NorthStar Gaming Holdings today released its financial results for the year ended December 31, 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 wagers at Northstarbets.ca were $213.3 million in Q4 2023, an increase of 90% compared to $112.3 million in Q4 2022. Gross Gaming Revenue1 at NorthStarbets.ca 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.

“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.”