Coolbet Exits iGaming Sector in Ontario – Casino Reports

This week one of Ontario’s licensed sportsbooks, Coolbet, announced that it is exiting the provincial and regulated market. The company is one of the first brands to cease operations in the market, shutting down all deposit options on March 21, 2023. Meanwhile, game operations will cease on March 22nd and the mobile app will go offline on April 3rd.

Ontario’s market debuted in April 2022, and the operator was one of the first brands to go online in the industry. For its efforts in the province, the sportsbook sought to attract bettors in partnership with “Canada’s Fastest Man”, Andre De Grasse. However, it was in vain as it turned out that the competition for the online casino was Gan Ltd. was pretty relentless.

Players are advised to withdraw funds

In a press release, the operator urged its users to withdraw their funds from the platform as soon as possible. In order to cash out, players must verify their bank account, which are used to get their balance. After requesting a payout, patrons will receive an email with further instructions on the process.

A few months after its provincial debut, the operator admitted that its activity in the market was slower than expected. This led to softening of their outlook due to the intense competitive environment in the market. But eventually, GAN will end its operations in Canada’s most populous province while monitoring other regulated market options.

In addition, the operator assured that if players have a bet that cannot be solved by the end of March 22 because the result is still pending, the best one will be voided and refunded. According to the company, this also applies to futures and parlays. If any of the outcomes of a bet are unknown, that portion of that bet will be void and the odds will be reset to 1.00.

Finally, the operator said it puts maximizing profitability first and putting investment capital and resources only in the regions with the highest returns. However, in Ontario, the operator sees no short-term path to profitability. Meanwhile, the company’s license expires on April 3, 2023, and users need to make final arrangements for their accounts.

The latest from the market

Recently, the Ontario Alcohol and Gaming Commission, which oversees the iGaming sector, announced that it had adopted a responsible gaming program loophole. Last year it was reported that due to the issue, players were able to void their bets by signing up for the self-exclusion program and even get their credits, causing controversy in the market.

Meanwhile, more operators are looking and preparing for their debut in Ontario. In February, real money bet mark, bettyannounced that it has acquired financing by a group of investors led by Karlani Capital for its activities in the province. According to the company, the funds raised totaled $5 million, which will help him in his transition.

Source: Zochodne, Geoff”Sports betting site Coolbet is leaving Ontario in April” coversMarch 16, 2023