In the competitive landscape of Ontario’s igaming market, the people behind NorthStar Bets hope the public listing of its parent company will be the fuel it needs to build a uniquely Canadian property that sets it apart.
NorthStar Gaming Holdings Inc., formerly Baden Resources Inc., announced the successful completion of its reverse takeover of Baden and de-listed the company’s common shares from the Canadian Stock Exchange; NorthStar’s common shares will begin trading tomorrow on the TSX Venture Exchange under the symbol “BET.”
That completes the business amalgamation with NorthStar Gaming Inc., jointly owned by the Torstar media group and Playtech, which owns and operates NorthStar Bets.
NorthStar Bets is a made-in Ontario sportsbook and online casino and, with a strategic investment from Playtech, is invested in building a unique product in a market that currently has 43 licensed igaming operators.
“The public listing of NorthStar represents a significant milestone that provides consumers with the opportunity to become shareholders,” said Michael Moskowitz, chief executive officer and a founding partner of NorthStar. “As an organization, we’re focused on executing our strategic vision to grow our igaming market share across the province of Ontario, while also looking to the future with the goal of reaching other markets.”
Last month, we wrote on the resolution of a very public dispute between the owners behind NorthStar Bets, Torstar, and VerticalScope Holdings Inc., followed by the announcement of a $12.25 million strategic investment deal with Playtech, the gambling tech company. The investment completed concurrent fundraising (in aggregate gross proceeds of $22.33 million) in connection with the reverse takeover of Baden.