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NorthStar Gaming Announces Major Playtech Collab

NorthStar Gaming continues its expansion as the Ontario company announces the finalization of a strategic investment by Playtech plc. Via the agreement, the gaming operator has received a strategic investment by Playtech, which has provided over CA$12.25 million for the Canadian brand through a convertible debenture, and completes NSG’s reverse take-over of Baden Resources.

Playtech was founded back in 1999 and it is listed on the Main Market of the London Stock Exchange. The company is prominent for being a technology leader in the gambling industry as it provides intelligence-driven gambling software, services, content and platform technology across the industry’s most popular product verticals, including, casino, live casino, sports betting, virtual sports, bingo, and poker.

Terms of the Agreement

With the completion of the reverse takeover, the debenture will convert into units of the Ontario brand consisting of one common share, one-half warrant with an exercise price of CA$0.85 and with each CA$0.50 of the outstanding principal amount converted into one unit. The operator warrants will be in play for a term of five years from the date of conversion.

Via the new agreement, the Ontario operator has inked a comprehensive amendment to its Software and Services arrangement with Playtech. The changes will significantly bolster the partnership between the two parties and include a 10-year extension to the agreement, as well as the right to expand it into the entire Canadian market, and changes to some commercial items.

Also, Playtech will deliver strategic advice to the online casino and sportsbook operator, for its online operations, managed services, and market expansion. The provider has offices in 20 jurisdictions worldwide and currently provides the operator with a suite of technology solutions, including its innovative IMS Platform, Casino and Live Casino Software, which power its NorthStar Bets.

Now, capital from the investment and the expanded partnership will back the growth of the operator across Ontario and potentially new Canadian markets. In addition to that, the capital will also allow for the brand to invest in new technological innovations for the NorthStar Bets gaming platform while also reaching new audiences through marketing campaigns

More on its Ontario Operations

NorthStar Gaming is a relatively new iGaming brand which made its debut in Ontario’s regulated market in 2022. After its launch, the company inked an agreement with Genius Sports, thus securing the latter as an official data partner. The collaboration delivered more pre-game and live in-game betting opportunities for the platform’s users.

As a new operator, the company is also looking for an innovative localized approach. This February, the brand was the first one in Canada to offer legal online betting annual Groundhog Day weather forecasting tradition. Players were able to put their predictions in form of a bet on an early spring or six more weeks of winter at the start of the month.

Source: “NorthStar Gaming Announces Strategic Investment from Playtech to Fuel Expansion and Growth Across the Canadian MarketPR Newswire, February 13, 2023

 

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Author:

Yolina has followed closely the latest development on the Canadian gaming scene over the past years, monitoring the land-based, lottery, and online offerings up for grabs. The dynamic nature of the local lottery and casino fields, as well as the opportunities lying ahead of Canada fire her enthusiasm for what is to come. A sports betting enthusiast, in her spare time Yolina could be found in her natural habitat – turning the pages of biographies and catching up on the latest stand-up comedy podcasts.