This week, one of Ontario’s licensed sports betting operators, Coolbet, announced that it will be leaving the provincial and regulated market. The company is one of the first brands to suspend its operations in the market and it will turn off all deposit options on March 21, 2023. Meanwhile, gaming operations cease on March 22, and the mobile app will go offline on April 3.
Ontario’s market debuted in April 2022, and the operator was one of the first brands to go online in the sector. For its efforts in the province, the sportsbook tried to win over bettors in partnership with “Canada’s Fastest Man,” Andre De Grasse. However, it was to no avail as the competition turned out to be quite relentless for the Gan Ltd.-owned online casino.
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 be able to cash out, players must verify their bank account, which will be used to receive their balance. After requesting a withdrawal, patrons will receive an email which will provide more instructions on the process.
A few months after its debut in the province, the operator admitted that its activity in the market has been slower than expected. This led to softening of their outlook on the market due to the intensely competitive environment. But after all, GAN will be putting an end to its operations in Canada’s most populous province, while also monitoring other regulated market options.
Furthermore, the operator assured that if players have a bet that cannot be resolved by the end of March 22 as the outcome is yet to come, the best will be voided and refunded. According to the company, this also goes for futures and in parlays. Also, if any of the outcomes of a bet result is not known the part of that parlay will be voided and the odds will reset to 1.00.
Lastly, the operator said it was putting the maximizing of profitability first as well as the investment capital and resources into only the highest return regions. However, in Ontario, the operator does not see a near-term path to profitability. Meanwhile, the company’s license is set to expire on April 3, 2023, and users must get to make final arrangements on their accounts.
Recently, the Alcohol and Gaming Commission of Ontario, which oversees the iGaming sector, announced that it has resolved a responsible-gambling program loophole. Last year, it was reported that due to the issue, players were able to void their bets by enrolling in the self-exclusion program and even receive their credits, which sparked controversy in the market.
In the meantime, more operators are eyeing and preparing for their Ontario debut. In February, real-money wagering brand, Betty, announced that it has acquired funding from a group of investors led by Karlani Capital for its operations in the province. According to the company, the collected funds were in the size of US$5 million, which will help it in its transition.
Source: Zochodne, Geoff “Sports Betting Site Coolbet Exiting Ontario in April” Covers, March 16, 2023