NorthStar Gaming disclosed its financial results for the entire year of 2023, including the fourth quarter, which unequivocally indicated a surge in revenue generation.
As stated by Michael Moskowitz, chairman and chief executive officer of NorthStar, the year came to a resounding start. In addition to increasing their user base and deposits, they acquired revenue that exceeded all expectations. The fourth quarter proved to be exceptionally profitable.
As per a statement released, the revenue collection should be nearly $6.5 million in the fourth quarter of 2023. This speaks of a raise of 103% when compared with the $3.2 million earned in the fourth quarter of 2022.
It is anticipated that total bets at NorthStarbets.ca will reach about $213.3 million in Q4, a ninety percent increase over Q4 2022 ($112.3 million). The gross gaming revenue should be nearly $7.6 million in the fourth quarter of 2023, which means a raise of more than $4.1 million in the fourth quarter of 2022.
The company intends to file its final financial results for 2023 sometime towards the end of April 2024.
As per the initial 2023 results, the revenue collection seems to be almost $19.5 million, a rise of 242% over the $5.7 million earned in 2022. The full betting amount should be in the range of $648.8 million in 2023. This speaks of an increase of 251% against the 2022 collection of $184.7 million. In the case of GGR, there are expectations that it may be $22.5 million in 2023, a rise to the tune of 208% more than the 2022 figure of $7.3 million.
NorthStar’s phenomenal rise is attributed to its understanding with the Abenaki Council of Wolinak about changing the moniker from Spreads.ca to NorthStarbets.com. Through this, the company came in for service fees from Abenaki for effectively running its iGaming site.
According to Moskowitz, it is obvious that they are on an increasing trend. According to their ambition, they will release exciting developments relating to their products, which will put them well ahead of the competitors in Canada.
