NorthStar Gaming to expand reach across Canada

While it is a bold move, NorthStar Gaming Holdings Inc expanding outside of their home province of Ontario reflects the business' desire to kickstart a comeback following some below-par second-quarter results announced in August.

Despite record revenues, they experienced continuing losses in Q2. However, significant growth was seen in areas such as revenue, handle and gross margin.

A recent reverse takeover of the business by Canadian property giant Baden Resources affected the figures.

The takeover involved Baden combining with Midway Property to form a new entity known as NorthStar Gaming Holdings Inc, including a wholly owned subsidiary of Baden. As part of this deal, the former security holders of NorthStar became majority owners of the company, resulting in Baden changing its name and de-listing their common shares from the Canadian Stock Exchange.

With this new leadership and ownership structure, NorthStar Gaming Holdings Inc is now poised to move boldly toward expansion outside Ontario. While no definite timeline has been announced for this initiative, it is clear that the company is determined to grow its presence in other markets and capitalise on its record revenue results. Overall, the change will likely present an exciting new chapter for NorthStar Gaming as they continue to make strides towards becoming a significant player in the gaming industry.

The iGaming industry in Ontario has experienced a remarkable surge in growth and competition since it was legalised one year ago. According to the latest data from Q1 2023, there are currently 46 companies operating 71 brands in the province. This number is expected to continue increasing as more businesses realise the potential of this market.

Unlike other jurisdictions in the United States where two major players dominate the market, Ontario boasts a diverse landscape with multiple operators sharing a significant portion of the market share. This diversity is evident in the impressive online wagering numbers, with 920,000 consumers spending CA$ 14.0 billion on online gaming activities - making it the largest single market by revenue in North America.

With such a strong and varied market landscape, Ontario remains an attractive destination for iGaming companies looking to expand their operations.