Mr. Michael Moskowitz reports

NORTHSTAR GAMING REPORTS YEAR-END 2023 RESULTS

Northstar Gaming Holdings Inc. has released its financial results for the year ended Dec. 31, 2023. All dollar figures are quoted in Canadian dollars.

"We delivered very strong growth in our first full year of operations, with revenue and customers increasing sequentially in every quarter," said Michael Moskowitz, Chair and CEO of NorthStar. "Key accomplishments during the year included the public listing of our shares, numerous product innovations to enhance our online betting platform, a strengthening of strategic partnerships, implementation of a marketing plan that has yielded an excellent return on investment, and the Slapshot Media acquisition which has enabled us to expand our addressable market through a First-Nations managed services arrangement."

"Our financial results and KPIs are beginning to demonstrate the strength of our business model," Mr. Moskowitz added. "We have the people and systems in place to support considerable expansion. As we scale the business, we expect to realize operating leverage as revenue continues to grow faster than expenses."

Mr. Moskowitz has published an inaugural Letter to Shareholders from the Chair and CEO, summarizing the Company's recent progress and strategic priorities for 2024. The Letter is available on the Investor Relations section of the Company's website.

Financial Highlights for Fourth Quarter 2023:

• Revenue, including managed services fees, net of bonuses, promotional costs and free bets, was $6.5 million in the three months ended December 31, 2023, an increase of 103% over $3.2 million in the same period of 2022.
• Total Wagers1 at Northstarbets.ca were $213.3 million in Q4 2023, an increase of 90% compared to $112.3 million in Q4 2022.
• Gross Gaming Revenue1 at NorthStarbets.ca was $7.6 million in Q4 2023, an increase of 85% over $4.1 million in Q4 2022.
• Gross margin was $2.5 million in Q4 2023, an increase of 127% over $1.1 million in Q4 2022, and represented approximately 39% of revenue compared to 35% of revenue in Q4 2022.

Financial Highlights for Full Year 2023:2

• Revenue, including managed services fees, net of bonuses, promotional costs and free bets, was $19.4 million in the year ended December 31, 2023, an increase of 240% over $5.7 million in 2022.
• Total Wagers1 at Northstarbets.ca were $648.8 million in 2023, an increase of 251% compared to $184.7 million in 2022.
• Gross Gaming Revenue1 at NorthStarbets.ca was $22.5 million in 2023, an increase of 208% over $7.3 million in 2022.
• Gross margin was $7.1 million in 2023, an increase of 492% over $1.2 million in 2022, and represented approximately 36% of revenue compared to 21% of revenue in 2022.

Recent Operating Highlights:

• Delivered significant year-over-year improvement in key performance indicators (KPIs) in FY 2023, including a 31% decline in cost per acquisition of a customer (CPA) and an 18% increase in estimated 12-month player values. Exceeded $1 billion of total wagers since the launch of NorthStar Bets in May 2022.
• Introduced branded studios for select live dealer games, prominently showcasing the NorthStar Bets brand and reinforcing the Company's positioning as a premium offering.
• Continued to strengthen the Casino vertical, which earlier this year surpassed 600 games covering all major categories and curated from leading vendors worldwide.
• Announced "Sports Insights 2.0," with enhancements to the Company's fully integrated content vertical to include a redesigned home page, smoother user experience, more dynamic "always on" content, and additional statistics.
• Launched a VIP Rewards strategy to help secure the loyalty and satisfaction of our most active players.
• NorthStar was the focus of an Emerging Ideas report from Cormark Securities in March 2024.
• The Company's common shares commenced trading on the U.S.-based OTCQB Venture Market in March 2024 under the symbol NSBBF.

Outlook

"NorthStar is very well positioned to build on our momentum in 2024," said Mr. Moskowitz. "We expect to grow the managed services business we acquired with the Slapshot Media transaction. Ongoing innovation in both our casino and sportsbook offerings, as well as enhancements to our unique content vertical, will help continue to deliver a compelling player experience. We will maintain our focus on operational excellence, prioritizing customer service and retention as a core aspect of our premium positioning.

"NorthStar is a rapidly growing company in a relatively new sector with a lot of runway ahead. We have a differentiated offering and, as a locally-based company, a distinct familiarity with the Canadian market. We are small and nimble enough to introduce innovation to our platform, while at the same time having access to world-leading technology and services through our committed partners. Our business model is gaining traction and has the potential to deliver strong returns."

Issuance of Shares

The Company issued the following shares to Blue Sky Trading & Consulting Ltd. pursuant to a shares for services arrangement announced on April 21, 2023: 166,000 common shares at a price of $0.31 in respect of the June 2023 invoice, 166,000 common shares at a price of $0.16 in respect of the July 2023 invoice, 166,000 common shares at a price of $0.12 in respect of the August 2023 invoice, and 2,000 common shares at a price of $0.11 in respect of September 2023 invoice. All shares issued were legended and restricted from trading for a period of four (4) months and one (1) day from January 20, 2024.

Additional Information

For additional information, please refer to Company's condensed consolidated financial statements for the year ended December 31, 2023, and the corresponding management's discussion and analysis ("MD&A"). These documents are available on SEDAR+ and on the Company's corporate website.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. NorthStar's subsidiary, Slapshot Media Inc., provides managed services to Northstarbets.com, an iGaming site owned and operated by the Abenaki Council of Wolinak.

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

1 Represents a Non-IFRS financial measure.

2 The Company notes that full-year 2022 results include approximately 8 months of operation of the NorthStar Bets online betting platform, which launched in Ontario in May 2022.

We seek Safe Harbor.