NorthStar Points to Product Diversification for Q3 Revenue Growth

NorthStar Points to Product Diversification for Q3 Revenue Growth

Following its Q3 2025 financial results, which revealed a 4% year-over-year rise in revenue, NorthStar Gaming Holdings Inc. said it is aggressively accelerating client acquisition in Ontario going forward, in part by broadening its content offerings.

The Q3 results covered the time frame that concluded on September 30. NorthStar is the owner and operator of NorthStar Bets, a casino and sportsbook platform located in Toronto. 

The company's financial statement's general points: In Q3, revenue was CAD $6.9 million, up 4% from $6.6 million in Q3 of 2024. The gross margin increased by 14% to $2.4 million from $2.1 million in the third quarter of 2024. After reporting a $0.5 million loss in Q3 2024, the company's profit before marketing and other expenses was $0.2 million, an improvement of $0.7 million.

Quickening the Acquisition of Clients

As in the Q2 2025 report, the business emphasized marketing spend as an area of efficiency. In Q3, it was $2.3 million, a 21% year-over-year decline that represented 31.6% of revenue as opposed to 39.4% in Q3 2024. Overall, that is still declining.

“We maintained our track record of year-over-year growth in both revenue and gross margin in the third quarter,” said Michael Moskowitz, Chair and CEO of NorthStar. “We continue to strengthen the fundamentals of the business with KPIs remaining solid and ongoing innovation helping to attract and retain customers. Our team has been implementing operational improvements that are improving the player experience while at the same time reducing operating expenses.”

The company wants to use original content

In Q3 2025, general and administrative exposures were $2.2 million, down 16% from $2.6 million in Q3 2024. G&A costs decreased from 39.4% of revenues in Q3 2024 to 31.6% in Q3 2025.

The debut of The Boost, a platform that offers exclusive casino and sports betting content created for Canadian gaming fans, was one of the company's highlights for the quarter. The Boost makes use of material that is currently created for the business's NorthStar Bets platform. The company anticipates that this kind of specialized off-platform website would increase the accessibility of its unique content via social media and search.

“We are excited to provide more Canadians with greater access to the valuable content our team produces each day,” said Moskowitz. “From a business standpoint, the site will help us acquire new customers and build our brand awareness in Alberta as we anticipate entering a regulated market in the province sometime in 2026.”

Increased Revenues by 4%

Anything that will offer them a competitive advantage. Such product variety will speed up consumer acquisition in the province's very competitive igaming business. There are now 82 active websites operated by 48 licensed operators in Ontario. For the first time, the Ontario market's total wagers exceeded CAD $9 billion in October, specifically $9.249 billion, up 8% from September, according to figures from iGaming Ontario. The total non-adjusted gross gaming revenue was CAD $367.7 million, a record for the market and a 12% increase over September.

“The third quarter of 2025 represented overall growth in NorthStar’s revenue at a time where the Company’s business is maturing and the Ontario iGaming market continues to evolve,” said Mr. Moskowitz. “Looking ahead to 2026, the Company has adjusted its strategy to focus on a disciplined approach to optimize player acquisition and retention where these investments align with our financial resources and market conditions.

“As a result, management expects more moderate top-line growth driven by continued enhancements to the player experience and by prudent allocation of marketing and operating expenses.”