Lisa Cheban | 06 April, 2023 14:11 | Last update on: 06 April, 2023 14:11
When the Ontario iGaming market was launched in April 2022, it seemed like the most probable destination for top operators. But Coollbet, a leading sports betting company, is already planning an exit strategy. The operator has said that it plans to exit the iGaming market in early April, encouraging its customers to withdraw their money as soon as possible.
Before the official exit date, a transition period has been put in place to take care of all outstanding matters. Coolbet will disable all deposit possibilities starting March 21 before ceasing all gaming activities on March 22. The sportsbook and casino will also close down its website and mobile gaming application on April 3.
In the meantime, bookmakers will void all wagers not determined by the closing date and the money refunded. This includes betting markets like futures and parlays. Coolbet says these measures will apply to any parlay bet that has not been decided, and the odds will be set to 1.00.
The GAN-owned brand was one of Ontario’s earliest operators to enter the regulated iGaming market when it launched last April. However, only after one year, the operator has decided to cut its losses and leave the province. There is now high competition, with over 70 operators vying for their market share.
Coolbet has made it clear in a blog post that they strongly urge customers to withdraw their funds immediately. The blog post also says those who have not made any withdrawals yet, their banking accounts need to be confirmed to receive their remaining balance.
When Coolbet first launched, Ontario presented a lucrative opportunity to expand its global appeal. But surprisingly, the brand has faced a challenging operational climate. Last August, Dermot S. Smurfit, CEO of GAN, noted a slower-than-anticipated start in the province, with Coolbet attributing its struggles to the intense competition in Ontario. This could be why the company is withdrawing from the region. Notwithstanding, Coolbet remains accessible in other parts of the country.
As the market reaches its first anniversary of legal online gaming, more operators may consider leaving the region. This intensely competitive atmosphere makes it more challenging to envision a route to generating income, particularly for brands not at the top of the rankings.
An official statement from the company read: “Thank you for all the good times, and always remember…Stay Cool. Bet Responsibly.”