NorthStar Gaming Inc. announced its Q1 2025 financial results, highlighting 32% year-over-year revenue growth and a 58% increase in gross margin compared to Q1 2024.
Revenue Growth & Market Expansion
NorthStar, owner and operator of NorthStar Bets, renewed its Internet Gaming Operator license with the Alcohol and Gaming Commission of Ontario in February. The license will remain valid until April 2026.
“We are pleased to begin 2025 with another quarter of strong growth, with revenue increasing by 32% and gross margin up 58% over Q1 2024,” said Michael Moskowitz, Chair and CEO of NorthStar.
Financial Highlights
- Total Revenue: CAD $7.8 million in Q1 2025
- Gross Margin: CAD $3.0 million
- Marketing Expense: CAD $4.1 million (11% increase YoY), representing 52% of total revenue
Gaming & Product Expansion
NorthStar increased its casino game portfolio by 15%, now offering more than 1,800 titles.
The company launched the Spring Tournament Series, featuring live blackjack, slots, and sports betting competitions.
Additionally, NorthStar Bets Blackjack VZN, a multiplayer blackjack game simulating a live casino experience, went live in March.
Customer Retention & Future Outlook
Q1 2025 saw NorthStar’s highest customer retention rate in company history.
Looking ahead, the company anticipates continued revenue growth and margin expansion, supported by a strengthened balance sheet and ongoing operating leverage.
“The managed services business is expected to drive additional growth, while the Alberta government moves closer to licensing online gaming—potentially becoming the second Canadian province to regulate iGaming before year-end,” Moskowitz added.
