NorthStar Gaming Holdings Inc. Monday announced its preliminary Q4 and full-year 2023 financial results, showing big upticks in revenue.
“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.”
According to a statement this morning, revenue is expected to be approximately $6.5 million in Q4 2023 (period ending Dec. 31, 2023) and increase of 103 percent over the $3.2 million in Q4 2022.
Total wagers at NorthStarbets.ca are expected to be approximately $213.3 million in Q4, an increase of 90 percent compared to Q4 2022 ($112.3 million). And Gross Gaming Revenue at NorthStarbets.ca is expected to be approximately $7.6 million in Q4 2023, an increase of over $4.1 million from Q4 2022, or 85 percent.
The company expects to file its complete, audited, financial results for the fiscal year ended Dec. 31, 2023, by the end of April 2024.
And preliminary results for 2023: Revenue is expected to be approximately $19.5 million, an increase of 242 percent over the $5.7 million in 2022; total wagers are expected to be approximately $648.8 million in 2023, an increase of 251 percent compared to 2022 ($184.7 million); and GGR is expected to be approximately $22.5 million in 2023, an increase of 208 percent over the $7.3 million in 2022.
One of the highlights on the business front from NorthStar in 2023 was its deal with Abenaki Council of Wolinak to rebrand Spreads.ca to Northstarbets.com, where the company earns service fees from the Abenaki for its exclusive management of the igaming site.
“We are very optimistic about our growth trajectory and ability to create shareholder value in 2024,” said Moskowitz. “We plan to roll out exciting innovations to our product suite that will further differentiate NorthStar Bets as a premium offering uniquely suited for the Canadian market. Continued momentum across our key metrics, together with an ongoing focus on cost management and optimizing our marketing, should deliver increasing operating leverage as the year progresses.”
