NorthStar Gaming Holdings
Investor Insight
NorthStar Gaming offers a differentiated, premium iGaming and sportsbook experience that sits at the intersection of media and betting technology. The company continues to demonstrate scalable growth with double-digit revenue increases, record gross margins and expanding market access across Canada’s estimated C$9.5 billion total addressable market.
Overview
NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) owns and operates a casino and sportsbook gaming platform in Canada under the name NorthStar Bets. Since its listing on the TSXV in March 2023, the company has seen significant success with its uniquely differentiated offering that combines high-quality sports journalism with betting/casino games. Specifically, NorthStar utilizes targeted content to engage, attract and retain sports bettors, which leads to higher retention rates and higher player values.
NorthStar’s competitors may provide insights, but they are hosted within a different platform causing inconvenience to the end-users who must swap between apps. NorthStar’s proprietary Sports Insights editorial features, offered seamlessly to customers within the NorthStar Bets website and app, continue to be a strong differentiator and driver of value.
Sports Insights (with its latest iteration Sports Insight 2.0 supports the company’s position as a premium brand and industry leader at the intersection of betting and sports media. The content includes analysis of upcoming events, betting strategies and helpful tips. Since Sports Insights is integrated directly within NorthStar’s sportsbook, users can wager directly from the content without leaving the betting environment.
Sports Insights users demonstrate enhanced performance metrics, including 13 percent higher VIP penetration, 58 percent higher average total deposits, 50 percent higher average casino turnover, and 138 percent higher average sports turnover.
Technology and Market Expansion
The company’s industry-leading technology stack is powered by long-term partnerships with Playtech and Kambi, two of the most established global providers in online gaming and sports betting. Playtech, the world’s largest online gaming software supplier, serves both as NorthStar’s technology partner and its largest shareholder, having invested more than C$22 million since launch, including a C$10 million infusion in October 2023. In 2025, Playtech deepened its support by backstopping NorthStar’s C$43.4 million credit facility with Beach Point Capital Management, further validating the company’s strong potential in Canada’s rapidly expanding iGaming sector.
NorthStar, which initially launched exclusively in Ontario through NorthStarBets.ca, expanded its national reach in 2023 through the acquisition of Slapshot Media, the managed services provider to NorthStarBets.com. This site is owned and operated by the Abenaki Council of Wolinak under a license from the Kahnawake Gaming Commission, enabling NorthStar to generate revenue outside Ontario. With Ontario representing approximately 39 percent of Canada’s population, NorthStarBets.com unlocks access to the remaining 61 percent of the national market, a major catalyst for future growth.
Financial Performance
NorthStar continues to deliver consistent, scalable growth. In Q2 2025, revenue rose 15 percent year-over-year to $8.5 million, with gross margin up 25 percent to $3.5 million (a record 40.8 percent of revenue). Profit before marketing and other expenses increased 87 percent to $0.7 million, demonstrating expanding operating leverage.
For the first half of 2025, revenue reached $16.4 million (up 23 percent year-over-year), and gross margin rose 39 percent to $6.5 million, driven by a doubling of managed services revenue and lower marketing costs. Marketing expenses decreased 16 percent year-over-year, highlighting improved acquisition efficiency and financial discipline.
Supported by its C$43.4 million long-term financing from Beach Point Capital Management, NorthStar is fully funded to profitability and well-positioned to scale across Canada’s projected C$9.5 billion iGaming and sports betting market.
Company Highlights
- Proven Growth: NorthStar achieved 15 percent year-over-year revenue growth in Q2 2025, reaching $8.5 million, with gross margin rising 25 percent to $3.5 million, representing a record 40.8 percent of revenue.
- Market Expansion: Through the 2023 acquisition of Slapshot Media, NorthStar derives managed services revenue from Canadian operations outside Ontario. Managed services revenue more than doubled year-over-year in Q2 2025.
- Strategic Partnerships: Playtech remains NorthStar’s largest shareholder (over C$22 million invested) and continues to provide technology support. In 2025, Playtech further extended its strategic partnership by backstopping NorthStar’s C$43.4 million credit facility with Beach Point Capital Management, ensuring long-term growth funding.
- Brand Strength: NorthStar continues to capitalize on its “Canadian” branding through national campaigns such as “Summer of Spoils,” which reinforced local brand loyalty and customer engagement.
- Product Innovation: The company is completing a comprehensive casino UI/UX upgrade and added 27 percent more casino games, bringing the total to over 2,000 titles on its platform.
Key Brands
NorthStarBets.ca
Only available to players in Ontario, the main game offerings on Northstarbets.ca include a sportsbook with pre-live and live markets with monthly sports betting markets, and slot/live and jackpot casino games. Northstarbets.ca offers more than 2,000 casino titles, live dealer games, slots, roulette, blackjack and jackpot options.
NorthStarBets.com
Available to players outside Ontario, NorthStarBets.com is a rebrand of Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak, and is offered through NorthStar Gaming’s wholly owned subsidiary, Slapshot Media, a Canadian iGaming marketing and managed services provider.
Management Team
Michael Moskowitz – CEO and Chairman
Michael Moskowitz is a veteran technology executive and transformative leader who has more than 25 years of leadership experience in the consumer, communications, gaming and technology industries. Moskowitz was the previous CEO and chairman at Panasonic North America, where he led the company’s successful business and growth strategy in delivering integrated technology solutions for businesses, government agencies and consumers across North America. He also served as president and CEO of XM Canada and president of Palm in the Americas International. He sits on the executive board of the Consumer Technology Association, representing the largest and most innovative technology companies in North America.
Corey Goodman – Chief Development Officer, Counsel and Corporate Secretary
Corey Goodman has held a variety of senior executive roles in both legal and business development capacities for nearly 20 years, and most recently served as chief corporate development officer to Torstar Corporation. His focus is on mergers and acquisitions and partnerships in media, energy and regulated industries. He was also general counsel to three public issuers.
Chin Dhushenthen – Chief Financial Officer
Chin Dhushenthen has held numerous executive positions across a wide variety of functions including finance, compliance, risk management and technology. His prior experience includes The Hunter Group, Azerty United Canada, Hydrogenics, and most recently at CAPREIT. Dhushenthen is a chartered professional accountant, with more than 25 years of proven experience impacting business growth and maximizing profits through contributions in financial management and productivity improvements.
Barry Shafran – Lead Director
Barry Shafran has extensive public and private company leadership and board experience in multiple industries, including financial services, online gaming and the service industry. He was the founder and CEO of Chesswood Group, a financial services business, and he helped it scale from $10 million to $1 billion in revenues. Prior to Chesswood, he founded cars4U.com which was Canada’s first online auto retailer. On the iGaming front, he has worked with Cryptologic, an online gaming software provider. He was involved in the sale of Don Best (Las Vegas), a well-known odds-maker.
Vic Bertrand – Director
Vic Bertrand has more than 35 years of global business experience. From 1986 to 2014, he co-led MEGA Brands, transforming his family’s small local business into a vertically integrated, global toy leader with sales in over 100 countries. Bertrand is currently president of Stratinn, a real estate and investment firm. From 2019, he was CEO of ToysRUs CDA, where he restored profitability leading to an exit in 2021. In addition, he is an active advisor and director currently serving on the boards of CardioMech (Norway), Soundbite (Canada), and Spinal Stabilization Technologies (USA/Ireland).
Brian Cooper – Director
Brian Cooper has more than 30 years of experience in athlete representation, activation management, broadcast programming, executive-level property leadership, and sports marketing. He has been recognized for his imprint on the Canadian sports and entertainment landscape and was twice named one of the Globe and Mail’s Top 25 Power Players in Canadian Sports, Yahoo’s Top 25 most influential people in Canadian Sport, and was the first inductee to the Sponsorship Marketing Council of Canada’s Hall of Fame.
Sylvia Prentice – Director
Sylvia Prentice is the president and owner of Mackinnon Calderwood Advertising. a full-service Canadian agency providing media and creative services and promotional support across a number of industries. She and her team have been involved in a number of early iGaming businesses, including Playground Poker Club, CanPlay and Party Poker.net.
Dean MacDonald – Director
Dean MacDonald has had a long and successful career in executive roles at many companies. Previously, he served as executive chairman and president and chief executive officer of ClearStream Energy and its predecessor Tuckamore Capital, as president and managing partner of Cable Atlantic, chief operating officer of Rogers Cable, and as the chief executive officer of Persona, a TSX-listed cable and internet services company. He has management and investment experience in several industries, including energy, commercial real estate, marketing and communications. He has served on numerous public and private boards over the past three decades.
Chris McGinnis – Director
Chris McGinnis has over 20 years of experience in finance, accounting, investor relations, corporate strategy, M&A, and equity research. He is currently chief financial officer at Playtech, the leading online gambling technology company. Prior to joining Playtech, McGinnis was head of corporate strategy at software company Temenos. He started his career at Deloitte in Canada where he qualified as a chartered professional accountant. He has also worked in Equity Research for UBS in Canada and Bank of America Merrill Lynch in the UK. He is also a chartered financial analyst.
Alex Latner – Director, General Counsel, Playtech
Alex Latner joined Playtech as general counsel in January 2017. Prior to that, Latner spent his entire career in the London office of international law firm Berwin Leighton Paisner LLP, now Bryan Cave Leighton Paisner LLP, where he was a partner in the corporate finance team from 2008 until he left the firm in 2017. Latner has extensive experience in the UK public markets, and acted for a number of listed UK and international companies and various investment banks and other corporate finance intermediaries across a broad range of industries, such as technology (including betting and gaming), real estate and the wider built environment.
Mike Cormack – Head of Content & Integrations
Mike Cormack has two decades of experience in Canadian sports media, and has held a variety of editorial leadership roles. His strengths are developing and leading successful multiplatform content teams and strategies. Previously, he was managing editor of The Athletic, Toronto and managing editor of sportsnet.ca
