OnlineSports BettingIndustry

Coolbet withdrawing from Ontario in early April

The sports betting operator, Coolbet, will close its site to Ontarian customers on 3 April 2023.

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Coolbet, owned by the technology provider Gan, has announced that it will be exiting the Ontario sports betting market in a few weeks.

The operator will disable deposit options on 21 March and will close its gaming operations on 22 March. The site and mobile app will be completely removed by 3 April.

Coolbet said: “We strongly encourage you to withdraw your funds as soon as possible. If you have a bet that cannot be settled by [end of day 22 March] because the outcome is still unknown, the bet will be voided and refunded.

“This includes futures and in parlays, if any of the outcomes result (sic) is not known, the part of that parlay will be voided and odds set to 1.00.”

Ontario legalised single-game sports betting on 4 April 2022, and Coolbet was amongst the first operators to launch in the state. To operate in Ontario, online sportsbooks must pay an annual $100,000 (US$72,671) licensing fee and a 20% tax rate.

However, in August 2022, CEO of Gan Dermot Smurfit said: “However, financial results were below our expectations due largely to factors outside of our control, including foreign currency fluctuations against the US.

“To a lesser extent, results were also impacted by a slower-than-anticipated start in Ontario, Canada.”

A total of 70 iGaming sites are active in Ontario, not including platforms provided by the Government-owned Ontario Lottery and Gaming Corp.

This has created a highly competitive market for sports betting operators.

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