NorthStar Gaming, the operator of NorthStar Bets in Ontario, Canada, expects its “best year in the company’s history” for Q4, said chair and CEO Michael Moskowitz.
Preliminary results show that the brand’s total wagers for Q4 will reach around CA$303m, a 42 per cent jump on Q4 2023’s $213.3m.
Gross gaming revenue is expected to be approximately $10m, up 31.6 per cent from $7.6m in Q4 2023.
NorthStar’s gross margin is set to increase by 76 per cent to $4.4m, up from $2.5m.
For the full year, 2024 wagers are expected to be around $980m, up 51 per cent year-on-year from $648.8m, and revenue is expected to be around $34m, up 51 per cent from $22.5m in FY2023.
Gross margin for 2024 is also expected to be up by 76 per cent as in Q4.
"We capped off a great year with the best quarter in the company's history," said Moskowitz. "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.
“Record gross margins demonstrate the ability of our model to deliver operating leverage as the business scales."
Moskowitz added his belief that NorthStar has 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, a strategy which we expect will continue to deliver strong year-over-year growth each quarter while maintaining effective control of costs."
NorthStar said it will file audited Q4 and FY24 results by the end of April.
