According to the Chartered Governance Institute, "Good quality, ethical decision-making builds sustainable businesses and enables them to create long-term value more effectively." So it's no surprise that the head of start-up Neuralink (Elon Musk) has caused so many governance experts to try to wrap their brains around the decision he and a coworker made to have children together. Read More >>
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Tesla Releases Third Quarter 2022 Financial Results
Tesla has released its financial results for the third quarter of 2022 by posting an update on its Investor Relations website. Please visit https://ir.tesla.com to view the update.
As previously announced, Tesla management will host a live question and answer (Q&A) webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the results and outlook.
What: Tesla Third Quarter 2022 Financial Results Q&A Webcast
When: Wednesday, October 19, 2022
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q3 2022 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)
The webcast will be archived on the company's website following the call.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221019006060/en/
Investors Relations Contact:
ir@tesla.com
News Provided by Business Wire via QuoteMedia
Tesla Vehicle Production & Deliveries and Date for Financial Results & Webcast for Third Quarter 2022
In the third quarter, we produced over 365,000 vehicles and delivered over 343,000 vehicles.
Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks. In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination.
Production | Deliveries | Subject to operating lease accounting | |
Model S/X | 19,935 | 18,672 | 10% |
Model 3/Y | 345,988 | 325,158 | 3% |
Total | 365,923 | 343,830 | 3% |
Tesla will post its financial results for the third quarter of 2022 after market close on Wednesday, October 19, 2022. At that time, Tesla will issue a brief advisory containing a link to the Q3 2022 update, which will be available on Tesla's Investor Relations website. Tesla management will hold a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company's financial and business results and outlook.
What : Date of Tesla Q3 2022 Financial Results and Q&A Webcast
When : Wednesday, October 19, 2022
Time : 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q3 2022 Update : https://ir.tesla.com
Webcast : https://ir.tesla.com (live and replay)
Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company's website.
For additional information, please visit https://ir.tesla.com .
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.
Forward-Looking Statements
Statements herein regarding our production and delivery volumes are "forward-looking statements" based on management's current expectations and are subject to risks and uncertainties. Various important factors could cause actual results to differ materially, including the risks identified in our SEC filings. Tesla disclaims any obligation to update this information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221002005048/en/
Investor Relations:
ir@tesla.com
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Tesla Announces a Three-for-One Stock Split
Tesla, Inc. ("Tesla") announced today that the Board of Directors has approved and declared a three-for-one split of Tesla's common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record on August 17, 2022 will receive a dividend of two additional shares of common stock for each then-held share, to be distributed after close of trading on August 24, 2022. Trading will begin on a stock split-adjusted basis on August 25, 2022.
Forward-Looking Statements
Certain statements, including, without limitation, statements regarding the expected timing and impact of the stock dividend are "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations. Various important factors could cause actual results to differ materially, including the risks identified in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Tesla disclaims any obligation to update this information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005007/en/
Investor Relations Contact:
ir@tesla.com
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Tesla Releases Second Quarter 2022 Financial Results
Tesla has released its financial results for the second quarter of 2022 by posting an update on its Investor Relations website. Please visit https://ir.tesla.com to view the update.
As previously announced, Tesla management will host a live question and answer (Q&A) webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the results and outlook.
What: Tesla Second Quarter 2022 Financial Results Q&A Webcast
When: Wednesday, July 20, 2022
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q2 2022 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)
The webcast will be archived on the company's website following the call.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220720006004/en/
Investors Relations Contact:
ir@tesla.com
News Provided by Business Wire via QuoteMedia
Tesla Vehicle Production & Deliveries and Date for Financial Results & Webcast for Second Quarter 2022
In the second quarter, we produced over 258,000 vehicles and delivered over 254,000 vehicles, despite ongoing supply chain challenges and factory shutdowns beyond our control. June 2022 was the highest vehicle production month in Tesla's history.
Production |
Deliveries
Subject to operating lease accounting
Model S/X
16,411
16,162
12%
Model 3/Y
242,169
238,533
3%
Total
258,580
254,695
4%
Tesla will post its financial results for the second quarter of 2022 after market close on Wednesday, July 20, 2022. At that time, Tesla will issue a brief advisory containing a link to the Q2 2022 update, which will be available on Tesla's Investor Relations website. Tesla management will hold a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company's financial and business results and outlook.
What : Date of Tesla Q2 2022 Financial Results and Q&A Webcast
When : Wednesday, July 20, 2022
Time : 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q2 2022 Update : https://ir.tesla.com
Webcast : https://ir.tesla.com (live and replay)
Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company's website.
For additional information, please visit https://ir.tesla.com .
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220702005018/en/
Investor Relations Contact:
ir@tesla.com
News Provided by Business Wire via QuoteMedia
Game-changing Prospects for the iGaming Market
iGaming has grown considerably in recent years. Driven by innovations in web technology and a changing regulatory landscape, online casinos and sportsbooks are more popular than ever.
To understand how the landscape may change moving forward, investors should assess how the industry has evolved in recent years.
Online casinos: A historical perspective
For most of its history, Canada's iGaming market has remained largely unregulated. That changed in 2022 when the Alcohol and Gaming Commission of Ontario created the iGO. Equal parts regulator and iGaming market, iGO enforces iGaming regulations on both a regional and provincial basis while giving operators easy access to consumers.
With iGO, AGCO has laid a strong foundation for the future of Canada's iGaming market. Not only is Ontario now one of the largest iGaming markets in North America, but iGO has also displaced unregulated iGaming. In the year since its creation, iGO has delivered over C$1.4 billion in gaming revenue from C$35.6 billion in total wagers.
As of September 2023, iGO comprised over 71 websites and works with 47 operators. The market's 943,000 active players each spent an average of roughly C$191 per month. Casinos remain the most popular iGaming category, with sports betting and pay-to-play poker a distant second and third.
A changing digital landscape
The technology acceleration brought on by the global pandemic has paved the way for significant transformations in how organizations conduct their business and how consumers engage with the digital world.
"A key driver behind iGaming's rise is the changing behavior of consumers who are increasingly drawn to digital experiences," reads a piece published by NYCE International. "The convenience of accessing diverse gambling options from the comfort of one's home or mobile device has significantly contributed to the industry's growth."
In response, iGaming operators have begun leveraging this new landscape, developing strategies to enhance user experience and increase their market share.
Online casinos began working with well-known entertainment brands to integrate popular culture into their platform, which has helped generate unprecedented growth in the iGaming space, noted gambling expert Henry Thompson. Other operators turned to the video games industry for inspiration, incorporating things like leaderboards, interactive storylines and additional reward systems.
Globally, the outlook for iGaming is promising. Valued at US$53.7 billion in 2019, iGaming is expected to grow at a CAGR of 11.5 percent through 2027, according to Grand View Research.
The evolution of iGaming has been heavily influenced by innovations in technology and advancements in regulations. All indications are that these trends will continue to play a vital role in the future of iGaming.
Immersive experiences
Streaming video in the form of live dealer games is becoming increasingly common in online casinos. Things aren't likely to stop with video streaming, either. Although both technologies are still in their infancy where iGaming is concerned, virtual reality and augmented reality have the potential to revolutionize the gaming experience.
Artificial intelligence
Artificial intelligence can streamline customer support, especially with the help of generative AI programs like ChatGPT. This is only the tip of the iceberg for AI application in iGaming. Coupled with machine learning, AI allows operators to more easily create and deliver personalized gaming experiences. From an operational perspective, AI can also help online casinos provide fairer and more balanced games while protecting customers and preventing fraud.
Social gaming
Social gaming has been called the future of iGaming, and it's not difficult to see why. Blending iGaming with a sense of connection and community through avenues such as online casinos has the potential to make the experience considerably more satisfying and comfortable for users. Social iGaming can also improve ease of use through features such as social login.
Blockchain
The increased security offered by cryptocurrency is attractive for operators and gamblers alike. Blockchain technology also enables faster transactions and greater freedom.
Potential leaders in Canada's iGaming sector
Ontario is already a significant market for iGaming, and if other provinces follow suit, Canada could become one of the most important iGaming markets in the world. Operators that have emerged as leaders within the current market could be well placed to take advantage of potential.
We've profiled a few such companies below.
NorthStar Gaming Holdings (TSXV:BET)
NorthStar is an innovative iGaming operator that leverages artificial intelligence to help deliver personalized sports betting. The company is on track to become one of Canada's biggest iGaming operators, with triple-digit revenue growth in Q3 2023 compared to the same period in 2022. The company leverages artificial intelligence for personalized sports betting, and tier-one partnerships with sports betting and technology providers such as Playtech and Kambi to ensure best-of-breed entertainment and betting experience for customers.
NorthStar also recently announced a strategic partnership with in-venue technology provider BettorView to deliver its services to restaurants and bars across Ontario.
Jackpot Digital (TSXV:JJ)
Jackpot Digital technically isn't an iGaming provider – not exclusively, at least. The company designs and manufactures digital touchscreens for casinos. Recognizing the growing potential of iGaming and the advantages offered by its pre-existing industry partnerships, Jackpot established a public subsidiary in 2021 that marked its foray into the iGaming space.
FansUnite Entertainment (TSX:FANS,OTCQB:FUNFF)
A technology-focused sports and entertainment company targeting iGaming, FansUnite recently sold its Chameleon betting platform to increase its focus on its affiliate vertical through its subsidiaries BettingHero and American Affiliate.
In the company's financial update released in December 2023, CEO Scott Burton reported a gross margin of 63 percent and adjusted EBITDA of C$1.1 million for the first nine months of 2023, an increase of C$2.3 million year-over-year. The company also completed a C$3.04 million private placement, including a significant investment from Tekkorp Capital.
Investor takeaway
Compared to conventional casinos, iGaming is still a relatively new industry. At the same time, it has experienced meteoric growth over the past several years. As technology continues to evolve, the revenue prospects for iGaming operators, both in Canada and internationally, will likely continue to increase. For anyone seeking to invest in this space, there's no time like the present.
This INNSpired article is sponsored by NorthStar Gaming (TSXV:BET). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by NorthStar Gamingin order to help investors learn more about the company. NorthStar Gaming is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with NorthStar Gaming and seek advice from a qualified investment advisor.
Top Trends Shaping the Canadian iGaming Market
From emerging technologies to evolving regulations, the trajectory of iGaming has changed substantially in recent years as the market has experienced significant growth.
In 2022, Ontario's provincial government introduced game-changing legislation that established a regulatory framework for iGaming. Due to this legislation, regulated iGaming successfully displaced the unregulated market, according to Attorney General Doug Downey, creating over 1.6 million active player accounts across more than 70 operator websites as of April 2023 — just over one year following the change.
Ontario's regulation has also laid the groundwork for widespread change in the iGaming space across Canada. As iGaming continues to evolve, it's important to have a deeper understanding of both new and existing trends that will shape the industry's future, as well as regulations.
Embracing a digital revolution
To understand how the iGaming market has evolved, we must first examine the gambling industry as a whole. In 2023, Canadian gambling reached a revenue milestone of roughly C$16.6 billion. Experts have attributed this significant growth to a number of factors, including emerging technology, increased disposable income and evolving regulations.
Arguably the most significant growth came as a result of online gambling — or iGaming. The rapid digital transformation over the past several years presented a unique opportunity for iGaming, owing to increased internet usage and accessibility. Companies in the sector have embraced this opportunity, ramping up their marketing efforts and leveraging new tactics, such as the integration of recognizable characters from popular culture into their platforms.
This combination of gambling and entertainment has attracted a new wave of fresh players, which gambling expert Harry Thompson notes has "propell(ed) the popularity of online gambling platforms to unprecedented levels." August 2022 data from Statistics Canada suggests roughly 65 percent of Canadians aged 18 and above participated in gambling activities over the prior year. Lotteries, casinos and sports betting sites were the most popular gambling choices.
Beyond digitization, the growth and direction of both gambling and iGaming have been heavily influenced by a number of trends.
Mobile gambling
Mobile gambling represents a huge growth driver for the iGaming market. Thanks to the widespread use of mobile devices, digital gambling is more accessible than ever. Alongside an influx of mobile casino apps, there are also apps for everything from lottery tickets to online poker.
Video streaming, augmented reality and virtual reality
Possibly inspired by the prominence of tools such as Zoom during the pandemic, live dealer games use real-time video streaming to create an immersive, engaging hybrid gambling experience. These games have become increasingly popular in recent years, as they are essentially the "next best thing" to physical casinos.
Augmented reality and virtual reality, meanwhile, have the potential to create an even greater splash than live dealer games. As VR headsets become more available, players increasingly have the opportunity to step into digital replicas of some of the world's most iconic and luxurious casinos and destinations.
Artificial intelligence
Gambling companies are increasingly using artificial intelligence and machine learning to create more personalized, dynamic gaming experiences for their customers. Along with tailored game recommendations and bonuses, AI provides more efficient customer support. On the business side, gambling companies can use AI to ensure a fair gaming environment and protect against fraud.
Social gaming
Technically, social gaming — digital games of chance played for fun rather than using real money — is only tangentially related to iGaming. At the same time, the fusion of iGaming and social media should not be ignored. Online casinos are increasingly connecting with social networks such as Facebook, X and Instagram, promoting a sense of community while also offering improved ease of use, and some have even gone so far as to call this particular format the future of iGaming.
Gamification strategies
To provide deeper interactivity and improve customer loyalty, iGaming providers have started borrowing elements from video games when designing their user experience. From leaderboards to ongoing reward systems and interactive storylines, these features provide players with a sense of enjoyment beyond the thrill of gambling.
Blockchain
Blockchain technology, especially cryptocurrency, is becoming popular. Along with the promise of security and transparency through decentralization, crypto gambling also offers quicker transactions and greater safety. The value of the global crypto gambling market currently exceeds US$250 million.
New regulations
For years, iGaming has been something of a "Wild West" industry, especially in Canada. This changed with the establishment of iGaming Ontario (iGO) in 2022. A subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), the market provides licensed operators with easy access to their target audience. Working on behalf of AGCO, iGO enforces applicable regulations while also giving iGaming companies an opportunity to influence future regulations.
An inside look at Canadian iGaming
The creation of iGO in April 2022 was a banner event for Canada's iGaming market, culminating in Ontario's emergence as one of the largest iGaming markets in North America. As mentioned, the IGO also completely displaced the unregulated market that existed prior to 2022, and Ontarians not only bet more but did so more frequently. By the end of March 2023, iGO reported that the regulated market delivered roughly C$35.6 billion in total wagers and C$1.4 billion in gaming revenue.
As of September 2023, iGO's market comprises 71 websites maintained by 47 operators. At that time, there were 943,000 active player accounts with an average monthly spend of C$191 per account. Casinos represented the most popular category for iGaming, with C$11.9 billion in wagers and C$407 million in revenue during the quarter ended September 30. Betting and pay-to-play poker brought in C$118 million and C$16 million in revenue during that time, respectively.
The market is in a good place and its future is similarly bright. In a presentation during the 2023 Canadian Gaming Summit, iGO executive director Martha Otton said by 2031, the iGaming market could support up to 22,000 full-time-equivalent jobs, C$4.7 billion in annual GDP and C$2.1 billion in annual government revenue.
iGaming market in Canada
Primed for rapid expansion, Canada's iGaming industry shows considerable promise, and we have profiled some of the players in the space below.
NorthStar Gaming Holdings (TSXV:BET)
With triple-digit growth in both wagers and revenue from February to September 2023, NorthStar can potentially become one of the most significant iGaming operators in Canada. In addition to leveraging artificial intelligence for personalized sports betting, the company leverages tier-1 partnerships with sports betting and technology providers such as Playtech and Kambi to ensure best-of-breed entertainment and betting experience for customers. Most recently, the company signed a strategic partnership with BettorView, an in-venue screen technology provider, to soon deliver NorthStar's sports betting services to consumers in restaurants and bars throughout Ontario.
Jackpot Digital (TSXV:JJ)
Positioning itself as an innovative and disruptive Electronic Table Games provider, Jackpot Digital manufactures digital touchscreens for multiplayer casino games such as blackjack, poker and baccarat. The company's flagship product, Jackpot Blitz, is a digital smart table designed to minimize costs while improving operator efficiency and flexibility.
Bet365
Bet365 is one of the top iGaming companies in the world, with a comprehensive portfolio that includes sports betting, poker and casino games. Known for its user-friendly platform and dedication to high-quality customer service, the company has maintained a foothold in Canada's iGaming market. The company's size and reputation make it well-suited to establish a dominant position in Ontario's hypercompetitive iGaming sector.
FansUnite Entertainment (TSX:FANS,OTCQB:FUNFF)
A technology-focused sports and entertainment company targeting iGaming, FansUnite recently sold its Chameleon betting platform to increase its focus on its affiliate vertical through its subsidiaries BettingHero and American Affiliate.
In the company's financial update released in December 2023, CEO Scott Burton reported a gross margin of 63 percent and adjusted EBITDA of $1.1 million for the first nine months of 2023, an increase of C$2.3 million year-over-year. The company also completed a C$3.04 million private placement, including a significant investment from Tekkorp Capital.
Investor takeaway
For investors interested in the iGaming industry, Canada is arguably one of the world's most promising markets. iGaming Ontario has redefined how iGaming companies engage with their audiences, establishing a safer, more efficient and more profitable source of revenue. With other provinces likely to soon follow suit, now may be an excellent time to start investing.
This INNSpired article is sponsored by NorthStar Gaming (TSXV:BET). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by NorthStar Gamingin order to help investors learn more about the company. NorthStar Gaming is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with NorthStar Gaming and seek advice from a qualified investment advisor.
NorthStar Gaming Holdings: Spearheading the Intersection of iGaming and Media
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.
Company Highlights
- NorthStar Gaming is an operator of casino and sportsbook gaming platforms in Canada. The platform provides real-time news, statistics, analysis and scores directly in the betting environment along with the most popular online casino games.
- The company began its operations in the Ontario market. Its acquisition in May 2023 of Slapshot Media, a marketing and managed services provider for spreads.ca (now rebranded NorthStarBets.com), has enabled NorthStar to derive revenue outside Ontario throughout the rest of Canada, an important catalyst for growth.
- NorthStar is poised to capture a material share of the Canadian market, estimated to reach C$8.5 billion in total addressable market by 2026, with more than 60 percent of the market being outside of Ontario.
- Tier 1 partnerships with sports betting and technology providers such as Playtech and Kambi ensure customers with best-of-breed entertainment and betting experience.
- In addition to being a technology provider, Playtech is NorthStar’s largest shareholder, investing more than C$22 million into the business since launch. Playtech's unparalleled expertise in the gaming industry will accelerate NorthStar’s growth and rapidly expand its user base.
- An experienced management team with local knowledge and insights targeting the Canadian audience leads the company.
This NorthStar Gaming Holdings profile is part of a paid investor education campaign.*
Click here to connect with NorthStar Gaming (TSXV:BET) to receive an Investor Presentation
NorthStar Gaming Holdings
Overview
NorthStar Gaming (TSXV:BET) 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. The company has five trained journalists on staff who put out content every day related to sports betting to elevate the user experience.
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 Q3 2023, NorthStar found that players who read Insights content have higher deposits on average than other players. This unique approach positions NorthStar as a convergence leader in media and regulated online sports wagering across Canada.
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. This further validates the strong potential for the rapidly growing online gaming and sports market in Canada.
The Ontario market itself is expected to grow nearly five times in the next 12 to 18 months, from C$540 million in Q2 2023 to C$2.6 billion in 2024. The potential for the legalization of online gaming and sports betting in other provinces in the future, would further add to the overall attractiveness and growth of the market. The overall market is expected to touch C$8.5 billion by 2026, with Ontario accounting for nearly 40 percent or C$3.3 billion of the market, according to PwC.
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.
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.
Recent Q3 2023 results show momentum in the business. NorthStar’s Q3 gross gaming revenue reached C$5.5 million, a 120-percent increase compared to the prior year quarter. The business’s revenue resulted from C$138 million in total wagers, up 140 percent compared to Q3 2022. This substantial increase in revenue reflects the company’s successful initiatives and the growing popularity of online gambling and sports betting in Canada. NorthStar Gaming’s omnichannel advertising and marketing arrangement with media company Torstar Corporation has been a driver of brand awareness and a contributor to customer acquisition.
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.
Company Highlights
- NorthStar Gaming is an operator of casino and sportsbook gaming platforms in Canada. The platform provides real-time news, statistics, analysis and scores directly in the betting environment along with the most popular online casino games.
- The company began its operations in the Ontario market. Its acquisition in May 2023 of Slapshot Media, a marketing and managed services provider for spreads.ca (now rebranded NorthStarBets.com), has enabled NorthStar to derive revenue outside Ontario throughout the rest of Canada, an important catalyst for growth.
- NorthStar is poised to capture a material share of the Canadian market, estimated to reach C$8.5 billion in total addressable market by 2026, with more than 60 percent of the market being outside of Ontario.
- Tier 1 partnerships with sports betting and technology providers such as Playtech and Kambi ensure customers with best-of-breed entertainment and betting experience.
- In addition to being a technology provider, Playtech is NorthStar’s largest shareholder, investing more than C$22 million into the business since launch. Playtech's unparalleled expertise in the gaming industry will accelerate NorthStar’s growth and rapidly expand its user base.
- An experienced management team with local knowledge and insights targeting the Canadian audience leads the company.
Key Brands
NorthStarBets.ca
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.
NorthStarBets.com
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.
Management Team
Michael Moskowitz – CEO & Chairman
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 – Chief Development Officer, Counsel & 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 – Interim CFO
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 Limited, 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.
Chris Hodgson – Director
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 – 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
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 – Head of Content
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.
NorthStar Gaming Announces New Partnership Agreement with BettorView
Partnership strategically positions NorthStar to reach consumers in restaurants and bars across Ontario
NorthStar Gaming Inc. (TSXV: BET) is proud to announce it has entered a partnership agreement with BettorView that will enable NorthStar to engage with consumers in restaurants and bars across Ontario. The partnership provides NorthStar with the opportunity to further expand player acquisition across both sports wagering and online casino in a frictionless and convenient manner.
"Partnering with BettorView will fuel growth and expansion of the NorthStar Bets player base, while also increasing brand awareness amongst priority audiences," said Michael Moskowitz, Chair and CEO of NorthStar Gaming. "The restaurant and bar space is a great sector to reach target consumers who have a high propensity to wager and are often watching live sports and games in a social environment."
As BettorView's first Canadian iGaming partner, NorthStar will be able to build brand awareness, drive consumer engagement and strengthen its presence in both restaurant and bar environments.
"NorthStar is the ideal partner for us to initiate our entry into Canada with our technology," said Javier Vargas, CEO, BettorView. "Our technology allows our gaming and venue partners to customize and localize content so that it fully resonates for sports fans, while also educating them on sports betting and responsible gambling in general. As a Canadian-owned gaming brand with deep Ontario roots, NorthStar shares our appreciation for authentically reaching Ontario sports fans, and we're proud to partner with them."
BettorView reaches consumers through a propriety plug-and-play solution that serves sports betting content to hundreds of venues through its patented technology. BettorView optimizes and customizes the consumer experience to ensure guests receive the most relevant sports and sports wagering information, leading them to spend more time on the platform. Just as importantly, BettorView has continued to extend its commitment to feature safe and responsible gambling content on all of its screens.
About BettorView
BettorView is the only multichannel solution of its kind in the online gambling space, providing in-venue screen technology, brand ambassador activations and digital content marketing to sports fans, reaching fans across a wide array of touchpoints. BettorView's in-venue screen technology powers TVs in casinos, stadiums, restaurant chains and independent sports bars across The U.S.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. NorthStar also provides managed services to Northstarbets.com an iGaming site owned and operated by the Abenaki Council of Wolinak.
A Canadian company, NorthStar is uniquely positioned to become a convergence leader in the intersection of sports media and sports wagering thanks to its partnerships and agreements with leading media companies. 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: financial guidance for 2023; expected performance of the Company's business; expansion into new markets and future growth opportunities and expected benefits of partnerships and transactions. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers 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. 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; and the ability of the Company to implement its business strategies. NorthStar believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Information contained in forward-looking statements in this communication are provided as of the date hereof and NorthStar disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws.
For further information:
NorthStar Gaming
Corey Goodman
647 530 2387
investorrelations@northstargaming.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189010
News Provided by Newsfile via QuoteMedia
NorthStar Gaming Reports Triple-Digit Growth in Wagers and Revenue in Q3 2023
Strong year-over-year performance sets the stage for further growth
NorthStar Gaming Holdings Inc. (TSXV: BET) ("NorthStar" or the "Company") today released its financial results for the three- and nine-month periods ended September 30, 2023. All dollar figures are quoted in Canadian dollars.
"We delivered another quarter of strong growth in Q3, more than doubling last year's results across key measures including wagers and revenue," said Michael Moskowitz, Chair and CEO of NorthStar. "In a seasonally slow quarter, we continued to expand our customer base through our premium, differentiated product offering, while at the same time demonstrating our ability to effectively manage costs."
Financial highlights for the third quarter ended September 30, 2023:
Total wagers (1) at Northstarbets.ca were $138.0 million in Q3 2023, an increase of 140% compared to $57.6 million in Q3 2022.
Revenue, net of bonuses, promotional costs and free bets, was $4.7 million in Q3 2023, including $0.2 million of services revenue contributed by Spreads.ca, compared to $2.0 million in Q3 2022, an increase of 131% over the same quarter in the previous year.
Gross gaming revenue (2) at NorthStarbets.ca was $5.5 million in Q3 2023, an increase of 120% over $2.5 million in Q3 2022.
Gross margin was $1.6 million in Q3 2023, an increase of 527% over $0.3 million in Q3 2022, and represented 35% of revenue compared to 13% of revenue in Q3 2022.
On October 31, 2023, the Company announced the completion of a private placement financing of approximately $10.3 million consisting of common shares, warrants and convertible debentures.
Recent operating highlights:
The Company's Insights content-proprietary editorial features offered seamlessly to customers within the NorthStar Bets website and app-continues to be a strong differentiator and driver of value. In Q3, players who read Insights content have 40% higher deposits on average than other players.
The Company underscored its commitment to innovation with the announcement that it was first to market with an artificial intelligence feature that offers customers personalized sports bets based on their unique preferences.
In early November 2023, Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak, was rebranded to Northstarbets.com. The rebranding is expected to lead to continued development of the NorthStar Bets brand outside of Ontario.
"As we enter the busiest time of the year with most of the major North American sports leagues now underway, we are very well positioned to drive further improvements in our results," added Mr. Moskowitz. "Our strengthened balance sheet, strategic partnerships, ongoing innovation in our product offering, and development of our brand across Canada all point towards solid growth for the rest of 2023 and into next year."
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, 2023, and the corresponding interim management's discussion and analysis ("MD&A"). These documents are available on SEDAR+ at www.sedarplus.com, and on the Company's corporate website at www.northstargaming.ca.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. NorthStar also provides managed services to Spreads.ca an iGaming site owned and operated by the Abenaki Council of Wolinak.
A Canadian company, NorthStar is uniquely positioned to become a convergence leader in the intersection of sports media and sports wagering thanks to its partnerships and agreements with leading media companies. 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
Statements in this news release make reference to "total wagers" and "gross gaming revenue", which are non-IFRS (as defined herein) measures that the Company believes are appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. 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. 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. Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. 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. 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.
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: financial guidance for 2023, expected performance of the Company's business, expansion into new markets and future growth opportunities and expected benefits of transactions. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers 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. 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; and the ability of the Company to implement its business strategies. NorthStar believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Information contained in forward-looking statements in this communication are provided as of the date hereof and NorthStar disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws.
For further information:
NorthStar Gaming
Corey Goodman
647 530 2387
investorrelations@northstargaming.ca
________________________
1"Total wagers" is a non-IFRS financial measure. For important information on the Company's non-IFRS measures, see "Non-IFRS Financial Measures".
2"Gross gaming revenue" is a non-IFRS financial measure. For important information on the Company's non-IFRS measures, see "Non-IFRS Financial Measures".
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187388
News Provided by Newsfile via QuoteMedia
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