Business
NorthStar Gaming Reports Preliminary Results for Fourth Quarter and Full Year 2023
Company delivers 103% Revenue Growth in Q4 2023 Toronto, Ontario--(Newsfile Corp. - January 22, ...
About this update from Northstar Gaming Holdings Inc
[{"type":"text","content":"NorthStar Gaming Reports Preliminary Results for Fourth Quarter and Full Year 2023Company delivers 103% Revenue Growth in Q4 2023Toronto, Ontario--(Newsfile Corp. - January 22, 2024) - NorthStar Gaming Holdings Inc. (TSXV: BET) today provided a business update and announced selected preliminary financial results for the three- and 12-month periods ended December 31, 2023(1). All figures are quoted in Canadian dollars.\"We ended the year with our strongest quarter to-date, highlighted by record wagers and revenue as well as accelerating growth in player acquisition and deposits,\" said Michael Moskowitz, Chair and CEO of NorthStar. \"In the fourth quarter we also solidified our balance sheet and significantly expanded our addressable market.\" Preliminary results for the three months ended December 31, 2023:Revenue, including managed services fees, net of bonuses, promotional costs and free bets, is expected to be approximately $6.5 million in Q4 2023, an increase of 103% over $3.2 million in Q4 2022.Total Wagers(2) at Northstarbets.ca are expected to be approximately $213.3 million in Q4 2023, an increase of 90% compared to $112.3 million in Q4 2022.Gross Gaming Revenue(2) at NorthStarbets.ca is expected to be approximately $7.6 million in Q4 2023, an increase of 85% over $4.1 million in Q4 2022.Gross margin is expected to be approximately $2.5 million in Q4 2023, an increase of 127% over $1.1 million in Q4 2022, and represents approximately 39% of revenue compared to 35% of revenue in Q4 2022.Preliminary results for the year ended December 31, 2023:Revenue, including managed services fees, net of bonuses, promotional costs and free bets, is expected to be approximately $19.5 million in 2023, an increase of 242% over $5.7 million in 2022.Total Wagers(2) at Northstarbets.ca are expected to be approximately $648.8 million in 2023, an increase of 251% compared to $184.7 million in 2022.Gross Gaming Revenue(2) at NorthStarbets.ca is expected to be approximately $22.5 million in 2023, an increase of 208% over $7.3 million in 2022.Gross margin is expected to be approximately $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 HighlightsDuring the fourth quarter, Spreads.ca, an iGaming site owned and operated by the Abenaki...