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NorthStar Gaming Holdings (BET) investor relations material

NorthStar Gaming Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Q2 2025 results showed double-digit year-over-year revenue growth and record gross margin, with revenue up 15% and gross margin up 25%.

  • Managed services revenue more than doubled year-over-year in Q2 2025, now contributing 10% of total revenue.

  • Customer retention reached record levels, supported by new promotions, upgraded casino UI/UX, and improved cost per acquisition by 10% from Q2 2024.

  • Focus remains on operational excellence, product innovation, strategic partnerships, and prudent cost management to drive growth.

Financial highlights

  • Q2 2025 revenue was $8.5M, up 15% year-over-year; H1 2025 revenue reached $16.4M, up 23% year-over-year.

  • Gross margin for Q2 was $3.5M, up 25% year-over-year, with margin percentage at a record 40.8%; H1 gross margin was $6.5M, up 39%.

  • Profit before marketing and other expenses hit $700K in Q2, up 87% year-over-year; H1 figure was $1.3M, compared to a loss of $0.1M in 2024.

  • Marketing expense in Q2 fell 16% to $3.1M, dropping from 48.8% to 35.8% of revenue.

  • General and administrative expense was $2.7M, up 14%, including $0.3M in one-time restatement costs.

Outlook and guidance

  • Expect continued gross margin expansion and narrowing net losses as breakeven approaches, driven by improved business fundamentals and KPIs.

  • Alberta is targeted as the next major market, with regulation expected by 2026.

  • Focus on cost discipline and leveraging operating scale to reach profitability.

  • Anticipates growth opportunities in other Canadian regions as regulatory frameworks evolve.

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Q3 2025
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