NorthStar Gaming has been experiencing a windfall in revenue collection in the first quarter of 2024, having raked in $7 million. NorthStar Bets’ casino and sportsbook setup brought in $218 million worth of betting.
The net revenue reached $5.9 million, a two-thirds increase from the $3.6 million reported in the first quarter of the previous year. The total margin increased to $2.2 million, surpassing the $1.2 million achieved in the previous year.
According to NorthStar Gaming CEO Michael Moskowitz, the first quarter results are extremely encouraging for their business. In his candid opinion, their efforts to establish a well-oiled machine in every aspect of gaming have created an absolute win-win situation for all involved, transforming it into a profitable enterprise.
The announcement of these results comes soon after NorthStar reported record quarterly sales of $6.5 million for Q42023, more than twice the amount reported in the fourth quarter of 2022. Compared to the previous year, NorthStar Bet’s collective earnings in 2023 were three times as high.
Interestingly, Slapshot Media Inc., the affiliate of the business, managed to generate over $1 billion in betting revenue in the first two years of its operations. The owner of Slapshot Media is Abenaki Council of Wolinak.
NorthStar Gaming has attributed its record earnings in the 1st quarter of 2024 to an increased user base, which comes at lower operational costs. The user base increased by 42%, while the cost associated with each player’s onboarding decreased by 9%.
Playtech has significantly contributed to the company’s success story through its promotional initiatives aimed at increasing player onboarding. Playtech has committed to $3 million in funding.
Kambi, Sportradar, and IGT all enhance NorthStar’s sportsbook.
The company has appointed Chin Dhushenthen as CFO to prepare for increased productivity. Earlier, he was the vice president of finance and compliance.
