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Coolbet To Leave Ontario In April

Posted on March 23, 2023 | 8:25 am

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.

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Tough But Lucrative Market

The closure of Coolbet in Ontario highlights the challenges faced by online sports betting operators in navigating the rapidly changing regulatory landscape in Canada. The country’s federal government has yet to legalize and regulate online sports betting nationwide, leaving each province to set its own rules and regulations.

This patchwork of regulations has created a complex and fragmented market for online sports betting operators, who have to navigate different licensing requirements, tax rates, and restrictions in each province. This has led to a proliferation of unlicensed and illegal operators, who operate outside of the regulatory framework and pose a risk to consumers.

The closure of Coolbet in Ontario may prompt other online sports betting operators to reconsider their presence in the province and in Canada as a whole. The regulatory uncertainty and the high costs of compliance may make it difficult for smaller operators to survive, while larger operators may choose to focus on more lucrative markets.

However, the Ontario market has generated very good results for its licensed operators. The third full quarter of regulated iGaming on a competitive market in Canada’s most populous province has generated revenue of 457 million Canadian dollars. Moreover, players in the province staked a combined 11.53 billion Canadian dollars on sports betting and iGaming during this period.

Source“Coolbet to shut up shop in Ontario“iGaming Business. March 17, 2023.

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