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Coolbet to shut up shop in Ontario

| By Zak Thomas-Akoo
Gan-operated igaming and sports betting brand Coolbet has announced that, after a year of operation, it will be exiting the Ontario regulated market from 3 April.

The Estonia-based business said that it plans to switch off all deposit options on the Coolbet accounts from 21 March. Coolbet encouraged users with low balances on their accounts after this date to either use the remaining balance on gaming services, or else top up to withdraw all funds.

This is because there will be minimum deposit amounts for the funds – standing at CA$1 for those using the Interac payment platform, and CA$0.01 for those using the Trustly payment platform.

“We strongly encourage you to withdraw your funds as soon as possible,” said Coolbet in a message to its users. “In case you have not made any withdrawals before, we would require you to verify your bank account that will be used to pay out your remaining balance. Once you have requested the withdrawal please check your email for further instructions on how to complete the verification.”

At the end of the following day (22 March), the company said it will close its casino and sportsbook. In the event that a player has a bet that is not settled by then since the outcome is still not certain – including futures and parlays – Coolbet said that the wager will be voided and refunded.

From end of the day on 3 April, Coolbet said that the website and mobile app would be shut down. Users with any remaining balance are directed to contact the business via the support email.

Gan acquires the business

In January 2021, igaming solutions provider Gan acquired the business for $175.9m in cash and stock. Gan said at the time that the deal positioned the business as a full-service B2B solutions provider for real-money gaming in the US, and a vertically integrated B2C competitor in selected international markets.

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