Business
NorthStar Gaming Reports Year-End 2024 Results
Annual Revenue Growth of 57%, Gross Margin up 91% Toronto, Ontario--(Newsfile Corp. - May 14, 20...
About this update from Northstar Gaming Holdings Inc
[{"type":"text","content":"NorthStar Gaming Reports Year-End 2024 ResultsAnnual Revenue Growth of 57%, Gross Margin up 91%Toronto, Ontario--(Newsfile Corp. - May 14, 2025) - NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (\"NorthStar\" or the \"Company\") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.\"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model,\" said Michael Moskowitz, Chair and CEO of NorthStar. \"Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers.\"Restatement of ResultsThe comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis (\"FY2024 MD&A\") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.Financial Highlights for the Fourth Quarter Ended December 31, 2024 (\"Q4 2024\"):Total Wagers1 at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3...