Northstar Gaming Revenues, Losses Rise in Second Quarter

Ontario internet betting operator Northstar Gaming has announced their second quarter 2023 fiscal results, noting that the company brought in a record in terms of revenue, but also that losses continued to accrue during the period.

The company posted losses during the period of $4.8 million CAD, slightly up from last year. During the same period, Northstar announced that the business grew in terms of revenues, gross margin, and handle during the quarter ending June 30th, 2023.

Handle during the period was $160.1 million CAD, while marketing costs dropped to $2.6 million CAD. Administrative costs were up to $3.8 million CAD, with overall costs jumping 17% to $6.4 million CAD.

For the six months running January 1st to June 30th, the company posted $8.3 million CAD, with costs of $16.2 million CAD. This resulted in a loss of $13.5 million CAD during that period. No taxes have been paid, given the posted loss from the company.

Regarding the results, Northstar Gaming CEO Michael Moskowitz said, "As the business scales, we are delivering improved financial performance through operating leverage with revenue growth expected to continue to outpace expenses.

"We expect the marketing and product initiatives we have under way to continue to drive growth throughout the remainder of this year and into 2024.

"The Slapshot Media acquisition we completed in the second quarter was a very important milestone in our goal of expanding the NorthStar Bets brand outside of Ontario starting in the fall and further leveraging our existing infrastructure and content."