Coolbet to exit Ontario in April 2023

March 17, 2023
By
Leer en Español

The online sportsbook and casino, owned by gaming technology provider Gan, blames heavy market competition for its departure from Ontario.

Coolbet, a sports betting operator in Norway, Sweden, Finland, Iceland, Chile, Peru and Canada, is pulling out of the regulated market in Ontario. It will cease its Ontario online sports betting operations in April, turning off all deposit options on March 21.

Coolbet was in the first wave of private-sector operators to launch in Ontario in April 2022, but will now leave the province only a year later.

Coolbet said in a blog post, “We strongly encourage you to withdraw your funds as soon as possible.

"In case you have not made any withdrawals before, we would require you to verify your bank account which will be used to pay out your remaining balance. Once you have requested the withdrawal, please check your email for further instructions on how to complete the verification.”

Ontario’s regulated market for legalized sports betting allows private-sector operators to take bets from residents in exchange for a revenue cut. However, that market now has over 70 active iGaming sites in the province. That figure doesn’t even include the sportsbook and internet casino options offered by the Ontario Lottery and Gaming Corp.

In August 2022, five months after launching in Ontario, Gan’s CEO Dermot S. Smurfit said the company had a “slower-than-anticipated start” in the province. Gan says it will continue evaluating “regulated market opportunities” but Ontario is "off the table for now."

Ontario charges iGaming operators around 20% of their revenue to do business. Operators can apply for either a one or two-year permit, but must pay an annual regulatory fee of $100,000 per gaming site. The approaching anniversary of Ontario’s regulated iGaming market means other bookmakers could also reconsider renewing their licenses due to market competition.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.