Canadian sports betting and online casino company NorthStar Gaming has just released its financial report for the third quarter of the 2023 fiscal year (Q3 2023). Among other things, this report shows that NorthStar Gaming has increased its total gaming revenue by 131% compared to Q3 2022. Gross gaming revenue at NorthStar Bets specifically is up 120% compared to 2022.
This increased revenue growth comes amid a cooling of the overall Canadian igaming market, especially in Ontario. NorthStar Gaming’s recent growth also comes after a year of heavy investment by NorthStar Gaming into the Canadian igaming market.
Article Highlights:
- NorthStar Gaming’s total revenue in Q3 2022 was $2 million. In Q3 2023, NorthStar Gaming reported $4.7 million.
- NorthStar Bets handled 140% more wagers and earned 120% more revenue compared to Q2 2022.
- NorthStar Gaming Chair and CEO, Michael Moskowitz, credits his company’s strong Q3 revenue numbers on NorthStar Gaming’s “premium, differentiated product offering.”
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Gaming revenue, sports betting revenue, and wagers all up for NorthStar
NorthStar Gaming’s total revenue in Q3 2022 was $2 million. In Q3 2023, NorthStar Gaming reported $4.7 million. This is a 131% increase year-on-year. Revenue numbers like this often dominate the headlines, but they rarely tell the full picture. In addition to increasing revenues, NorthStar Gaming also increased its total wagers and gross gaming revenues at NorthStar Bets.
In Q3 2022, NorthStar Bets handled just $56.7 million. According to the company’s Q3 2023 report, it handled $138 million, an increase of 140% year-on-year. Gross gaming revenue at NorthStar Bets saw similar growth compared to last year. In Q3 2022, gross gaming revenue was $2.5 million. In 2023, that number was $5.5 million, a 120% increase.
NorthStar Bets behind revenue growth
The Q3 2023 financial report shows that most of NorthStar Gaming’s year-on-year financial growth came from its NorthStar Bets brand, which has become one of the biggest sports betting sites in Canada since early 2022 when Ontario opened up its sports betting market.
As we have already highlighted, NorthStar Bets handled 140% more wagers and earned 120% more revenue compared to Q2 2022. Investments into the NorthStar Bets brand explain these massive increases.
NorthStar Bets is well known for its Canadian sports betting insights and sports betting editorials. According to NorthStar Gaming, these features have driven people to place more wagers, which makes sense considering they are more engaged with NorthStar’s product. “In Q3, players who read Insights content have 40% higher deposits on average than other players,” explained NorthStar Gaming.
NorthStar Bets also made waves in the Canadian sports betting industry for their adoption of AI technology. The company became the first sports betting site in Canada to incorporate artificial intelligence into its sportsbook. The site uses AI to suggest bets to you based on your past bets, the overall sports betting market, and bets that the AI thinks are good value bets.
“Solid growth” predicted for next year
NorthStar Gaming Chair and CEO, Michael Moskowitz, credits his company’s strong Q3 revenue numbers on NorthStar Gaming’s “premium, differentiated product offering” along with his company’s ability to effectively manage costs. He believes these things, and the current Canadian sports betting climate, will lead to even better numbers for NorthStar Gaming in near future.
“As we enter the busiest time of the year with most of the major North American sports leagues now underway, we are very well positioned to drive further improvements in our results,” said Moskowitz, “Our strengthened balance sheet, strategic partnerships, ongoing innovation in our product offering, and development of our brand across Canada all point towards solid growth for the rest of 2023 and into next year.”
One of the strategic partnerships mentioned by Moskowitz that could drive even greater growth is NorthStar Gaming’s recent acquisition of Spreads.ca, an igaming site owned and operated by the Abenaki Council of Wolinak. Spreads.ca was recently rebranded into Northstarbets.com, which the company believes will be instrumental to expanding NorthStar Gaming outside of Ontario.
Julian Miller is a Canadian writer and an avid sports fan. He has years of experience in the iGaming industry, having started writing while completing his university studies in Montreal, Quebec. In 2022, he graduated, and has since been working full-time in the iGaming space. He has a particular fondness for the English Premier League — though he also has plenty of experience covering football, basketball, and other sports.