Posted on: November 28, 2025, 11:18h.

Last updated on: November 28, 2025, 11:18h.

• Q3 revenue reaching $6.9 million marks a notable 4% year-on-year growth
• Company introduces a new content platform targeting a broader audience with Alberta launch anticipated
• Phase 1 of a revamped casino lobby was launched in Q3, focusing on top-performing games

NorthStar Gaming Holdings Inc. is set to ramp up its customer acquisition strategies in Ontario, particularly by broadening its content offerings, after reporting a 4% year-on-year revenue increase for Q3 2025.

The Q3 results reflect the period concluding on September 30. NorthStar operates NorthStar Bets, a platform focused on casino and sports betting based in Toronto.

Key highlights from the company’s financial statement show revenue of CAD $6.9 million for Q3, reflecting a 4% rise from CAD $6.6 million in the same quarter of 2024. Gross margin reached CAD $2.4 million, a 14% increase over CAD $2.1 million in Q3 2024. The profit before marketing and other expenses amounted to CAD $0.2 million, an improvement of CAD $0.7 million from a loss of CAD $0.5 million in Q3 2024.

Boosting Customer Acquisition

A highlight for NorthStar has been its efficient marketing expenditures, which totaled CAD $2.3 million in Q3. This marks a 21% reduction year-on-year, representing 31.6% of revenue, down from 39.4% in Q3 2024. This trend of declining marketing spend continues overall.

“We have successfully maintained our trend of year-on-year growth in revenue and gross margin during the third quarter,” stated Michael Moskowitz, Chair and CEO of NorthStar. “We are reinforcing the core aspects of the business, with solid KPIs and ongoing innovations to help attract and retain customers. Our team has been implementing operational enhancements to improve player experiences while simultaneously reducing operating costs.”

Leveraging Original Content for Growth

The general and administrative expenses reported for Q3 2025 were CAD $2.2 million, reflecting a 16% decrease from CAD $2.6 million in Q3 2024. These expenses represented 31.6% of revenues in Q3 2025, down from 39.4% in the same quarter last year.

During the quarter, one noteworthy initiative was the launch of The Boost, a platform showcasing original casino and sports betting content aimed at Canadian gamers. This initiative utilizes content created for the NorthStar Bets platform, with the goal of enhancing the accessibility of original content through search and social media channels.

“We are thrilled to offer more Canadians improved access to the valuable content we develop daily,” said Moskowitz. “This site is strategically designed to help us attract new customers and elevate our brand presence in Alberta, where we anticipate entering a regulated market in 2026.”

4% Revenue Growth

Product diversification will be crucial in gaining an advantage in a competitive market. This approach is expected to facilitate customer acquisition in Ontario’s burgeoning iGaming market, which currently boasts 48 licensed operators across 82 live websites. In October, data from iGaming Ontario indicated that the market surpassed CAD $9 billion in total wagers for the first time—specifically, CAD $9.249 billion—representing an 8% increase from September. The overall non-adjusted gross gaming revenue reached CAD $367.7 million, up by 12% from September—another record-setting performance for the market.

“The third quarter of 2025 showcased overall growth in NorthStar’s revenue during a time of maturation for the Company and evolution of the Ontario iGaming market,” stated Mr. Moskowitz. “As we look towards 2026, the Company will adopt a strategy centered around disciplined methods to optimize player acquisition and retention in alignment with our financial capabilities and market dynamics.”

“Consequently, management anticipates a more tempered growth trajectory in top-line revenue, driven by enhancements to the player experience and judicious management of marketing and operating expenditures.”