Ontario’s expanded online gambling marketplace isn’t even three months old and there’s already a notable pending IPO. NorthStar Gaming, the parent company of NorthStar Bets, is pursuing a plan to go public through a reverse takeover of Baden Resources.
The news didn’t come from NorthStar, though. NorthStar Bets is an online casino and sports betting operator in Ontario.
On Monday, Baden announced its “non-binding letter of intent” with NorthStar Gaming.
Vancouver-based Baden said:
Completion of the Proposed Transaction remains subject to a number of conditions, including the negotiation of definitive documentation by June 27, 2022, the receipt of any required regulatory approvals, and completion of the Concurrent Offering.
The “concurrent offering” involves Toronto-headquartered NorthStar Gaming buying Baden shares, then readying them for its IPO. Baden last traded its stock in May, selling for 20 cents.
NorthStar Bets to Stay Made by Canadians for Canadians
As NorthStar Gaming puts it:
NorthStar Gaming 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.
Even NorthStar Gaming’s owner, Nordstar Capital, is based in Toronto.
Plus, Nordstar owns Torstar Corporation. That’s a holding company also headquartered in Ontario’s most populous city.
Torstar primarily owns media companies and is known for operating the Toronto Star. That’s Canada’s largest daily newspaper and online news publication.
So it made sense that in February, months before Ontario expanded its iGaming marketplace in April to include private online gambling operators, Nordstar linked the brands.
That’s when NorthStar Gaming and Torstar entered a content agreement. NorthStar Bets’ writers now create sports betting and wagering content for TheStar.com readers.
In February’s NorthStar Gaming announcement, CEO and Founding Partner Michael Moskowitz said:
The NorthStar Bets brand pays tribute to our local roots. As a proudly Canadian-owned and operated brand, we take great pride in providing Ontarians with a hyperlocal gaming experience. We hope to inspire a sense of home team pride in our players as they discover our platform and unique NorthStar Bets content.
Soon, if the Baden deal goes through, they can also buy stock in the company that owns their betting platform.