NorthStar Gaming (TSXV:BET) sees significant success with its uniquely differentiated offering that combines high-quality sports journalism with betting/casino games through its gaming platform NorthStar Bets. NorthStar utilizes targeted content to engage, attract and retain sports bettors, which leads to higher retention rates and higher player values.
The company's strategic partnership with reputable and established industry players Playtech and Kambi allows it to leverage its industry-leading tech stack. Playtech is the world’s largest and most trusted online gaming software supplier, while Kambi is the leading provider of premium sports betting and technology services. Moreover, Playtech is NorthStar’s largest shareholder, with more than C$22 million invested into the business since its launch, including a C$10 million infusion in October 2023.
NorthStar Gaming, which started exclusively in the Ontario (NorthStarBets.ca) market, recently expanded its revenue potential and now has the ability to drive revenue outside of Ontario, following its May 2023 acquisition of Slapshot Media. Slapshot Media is the managed services provider to NorthStarBets.com, an iGaming site owned and operated by the Abenaki Council of Wolinak and licensed by The Kahnawake Gaming Commission.
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Company expects to report record highs for wagers, revenue and margin
NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced selected unaudited preliminary financial results for the three and 12-month periods ended December 31, 2024.1 All dollar figures are quoted in Canadian dollars unless otherwise noted.
"We capped off a great year with the best quarter in the Company's history," said Michael Moskowitz, Chair and CEO of NorthStar. "Much of our focus in 2024 was on product innovation and simplifying the customer experience, and we are seeing the results through the growth of our business. Record gross margins demonstrate the ability of our model to deliver operating leverage as the business scales."
Preliminary Results for the Three Months Ended December 31, 2024 ("Q4 2024"):
Total Wagers2 at Northstarbets.ca are expected to be approximately $303 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
Gross Gaming Revenue2 at Northstarbets.ca is expected to be approximately $10 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
Revenue3 is expected to be approximately $9.6 million in Q4 2024, a 47.6% increase from $6.5 million in Q4 2023. Revenue in Q4 2024 is expected to include $1.6 million of managed services revenue, which compares to $0.2 million in Q4 2023.
Gross Margin is expected to be approximately $4.4 million, representing a 76% increase from $2.5 million in Q4 2023, while the Gross Margin percentage is expected to increase to approximately 46%, up from 39% in Q4 2023.
Preliminary Results for the Year Ended December 31, 2024 ("FY 2024"):
Total Wagers2 at Northstarbets.ca are expected to be approximately $980 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
Gross Gaming Revenue2 at Northstarbets.ca is expected to be approximately $34 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
Revenue3 is expected to be approximately $29.7 million in FY 2024, a 53.1% increase from $19.4 million in FY 2023.
Gross Margin is expected to be approximately $12.5 million, marking a 76% increase from $7.1 million in FY 2023, with the Gross Margin percentage expected to increase to 42%, up from 36% in FY 2023.
Debt Financing
On January 27, 2025, the Company announced that it has entered into a credit agreement (the "Credit Agreement") in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30 million USD). The Company expects that the Credit Agreement will strengthen its balance sheet and enable it to accelerate its growth initiatives.
"We are very excited to enter 2025 with strong momentum at our backs," added Mr. Moskowitz. "With our recent financing, we believe we have the funding in place to reach profitability based on the current business platform. We intend to pursue aggressive growth and introduce our premium iGaming platform to more Canadians, a strategy which we expect will continue to deliver strong year-over-year growth each quarter while maintaining effective control of costs."
The Company expects to file its audited financial results for the year ended December 31, 2024 by the end of April 2025. Given the length of time before full results will be available, the Company has elected to announce these unaudited preliminary results in the interest of transparency for its investors.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Non-IFRS Financial Measures
Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" and "Total Wagers" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.
Total Wagers
Total Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Gross Gaming Revenue
Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.
Reconciliation of Non-IFRS Measures to IFRS Measures
In Q4 2024, the Company expects to report approximately $10 million of Gross Gaming Revenue (approximately $34 million for the year FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
| $ Millions (unaudited) | Three months ended | Year ended | ||
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | |
| Gross gaming revenue from wagered games | 10.0 | 7.6 | 34.0 | 22.5 |
| Bonuses, promotional costs and free bets | 2.0 | 1.3 | 6.6 | 3.6 |
| Sub-total Gaming revenue | 8.0 | 6.3 | 27.4 | 18.9 |
| Other revenue from managed services | 1.6 | 0.2 | 2.3 | 0.5 |
| Revenue | 9.6 | 6.5 | 29.7 | 19.4 |
| (1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies | ||||
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
________________________
1 See "Cautionary Note Regarding Forward-Looking Information and Statements" below.
2 Represents a Non-IFRS financial measure. See "Non-IFRS Financial Measures" below for more information.
3 Revenue includes managed services fees, and Gross Gaming Revenue net of bonuses, promotional costs and free bets.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240340
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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce the Company has, subject to final approval of the TSX Venture Exchange, entered into a credit agreement (the "Credit Agreement") in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30,000,000 USD) (the "Credit Facility") to be made available by Beach Point Capital Management LP ("Beach Point"). Playtech plc ("Playtech") and certain Playtech subsidiaries have agreed to provide credit support for certain obligations under the Credit Facility. The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.
Executive Commentary
"This is a pivotal moment for NorthStar, marking the largest financing in our history. This Credit Facility strengthens our balance sheet and directly supports our ability to scale operations and drive the business towards profitability with a single-minded focus," said Michael Moskowitz, Chair and CEO of NorthStar. "We are grateful to Beach Point Capital Management for their trust in our strategy and vision. We are also thankful for Playtech's steadfast partnership which was instrumental in securing this funding, reinforcing their value both strategically and as a technology provider."
"Beach Point has deep experience investing across the gaming sector and is excited to partner with NorthStar to support their strategic initiatives. The online gaming sector has been growing rapidly, and this investment reflects our confidence in the Company's leadership, market potential, and ability to deliver long-term sustainable growth. Likewise, we value the partnership with Playtech, who are contributing their leading technology, global reach, and strategic vision towards NorthStar's continued success," said Gabriel Fineberg, Managing Director at Beach Point.
Purpose of the Credit Facility
The purpose of the Credit Facility is to support NorthStar's continued growth by significantly strengthening the Company's balance sheet. The Company will use the proceeds of loans made pursuant to the Credit Facility: (i) to repay the aggregate $9.5 million CAD principal amount (plus accrued interest) loaned to the Company by Playtech pursuant to unsecured, interest-bearing promissory notes dated April 25, 2024, September 13, 2024 and December 16, 2024; (ii) to fund an interest reserve account in respect of the Credit Facility in an amount equal to $7,000,000 CAD; (iii) for working capital and general corporate purposes; and (iv) to pay transaction costs in connection with the Credit Facility.
Key Terms of the Credit Facility
The Credit Facility is secured by a first-priority lien on substantially all of the assets of NorthStar and its wholly-owned subsidiaries (the "NorthStar Guarantors"). The NorthStar Guarantors have provided a guarantee of the obligations of the Company under the Credit Agreement and the other loan documents.
A copy of the Credit Agreement will be available on NorthStar's SEDAR+ profile at www.sedarplus.ca.
Credit Support from Playtech
In addition to the guarantee by the NorthStar Guarantors, it is also a requirement of the Credit Agreement that Playtech, together with certain of its affiliates (the "Playtech Guarantors") guarantee the obligations of the Company under the Credit Agreement and the other loan documents (the "Playtech Guarantee"). In consideration of the Playtech Guarantors providing the Playtech Guarantee, and subject to receipt of all required regulatory approvals (including final approval of the TSX Venture Exchange), NorthStar has issued to Playtech 32,735,295 common share purchase warrants ("Bonus Warrants"), exercisable at a price of $0.055 CAD per share, reflecting an approximately 8.70% premium to the five-day volume-weighted average price of the common shares of the Company on January 24, 2025. The Bonus Warrants will be subject to a trading hold period expiring four months from the date of issue under applicable securities laws. The Bonus Warrants expire on January 24, 2030 and are non-transferable. In accordance with the policies of the TSX Venture Exchange, if at any time the outstanding principal amount under the Credit Facility is reduced or repaid during the first year of the term of the Credit Facility, the expiry date in respect of a pro rata number of the total Bonus Warrants will be accelerated to the later of: (a) one year from the date of issuance of the Bonus Warrants; and (b) 30 days from such reduction or repayment of the Credit Facility.
Playtech is an insider of the Company and the issuance of the Bonus Warrants in connection with the provision of the Playtech Guarantee will be considered a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions set forth in sections 5.5(b) and 5.7(a) of MI 61-101 from the valuation and minority shareholder approval requirements of MI 61-101 in respect of the issuance of the Bonus Warrants in connection with the provision of the Playtech Guarantee, as the Company is not listed on one of the specified markets in section 5.5(b) of MI 61-101 and the aggregate fair market value of the Bonus Warrants will be less than 25% of the Company's market capitalization.
A material change report in respect of, inter alia, the issuance of the Bonus Warrants to Playtech in connection with the provision of the Playtech Guarantee will be filed in accordance with MI 61-101. Such material change report was not filed at least 21 days before the issuance of the Bonus Warrants to Playtech in connection with the provision of the Playtech Guarantee as the Company wanted to close and implement these arrangements on an expedited basis for sound business reasons.
Advisors
NorthStar would like to express its gratitude to the advisory teams that facilitated this successful transaction. The Company was co-advised by XST Capital Group LLC and Roselli Advisory LLC, who provided financial advisory services to NorthStar, and Norton Rose Fulbright Canada LLP, who acted as legal counsel to NorthStar.
Kirkland & Ellis LLP and Goodmans LLP acted as legal counsels to Beach Point.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca
About Beach Point
Beach Point is a multi-strategy investment manager making credit, private equity, real estate and structured product investments. As of December 31, 2024, Beach Point manages approximately $19 billion in AUM on behalf of a predominantly institutional client base. Headquartered in Santa Monica, CA, Beach Point also has offices in New York, London and Dublin. For more information, visit https://beachpoint.capital.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: the expected benefits of the Credit Facility, the use of proceeds of the Credit Facility, the ability of the Company to perform its obligations under the Credit Facility, and future value to be delivered as a result of the Credit Facility and the Company's ability to continue as a going concern (whether or not the Credit Facility is available in the short- and long-term). The foregoing is provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
www.northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238526
News Provided by Newsfile via QuoteMedia
Significant growth in wagers, revenue and gross margin
NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three- and nine-month periods ended September 30, 2024. All dollar figures are quoted in Canadian dollars.
"We delivered exceptional year-over-year growth across all key metrics in the third quarter, including a 69% increase in total wagers and a 63% boost in gross margin," said Michael Moskowitz, Chair and CEO of NorthStar. "Our consistent revenue growth and improved economies of scale have enabled gross margin to fully cover overhead costs–a significant milestone in our journey toward profitability. Additionally, marketing expenditures as a percentage of revenue have declined substantially, dropping from two-thirds last year to roughly half year-to-date, further demonstrating our continually improving operational efficiency and strategic focus."
Financial Highlights for the Third Quarter Ended September 30, 2024 ("Q3 2024"):
Financial Highlights for the Nine-Month Period Ended September 30, 2024 ("YTD 2024"):
Recent Operating Highlights:
Outlook
"The marketing investments and product launches we executed in Q3 have set us up for a strong finish to the year, as the fourth quarter is typically a seasonally robust period," said Mr. Moskowitz. "With the continued momentum in our business and operating leverage driving improved financial results, we are highly optimistic about our ability to deliver significant shareholder value in 2025."
Management is working diligently to secure additional funding and remains confident that the Company will be able to access the capital necessary to continue to support its growth strategy. The Company expects to provide an update in the coming weeks.
Q3 Corporate Update Webinar
On December 3, 2024, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's Q3 Earnings, current operations and upcoming milestones. All investors and other interested parties are invited to register for the webinar at the link below.
Date: Tuesday, December 3rd, 2024
Time: 11am ET
Register: Webinar Registration
Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.
Extension of Strategic Marketing Agreement
The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has agreed to extend its partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and renewed earlier this year, with Playtech Software contributing services valued at a total of $8 million through to October 31, 2024, representing a significant driver of NorthStar Ontario's growth over that period. The latest renewal, valued at up to $1 million, extends the agreement for two months through to December 31, 2024. Playtech Software will be reimbursed and compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes.
Additional Information
For additional information, please refer to Company's condensed consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024, and the corresponding management's discussion and analysis ("MD&A"). These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Non-IFRS Financial Measures
Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.
Total Wagers
Total Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Gross Gaming Revenue
Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.
Reconciliation of Non-IFRS Measures to IFRS Measures
In Q3 2024, the Company reported $8.6 million of Gross Gaming Revenue ($24.9 million in YTD 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
| $ Millions (unaudited) | Three months ended | Nine months ended | ||
| Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |
| Gross gaming revenue from wagered games | 8.4 | 5.5 | 24.1 | 15.4 |
| Bonuses, promotional costs and free bets | 1.9 | 0.9 | 4.7 | 2.7 |
| Sub-total Gaming revenue | 6.5 | 4.6 | 19.4 | 12.7 |
| Other revenue from managed services | 0.3 | 0.1 | 0.8 | 0.3 |
| Revenue | 6.8 | 4.7 | 20.2 | 13.0 |
Operating Results
Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.
| $ Millions (unaudited) | Three months ended | Nine months ended | ||
| Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |
| Revenue | 6.8 | 4.7 | 20.2 | 13.0 |
| Cost of Revenues | ||||
| Gross Margin | 2.7 | 1.6 | 8.0 | 4.7 |
| General and administrative expenses | 2.7 | 2.2 | 7.4 | 7.6 |
| Profit/(Loss) before marketing and other expenses (1) | (0.1) | (0.5) | 0.6 | (3.0) |
| Marketing | 2.8 | 2.0 | 10.2 | 8.6 |
| Loss before other expenses (1) | (2.9) | (2.5) | (9.6) | (11.6) |
| Other expenses | 0.3 | 1.7 | 4.7 | 6.4 |
| Net loss | (3.2) | (4.2) | (14.3) | (18.0) |
(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, expansion into new markets and future growth opportunities and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
[1] Represents a Non-IFRS financial measure. See "Non-IFRS Financial Measures" below for more information.
[2] Revenue includes managed services fees, and Gross Gaming Revenue net of bonuses, promotional costs and free bets.
[3] iGaming Ontario's FY 2024-25 Q2 Market Performance Report, October 24, 2024.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231456
News Provided by Newsfile via QuoteMedia
NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") announces that on December 3rd at 11am ET, the Company's CEO, Michael Moskowitz, will be presenting the Company's third quarter earnings results and an update on current operations and upcoming milestones. The Company expects to announce its third quarter 2024 financial results on November 27, 2024. NorthStar invites all investors and other interested parties to register for the webinar at the link below.
Date: Tuesday, December 3rd, 2024
Time: 11am ET
Register: Webinar Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form linked above.
About NorthStar Gaming Holdings Inc.
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, expected benefits of the introduction of product innovations, and player engagement levels. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230815
News Provided by Newsfile via QuoteMedia
Available exclusively on NorthStar Bets, the NorthStar Blackjack Championship invites players to compete for a $100,000 prize pool
NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is calling all Blackjack players and casino enthusiasts to compete in a $100,000 online Blackjack tournament, the ultimate online competition for Blackjack players. Launching today, the inaugural NorthStar Blackjack Championship runs until November 25, 2024.
Stakes are high as the NorthStar Blackjack Championship offers an unparalleled opportunity for players of all levels a chance to be crowned Ontario's best online Blackjack player and claim their share of the $100,000 prize pool.
In addition to championship bragging rights, the tournament winner will be awarded the first-place prize of a 10-ounce pure-gold bar (or equivalent cash value), valued at $35,000, rounding out a competition of strategy and skill with the chance to seize a golden opportunity!
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9376/227235_15b04ac314af7ba6_001full.jpg
How the NorthStar Blackjack Championship works:
NorthStar is carving a new path for its players to compete in a unique and unforgettable gaming experience with the launch of the Blackjack Championship that provides participants the opportunity to win the prestigious title alongside a groundbreaking prize.
"We believe this is a first-of-its-kind tournament that provides an incredible opportunity for our online players to showcase their skills in one of the world's most thrilling and renowned casino games," said Michael Moskowitz, Chair and CEO of NorthStar Gaming. "We're excited to unite an online community of Blackjack fanatics for a chance to demonstrate their talent and win big. The idea behind this tournament underscores our commitment to innovation and positions our platform as a premier destination for players seeking a unique and exciting experience."
No entry fee is required, and players will have the right to choose individual wagers placed per game. Open to legal Ontario residents, 19+ only. To learn more and see contest rules, download the app or visit www.northstarbets.ca (Ontario only).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9376/227235_northstar_blackjack_championship.jpg
About NorthStar
NorthStar (TSXV: BET) (OTCQB: NSBBF) proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, expected benefits of the introduction of product innovations, and player engagement levels. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein ,and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227235
News Provided by Newsfile via QuoteMedia
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.
In 2024, NorthStar launched Sports Insights 2.0 with new features, design, stats and a smoother user experience. Sports Insights is a key differentiating feature that 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.
The company’s industry-leading tech stack is a result of its partnership with Playtech and Kambi, both reputable and established industry players. Playtech is the world’s largest and most trusted online gaming software supplier, while Kambi is the leading provider of premium sports betting and technology services. Moreover, Playtech is NorthStar’s largest shareholder, with more than C$22 million invested into the business since its launch, including a C$10-million infusion in October 2023, In 2024, Playtech extended this strategic partnership with NorthStar through a new marketing agreement and C$3 million in short-term financing, further validating the strong potential for the rapidly growing online gaming and sports market in Canada.
NorthStar Gaming, which started exclusively in the Ontario (NorthStarBets.ca) market, has expanded its revenue potential and now has the ability to drive revenue outside of Ontario, following its May 2023 acquisition of Slapshot Media. Slapshot Media is the managed services provider to NorthStarBets.com, an iGaming site owned and operated by the Abenaki Council of Wolinak and licensed by The Kahnawake Gaming Commission.
With Ontario accounting for 39 percent of the Canadian population, NorthStartBets.com opens up the company to the remaining 61 percent of the Canadian market, an important catalyst for growth in customer base and revenue.
The company has a strong leadership team led by CEO Michael Moskowitz, who has more than 25 years of experience in the electronics industry and was the previous chairman and CEO of Panasonic North America.
It is 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 500 casino games, including slots, blackjack, roulette and baccarat, and a variety of stakes and live dealer games.
Liver dealer games are among the most popular among users. A “live dealer” casino game has a real person as the dealer with the game streamed on video. The live video feeds of the dealers and the casino environment are streamed to the players' computers or mobile devices in real time. This technology enables players to see the game as it unfolds and interact with the dealer and other players.
It is 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.
Michael Moskowitz is the chief executive officer and a founding partner of NorthStar. He 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. Prior to that, he also served as president and CEO of XM Canada (XSR.TO) and president of Palm in the Americas International. He sits on the executive board of Consumer Technology Association (CTA/CES) which represents the largest and most innovative technology companies in North America. He previously served as a director of Mobilicity (Canada), Hussmann Corporation (USA), and Panasonic Avionics Corporation (USA).
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 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 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 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 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.
Chris Hodgson sits on the board of directors of many companies including GreenFirst, Helios Fairfax Partners Corporation, and Fairfax India Holdings Corporation. As a member of the Provincial Parliament, he served as Minister of Natural Resources, Minister of Northern Development and Mines, chairman of the Management Board of Cabinet, Deputy House Leader, and Minister of Municipal Affairs and Housing. As chairman of the Management Board of Cabinet, Hodgson was responsible for all gaming operations in Ontario. He has a background in real estate development and municipal politics in Ontario’s Haliburton County and has a Bachelor of Arts from Trent University.
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 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 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 (BCLP), 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, having originally joined the firm as a trainee solicitor in 1998. At BCLP, Latner advised on a wide range of corporate finance transactions including flotations, secondary offerings and public and private M&A. Alex 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. His clients included Playtech, which he had advised since before its original IPO on the London Stock Exchange’s AIM market in 2006.
Mike Cormack has two decades of experience in Canadian sports media, holding various editorial leadership roles. His strengths are developing and leading successful multiplatform content teams and strategies. He was previously managing editor of The Athletic, Toronto, and managing editor of sportsnet.ca.
