NorthStar Gaming, the Canadian online casino and sportsbook operator based in Toronto, has announced its financial results for the second quarter of 2023, registering losses despite very high revenues.
The Canadian company reported that its revenue, handle and gross margin all increased in the second quarter as it registered more customers and higher wagering activity. However, the business still recorded losses of 4.8 million dollars during the quarter.
Michael Moskowitz, the Chief Executive Officer and Chairman of NorthStar Gaming, pointed out that having integrated editorial content in the company’s gaming platform contributed to the rise in revenue as customers are “looking for insights to improve their betting experience.”
The NorthStar Gaming CEO also underlined how recent merger & acquisition activity is supposed to support the future growth of the company. In fact, during the second quarter the Canadian company completed the acquisition of Slapshot Media, an iGaming marketing and managed services company, as it aimed to expand outside the boundaries of Ontario.
The Canadian company also has a strategic partnership with Playtech, the global gaming giant which supplies slot games and live casino content to online casinos from all around the world. Moreover, in June 2023 NorthStar Gaming received a strategic marketing contribution from Playtech.