Q4 2022.Gross margin was $1.2 million in Q1 2023, an increase of 20% from Q4 2022.Subsequent event to Q1 2023:On May 8, 2023, the Company completed its acquisition of Slapshot Media Inc., a Canadian iGaming marketing and managed services company that specializes in providing managed services to Spreads.ca. The goal of this strategic acquisition was to open up the Canadian market to the NorthStar brand and to materially expand the addressable market available to NorthStar via its relationship with Spreads.ca. \"Q1 was another consecutive quarter of growth and gross margin expansion for our business as our unique positioning at the centre of both iGaming and media has continued to pay dividends,\" said Michael Moskowitz, Chief Executive Officer and a founding partner of NorthStar. \"We are strategically focussed on continuing to grow our player base in Ontario and beyond as we leverage our recent acquisition of Slapshot Media Inc. to introduce players outside of Ontario to NorthStar's brand.\" Additional Information For additional information, please refer to Company's condensed consolidated interim financial statements for the three-month period ended March 31, 2023, and the corresponding interim management's discussion and analysis (\"MD&A\"). These documents are available on SEDAR at www.sedar.com, and on the Company's corporate website at www.northstargaming.ca. 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 b...