Coolbet to exit Ontario in April 2023
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.
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