Ontario's Coolbet Shuts Down Amidst Hefty Competition Intensification
Here's the Rewritten Version:
Ditchin' Ontario: Coolbet Bids Adieu
The initial sports betting brand to swoop into Ontario, Coolbet, has tossed in the towel, citing a hucksters' market as the reason for their departure.
The Countdown to Exit
Launched simultaneously with the grand unveiling of Ontario's online gambling extravaganza last year, Coolbet is now set to be the trailblazer in high-tailing it out, decrying the overly competitive scene.
In a recent jab on their blog post, Coolbet spilled the beans about their plans to quit Ontario by April 3, 2023. They urged their patrons to offload their remaining doughstats pronto, recommending they zip their wallets shut by March 21. On the final countdown, their casino and sportsbook will shut shop, putting an end to their Canadian escapades by March 22.
"If ya got a bet that's still up in the air 'cause the outcome ain't known yet, we'll void the damn thing and chuck back your dough," the sportsbook advised their customers, going on to clarify that "this includes futures, and in parlay bets, if some of the results are still undecided, those portions of your parlay will be gutted, and the odds reset to zilch."
When it comes to active bonuses, Coolbet urged their patrons to complete their wagering requirements by March 22. If they couldn't pull that off, they were told not to sweat it, as their bonus funds would be set free from their wagering chains on March 23.
By the end of April 3, the operator aims to pack up their website and mobile app and bid Ontario a not-so-tender adieu. They also recommended their flesh-and-blood punters to pitter-patter over to their online casino BFF, Wildz.
The heated Promo Wars
Earlier in the year, the Canadian province's iGaming traffic cop, iGaming Ontario, dished the dirt on the Ontario market's explosive growth. The Q3 report revealed that the Ontario market had nearly doubled the previous quarter's total wagers, pushing the revenue up by 71%. iGaming Ontario also revealed that the number of active operators had grown by a whopping 50%.
Only a few moons into operations, the company confessed that their Canadian party had been a damp squib, and their future in the province had been tarnished by the market's cutthroat nature. Currently, more than 70 operators are locked in a tooth-and-nail battle for a piece of the Ontario pie, amping up the promotional flavor of the market like never before.
Coolbet decided to wave their goodbyes to Ontario, aiming to boost their bottom line and scan the horizon for sweet, new, regulated market opportunities. In January, Coolbet swung into action in Mexico, banking heavily on local connections to woo the county as their tenth Latin American gambling playground.
Enrichment Insights:
Coolbet's exit from Ontario's sports betting market is part of a broader trend of consolidation in the province's gambling industry. The decision might have been influenced by regulatory challenges and heightened competition within the Canadian market, as Ontario's gambling landscape continues to evolve. The operator might not reenter Ontario or expand into other regions in the near future, allowing them to focus on markets that offer better prospects for operations.
- Coolbet, the initial sports betting brand in Ontario, has announced their withdrawal from the market due to the highly competitive sportsbook scene.
- In a blog post, Coolbet confirmed their departure from Ontario by April 3, 2023, advising customers to withdraw their funds by March 21.
- By March 22, Coolbet's casino and sportsbook will cease operations, marking the end of their Canadian venture.
- In an effort to increase profitability, Coolbet is seeking new, regulated market opportunities, and they have recently entered Mexico in January.
- The Ontario sports-betting market, with over 70 operators, is currently in the midst of intense promotional wars, which may have contributed to Coolbet's decision to exit.
