Significant improvements in total wagers, revenue, and gross margin have been highlighted in NorthStar Gaming’s preliminary financial figures for the fourth quarter and full year 2024. The company credits a simplified client experience and innovative products with its success.
It is anticipated that NorthStar’s total wagers through Northstarbets.ca will reach over CA$303 million (US$211.9 million) in Q4 2024, representing a 42% increase from the previous year. The quarter’s gross gaming revenue is expected to reach CA$10 million, up from Q4 2023’s CA$7.6 million. It is anticipated that overall revenue will increase by 47.6% to approximately CA$9.6 million.
The company also reported significant improvement in profitability, with gross margin anticipated to rise by 76% year-over-year, reaching CA$4.4 million.
Full-Year 2024 Performance and Future Plans
For the entire year, Northstarbets.ca’s total wagers are estimated at CA$980 million, marking a 51% increase from 2023. Gross gaming revenue is set to reach CA$34 million, also reflecting a 51% rise. Additionally, NorthStar’s overall revenue is forecasted to jump 53.1% to CA$29.7 million.
The company’s gross margin is also expected to grow 76% for the full year, reaching CA$12.5 million.
NorthStar Chair and CEO Michael Moskowitz expressed confidence in the company’s direction, stating, “We capped off a great year with the best quarter in the Company’s history. Much of our focus in 2024 was on product innovation and simplifying the customer experience, and we are seeing the results through the growth of our business.”
Looking ahead, NorthStar plans to expand its premium iGaming platform across Canada while maintaining cost efficiency. Moskowitz added, “With our recent financing, we believe we have the funding in place to reach profitability based on the current business platform. We intend to pursue aggressive growth and introduce our premium iGaming platform to more Canadians.”
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