SBC News Voice of the Sports Betting Industry
Coolbet has announced it will be leaving the Ontario market next month after entering the newly regulated region last April under an iGaming Ontario (iGO) licence.
The online sports betting and casino brand of GAN had previously been available to residents via a licence from the Malta Gaming Authority (MGA), but has now confirmed that it will pull out of the Canadian province completely by the end of 3 April.
Ahead of that date, Coolbet has stated that it will implement a transition period to ‘tie up all loose ends’.
The operator said in a statement: “Thank you for all the good times, and always remember…Stay Cool. Bet Responsibly.”
First, Coolbet will turn off all deposit options on 21 March, leaving players with low balance left in their account a decision to make; to either use up all of the existing funds on bets or casino spins, or to top up the balance to withdraw all of the funds. The minimum withdrawal amounts are $1 (Interac) and $0.01 (Trustly).
Then, on 22 March, its casino and sportsbook will close, and bets that cannot be settled by then because the outcome is still unknown will be voided and refunded.
This includes futures and in parlays; if any of the outcomes result is not known the part of that parlay will be voided and odds set to 1.00.
Furthermore, any bonus funds will be fully unlocked from wagering requirements on 23 March. The final step happens on 3 April, when the coolbet.ca website and mobile app will be shut down.
