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NorthStar Gaming Reports First Quarter 2024 Results

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NorthStar Gaming Holdings Inc. released its financial results for the three months ended March 31, 2024. All dollar figures are quoted in Canadian dollars.

“In the first quarter we continued our pattern of strong year-over-year growth, highlighted by record total wagers. Our premium customer experience and growing brand awareness are propelling higher player retention, strengthened loyalty and increased player values. These positive trends enable us to spend our marketing dollars more efficiently, contributing to improved operating leverage as the business scales,” Michael Moskowitz, Chair and CEO of NorthStar, said.

Financial highlights for the first quarter ended March 31, 2024:

  • Revenue, including managed services fees, net of bonuses, promotional costs and free bets, was $5.9 million in Q1 2024, an increase of 63% over $3.6 million in Q1 2023.
  • Total Wagers1 at Northstarbets.ca were $218.0 million in Q1 2024, an increase of 56% compared to $140.2 million in Q1 2023.
  • Gross Gaming Revenue at NorthStarbets.ca was $7.0 million in Q1 2024, an increase of 59% over $4.4 million in Q1 2023.
  • Gross Margin was $2.2 million in Q1 2024, an increase of 91% over $1.2 million in Q1 2023, and represented approximately 37% of revenue compared to 32% of revenue in Q1 2023.

Recent Operating Highlights:

  • Notable year-over-year improvements in key performance indicators (KPIs) included a 42% increase in active players, a 9% decline in cost per acquisition of a customer (CPA), and a 54% increase in estimated 12-month player values.
  • Renewed the strategic marketing agreement with Playtech Software Limited, which will contribute services valued at up to $4 million through to October 31, 2024, designed to accelerate player acquisition in Ontario.
  • Secured $3 million of short-term financing to fund the Company’s continued growth through an unsecured promissory note to Playtech plc dated April 25, 2024 repayable in one year, or earlier upon completion by the Company of additional financing transactions.
  • Recently celebrated the second anniversary of the NorthStar Bets platform, which launched in Ontario on May 9, 2022. Northstarbets.ca has generated more than $1 billion in total wagers1 in its first two years of operations.
  • Ongoing roll-out of enhancements to the Company’s “Sports Insights 2.0” content vertical, an initiative announced in February 2024, with recent additions including player injury reports from industry leader RotoWire and a revised content strategy placing a greater emphasis on casino.
  • Launched the VIP Elite program to help secure the loyalty and satisfaction of our most active players.
  • Introduced branded studios for select live dealer games, prominently showcasing the NorthStar Bets brand and reinforcing the Company’s positioning as a premium offering.
  • Continued to strengthen the Casino vertical, which has surpassed 650 games covering all major categories and curated from leading vendors worldwide.

“March was the strongest month of Q1, and we have maintained that momentum into the second quarter. Our team is making regular improvements to our service offering, such as the recent launch of a VIP Elite strategy aimed at the most active players who drive a meaningful share of our results. We have some exciting demand creation activities planned for the coming months along with further innovations to our platform and content. We remain focused on unlocking value for our stakeholders and are excited about the opportunities ahead of us in 2024,” Mr. Moskowitz said.

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Canada

Canadian Gaming Summit 2024: Innovation and Networking Converge in Toronto

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The Canadian Gaming Summit (CGS) is set to take place from June 18-20, 2024, at the Metro Toronto Convention Centre. Organized by SBC Events in collaboration with the Canadian Gaming Association (CGA), this premier event promises to be an unparalleled gathering for gaming and sports betting professionals from Canada and beyond.

A Gathering of Industry Leaders

The 27th edition of the Canadian Gaming Summit is anticipated to draw over 3,000 delegates, including more than 1,000 operators, 200 affiliates, and 150 speakers. This year’s event is a must-attend for companies eager to engage with one of the world’s most dynamic gambling markets. The Summit will feature a rich conference agenda and a diverse array of exhibitors, reflecting the evolving landscape of the industry.

Highlighting Key Features

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Player Protection Symposium
 A high-level session dedicated to preventing gambling harm, providing crucial insights and strategies for responsible gaming practices.

Electronic Gaming Academy Masterclass
 An in-depth analysis of how Return to Player impacts different player categories, offering valuable knowledge for enhancing player experiences.

Global Gaming Women’s Breakfast
 A networking event aimed at connecting women in the industry, promoting diversity and inclusion over coffee and croissants.

First Nations Gaming Breakfast Meetup
 A unique opportunity for First Nations gaming delegates to network and share insights over a complimentary breakfast.

Networking and Learning Opportunities

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CGS 2024 will offer an all-inclusive networking experience from the moment attendees step inside. Each day begins with dedicated networking areas on the show floor, featuring hot refreshments, breakfast, and lunch. Evening networking parties at some of Toronto’s most upscale venues will provide the perfect setting to build on relationships formed during the conference.

Evening Networking Events

Opening Party (June 18)
 Held at RS Sports Bar, this pre-registration event includes complimentary drinks, canapés, and a live DJ, setting the stage for the conference days ahead.

Official Networking Party (June 19)
 Taking place at Lavelle, one of Toronto’s premier locations, this party offers complimentary food and drinks, ensuring a relaxed environment for networking with industry professionals.

A Comprehensive Agenda

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The Canadian Gaming Summit will cover a broad spectrum of topics across the gaming and sports betting sectors, including:

  • The latest compliance updates and insights into global regulatory trends.
  • The integration of fintech and blockchain technologies in the gaming industry.
  • The strategic use of gamification to enhance player retention and loyalty.
  • The impact of the Digital Services Act and AI EU Act on businesses.
  • The emergence of Decentralized Autonomous Organizations (DAOs) in gaming.

The Canadian Gaming Summit 2024 promises to be an event filled with learning, networking, and growth opportunities. Don’t miss your chance to be part of Canada’s premier gaming and betting event. Secure your spot and be ready to explore the future of gaming in one of the most exciting markets in the world.

For more information and to register, visit the Canadian Gaming Summit website.

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Canada

Titanplay Goes Live in Ontario, Powered by Delasport

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Rising iGaming star Titanplay is now officially live in Ontario, powered by Delasport’s turnkey solution. The sports betting and casino operator received its Ontario license just days ago and is quickly launching with the help of Delasport’s one-stop-shop product.

This is just the latest of a series of successful deals in the Ontario market for Delasport, who obtained a license for the hot jurisdiction earlier this year.

The award-winning supplier’s solution is designed to accommodate all online sportsbook and casino needs.

Titanplay is taking full advantage of what Delasport has to offer, thus providing the best player betting experience possible. Their players will soon enjoy the richest casino and sportsbook products in the industry. This includes Player Engagement missions and tournaments, unmatched personalization capabilities with My Sportsbook, My Casino, My Combo, and My Event Builder, casino Booster Panel, Hot & Cold game categories, and much more.

“Our stride in Ontario is going full force and we’re proud to be able to announce such exciting deals like the partnership with Titanplay”, Delasport’s CEO Oren Cohen Shwartz comments. “Operators in the market chose Delasport’s solutions because it allows them to differentiate and take a market share right away. We’re confident in both our software offering and our Managed Services, so we can guarantee that Titanplay’s players will appreciate and enjoy the second-to-none betting experience.

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Canada

Thunderkick launches in Ontario with industry heavyweights PokerStars and LeoVegas

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Latest move continues North American expansion for popular provider

Independent slots studio Thunderkick has gone live in Ontario for the first time with international operators PokerStars and LeoVegas.

The jurisdiction is a key focus for the provider alongside markets such as Italy, Portugal, and its homeland of Sweden.

Ontario also marks the latest step in Thunderkick’s long-term North American strategy, which will see the studio roll out game releases and commercial deals throughout the rest of 2024.

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The licence allows the provider to partner with a range of operators in the region, which has proven to be buoyant since it came online in 2022.

As part of the move, a number of acclaimed titles will become available to PokerStars and LeoVegas players in Ontario. These include an initial offering of 12 Bolts of Thunder, Xterminate, Midas Golden Touch 2, Beat the Beast: Dragon’s Wrath, and Midas Golden Touch Reborn, which will be accessible within a month of the launch.

Thunderkick has positioned itself for major growth following this important milestone, especially in North America, where it has recently entered the US social casino industry.

Svante Sahlström, Chief Commercial Officer at Thunderkick, said: “Ontario is one of the most significant strategic moves for us this year, and I think we’ll look back on it as an important marker in the company’s development.

“Partnering with two prominent brands in PokerStars and LeoVegas highlights our drive to deliver on our long-term strategic goals in the continent as we continue to work towards providing the ultimate player experience.”

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“The market entry is the latest step in Thunderkick’s progressive worldwide expansion goals, proving that independent slots studios can operate on a global scale and develop a player base across continents by prioritising high-quality games.”

“There is a huge amount of unlocked potential in North America, and as more Canadian provinces and US states become regulated, there is a fantastic opportunity for Thunderkick to expand further.”

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