Mr. Michael Moskowitz reports

NORTHSTAR GAMING REPORTS FIRST QUARTER 2023 RESULTS AND RECORD WAGERING

Northstar Gaming Holdings Inc. today released its financial results for the three-month period ended March 31, 2023. All dollar figures are quoted in Canadian dollars.

Highlights for the first quarter ended March 31, 2023:

• Total wagers were $139.5-million in Q1 2023, an increase of 24 per cent from Q4 2022;
• Gross gaming revenue was $4.4-million in Q1 2023, an increase of 8 per cent over Q4 2022;
• Gross margin was $1.2-million in Q1 2023, an increase of 20 per cent from Q4 2022.

Subsequent event to Q1 2023

On May 8, 2023, the company completed its acquisition of Slapshot Media Inc., a Canadian i-gaming marketing and managed services company that specializes in providing managed services to Spreads.ca. The goal of this strategic acquisition was to open up the Canadian market to the Northstar brand and to materially expand the addressable market available to Northstar via its relationship with Spreads.ca.

"Q1 was another consecutive quarter of growth and gross margin expansion for our business as our unique positioning at the centre of both iGaming and media has continued to pay dividends," said Michael Moskowitz, chief executive officer and a founding partner of Northstar. "We are strategically focused on continuing to grow our player base in Ontario and beyond as we leverage our recent acquisition of Slapshot Media Inc. to introduce players outside of Ontario to Northstar's brand."

Additional information

For additional information, please refer to company's condensed consolidated interim financial statements for the three-month period ended March 31, 2023, and the corresponding interim management's discussion and analysis (MD&A). These documents are available on SEDAR and on the company's corporate website.

About Northstar Gaming Holdings Inc.

Northstar proudly owns and operates Northstar Bets, a made-in-Ontario casino and sports book gaming platform that provides players with a uniquely local, premier user experience. The Northstar Bets sports book provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular on-line casino games.

A Canadian company, Northstar is uniquely positioned to become a convergence leader in the intersection of sports media and sports wagering as a result of its partnerships and agreements with leading media companies. Northstar is committed to operating at the highest level of responsible gaming standards.

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