NorthStar Gaming gets OSC approval for additional Playtech financing

Playtech will be investing over $10 million in the firm

NorthStar Gaming Holdings Inc. has received a decision from the Ontario Securities Commission (OSC) allowing the company to get approval from its shareholders for a $10.3 million investment from software provider Playtech and other company insiders.

NorthStar Gaming expects to complete the required approval measures and receive the investment before the end of October. It is anticipated that the additional investment will be used to fuel NorthStar’s expansion plans across the rest of Canada.

CEO of NorthStar Gaming Michael Moskowitz reiterated this ambition after announcing the company’s Q2 results in August 2023, repeating the “goal of expanding the NorthStar Bets brand outside of Ontario starting in the fall”.

This isn’t the first time NorthStar Gaming and Playtech have joined forces. In January 2022, the companies signed a strategic partnership to launch Playtech’s IMS Platform for casino, live casino, bingo, and poker in Canada. The agreement facilitated NorthStar Gaming’s launch of its flagship brand, NorthStar Bets, in May 2022. The site went live in Ontario with approval from the Alcohol and Gaming Commission of Ontario (AGCO). NorthStar also powers, a gambling site operated by the Abenaki Council of Wolinak.

In February 2023, the agreement was followed by a $12.3 million investment from Playtech to help with North Star Gaming’s takeover of Baden Resources, invest in new technology for North Star Bets, and finance marketing campaigns. It also expanded the previously expanded strategic partnership with a 10-year extension and the option to expand to cover the entire Canadian market.

At the time, CEO of Playtech Mor Weizer said, “We are delighted to announce our partnership with NorthStar Gaming as it prepares to launch its market-leading online gaming business in Canada. Our success is driven by strategic partnerships with industry-leading operators around the world, and we are excited to partner with a leading entertainment company like NorthStar Gaming.”

You might also like