Coolbet, an online sports betting and casino operator, has announced its decision to cease its operations in Ontario, Canada. The move comes as a result of the recent regulatory changes introduced by the Ontario government, which require online sportsbooks to have a physical presence in the province.
The regulatory changes in Ontario are aimed at bringing in more revenue for the provincial government by licensing and taxing online sports betting operators. However, they have also led to the closure of smaller operators like Coolbet, which may not have the resources to establish a physical presence in the province.
Coolbet has stated that it will continue to operate in other Canadian provinces and in other countries where it is licensed to do so. The company has assured its customers that their funds are safe and that they will be able to withdraw their balances from the platform in the coming weeks.
Coolbet is an online sports betting and casino operator that was founded in Estonia in 2016. The company quickly gained a reputation for its innovative approach to online gaming, including its user-friendly interface and transparent odds. Coolbet expanded rapidly, establishing a presence in several countries, including Canada, where it launched in 2019. The company has been licensed by the Malta Gaming Authority, which is known for its strict standards and rigorous oversight of online gaming operators.