Ontario-based sports betting and igaming operator NorthStar Gaming saw a significant increase in gross gaming revenue during the third quarter, rising by 135.0% to CA$4.7m (£2.7m/€3.1m/US$3.4m). This growth was attributed to an expanding customer base and the introduction of new offerings.

One of the key factors driving growth was the success of NorthStar’s proprietary editorial feature, ‘Insights’, which provided players with advice and guidance on betting. Players who engaged with this content had 40% higher deposits on average than other players. In addition, NorthStar’s acquisition of Slapshot Media earlier in the year proved to be beneficial, generating $200,000 in managed services revenue in Q3.

The expansion of NorthStar in Canada through the launch of NorthStarBets.com also played a significant role in driving revenue growth. The company was previously only available in Ontario but is now accessible across all provinces and territories in Canada.

Looking to the future, CEO Michael Moskowitz expressed satisfaction with the growth achieved in a “seasonally slow” quarter and highlighted the potential for further growth in the fourth quarter and beyond. He emphasized the company’s strong position as most major North American sports leagues are now underway, which is expected to drive improvements in results.

The increase in gaming activities and a rise in total wagers at NorthStarBets.com contributed to a revenue rise in Q3. While service provider fees and operator participant fees increased, marketing costs were reduced, helping to manage overall expenses.

In terms of year-to-date performance, NorthStar saw a 420.0% increase in gross gaming revenue and a significant hike in total wages, reaching $434.6m. Despite higher expenses, Moskowitz remains optimistic about the company’s growth prospects.

The departure of Jennifer Barber as chief financial officer was also announced, with Chin Dhushenthen taking on the role of interim CFO. Despite this change, NorthStar remains focused on its expansion and strategic development.

Overall, NorthStar posted strong Q3 results, with significant growth in revenue and the successful expansion of its offerings. The company is well-positioned to continue its growth trajectory into the future.

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