NorthStar Gaming Reports Strong Growth in Q4 2024
The Most Important Points at a Glance
NorthStar Gaming experienced strong growth in the fourth quarter of 2024 and throughout the year. The company reported significant increases in total wagers, revenue, and gross margin. Particularly, improvements in user experience and innovative products contributed to this success.
Strong Growth in Q4 2024
Preliminary financial figures indicate that total wagers on Northstarbets.ca in Q4 2024 are expected to exceed CAD 303 million (USD 211.9 million). This represents a 42% increase compared to the previous year.
Gross gaming revenue is also rising significantly, with an expected CAD 10 million, reflecting a 31.6% growth compared to CAD 7.6 million in Q4 2023. Total revenue is projected to increase by 47.6% to CAD 9.6 million.
The gross margin is expected to grow by 76% to CAD 4.4 million, indicating increased profitability for the company.
Annual Results 2024 and Future Plans
For the full year 2024, NorthStar Gaming anticipates total wagers of CAD 980 million, marking a 51% increase compared to 2023. Gross gaming revenue is also expected to rise by 51% to CAD 34 million.
The company’s total revenue is estimated at CAD 29.7 million, reflecting a 53.1% growth. Additionally, the gross margin is projected to increase by 76% to CAD 12.5 million.
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Strategy for Further Growth
Michael Moskowitz, Chair and CEO of NorthStar Gaming, emphasized that in 2024, the company focused strongly on product innovations and a streamlined user experience. This is now reflected in the positive business figures.
Looking ahead, NorthStar Gaming plans to expand its iGaming platform across Canada while maintaining cost efficiency. Thanks to the recent financing round, the company sees itself well-positioned to achieve profitability with its current business strategy.
Our Assessment
NorthStar Gaming demonstrates impressive growth and a clear strategy for the future. The focus on an improved user experience and innovative products appears to be paying off. Expansion within Canada could offer additional potential. The key factor will be how efficiently the company implements its growth strategy and whether it remains profitable in the long term.
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