NorthStar Gaming Secures Strategic Investment from Playtech to Fuel Expansion in Canadian iGaming Market
NorthStar Gaming Inc. (NSG) has successfully closed a strategic investment from Playtech plc, marking the latest fundraising for the iGaming company. The investment, which amounted to C$12.25 million (£7.5 million/US$9.18 million/€8.56 million), came in the form of a Convertible Debenture, and is expected to fuel NSG’s growth across the Canadian market. Once the application process is complete, NSG will begin trading on the TSX Venture Exchange.
As part of the investment, Playtech will extend its Software and Services Agreement with NSG, with the right to expand the partnership across the entire Canadian marketplace. This strategic partnership will also provide NSG with advice on online operations, managed services, and market expansion. The funds raised from Playtech’s investment and the partnership will allow NSG to invest in new technological innovations for its iGaming platform, while expanding its user base and marketing reach.
“Playtech’s unparalleled expertise in the gaming industry will help NorthStar accelerate our growth and rapidly expand our user base,” said Michael Moskowitz, Chief Executive Officer and a founding partner, NorthStar Gaming. “With the additional investment, we look forward to expanding our market share across Ontario and further enhancing our premium, content-driven experience for consumers.”
“We are excited to deepen our partnership with NorthStar and become the market-leading online gaming platform in Canada,” said Mor Weizer, Chief Executive Officer, Playtech. “As a key partner of NorthStar in their early stages, we understand and were impressed by NorthStar’s unique business model and product offering and are excited to further expand our partnership.”
As part of the agreement, Chris McGinnis, Playtech’s CFO, will join the Board of Directors of NorthStar as a Non-Executive Director, acting as Playtech’s representative.