NorthStar Gaming Holdings Inc. announced its financial highlights for Q3 2024, with double-digit year-over-year increases in wagers and revenue.

Total wagers for Q3 at Northstarbets.ca were $234 million, a 69% year-over-year increase (from $138 million in Q3 2023). Revenue was $6.8 million, a 45% year-over-year increase (from $4.7 million in Q3 2023). Revenue includes managed service fees, and gross gaming revenue net of bonuses, promotional costs, and free bets.

Gross margin was $2.7 million, a 63% year-over-year increase ($1.6 million).

“Our consistent revenue growth and improved economies of scale have enabled gross margin to fully cover overhead costs, a significant milestone in our journey toward profitability,” said Michael Moskowitz, chair and CEO of NorthStar. “Additionally, marketing expenditures as a percentage of revenue have declined substantially, dropping from two-thirds last year to roughly half year-to-date, further demonstrating our continually improving operational efficiency and strategic focus.”

According to the news release, management is working to secure additional financing to support its growth strategy. Moskowitz earlier this fall confirmed the company intends to expand into Alberta once that market opens, which should be in 2025.

In October, the Alcohol and Gaming Commission of Ontario announced that it had fined NorthStar Gaming (Ontario) $30,000 “for failing to ensure that their site, NorthStarBets.ca, is accessible only to players in Ontario and other violations.” Also last month, the company announced the launch of a high-stakes blackjack championship tournament, with total prize money of $100,000.

In Q3, the company launched “Sports Insights 2.0” across its platforms, with more comprehensive teams and player statistics, injury and player-news feeds, and improved casino content. NorthStar has also doubled their casino game selection since the start of 2024 and streamlined navigation on both the casino and sportsbook platforms.