Coolbet to Quit the Ontario iGaming

A transitional phase is in place before Coolbet's official closure to address pending issues. On March 21, all deposit avenues will be shut down, with gaming ceasing on March 22. The casino and sportsbook will also take down their website and mobile gaming application on April 3.

During this period, all unsettled bets will be nullified and funds returned. This exception includes markets such as futures and parlays. Coolbet ensures a 1.00 odds payout on undecided parlay bets.

The GAN-backed operator was among the first to step into Ontario's regulated iGaming landscape last April. However, a year later, it's time for Coolbet to fold and leave as over 70 competitors vie for dominance.

Coolbet has strongly advised users to withdraw funds promptly via a blog post. It also emphasizes confirming banking info for users who haven't withdrawn yet to ensure balance retrieval.

When Coolbet debuted, Ontario represented a golden chance to amplify its global allure. Yet surprisingly, the market proved challenging. Last August, GAN CEO Dermot S. Smurfit highlighted Ontario's slower pace of start, citing fierce competition as Coolbet's stumbling block. This might be why the exit is on the table. Nonetheless, Coolbet remains in other national markets.

As Ontario marks a year since legal online gaming debuted, more operators might rethink staying amid cutthroat competition. Thriving, especially for lower-tier brands, is getting tougher.

A company statement reflected: “We cherish the memories, and remember always... Stay Cool. Bet Responsibly.”