Three years after quitting Ontario’s then-nascent regulated iGaming market, Coolbet is preparing to end play in Alberta.
A notice on the sportsbook and casino operator’s site states that it will no longer be able to offer its services in the western province “due to changes in Alberta’s iGaming regulations.” The planned exit was first reported by Covers‘ Geoff Zochodne on X.
Alberta launches regulated commercial online gambling on July 13. Coolbet’s notice informs customers that it has already stopped accepting new sign-ups or further deposits and will block Albertan access to its sportsbook or casino on Sunday, July 12. Users can withdraw remaining funds until Aug. 31.
Coolbet quit Ontario in 2023 due to intense competition
European brand Coolbet currently operates across Canada, with the exception of Ontario. Partnered with the PGA of Canada and formerly having deals with the likes of Canadian Olympic track star Andre De Grasse, it works as an unregulated grey-market operator in provinces where the respective crown lottery corporations are the only provincial government-approved online gambling operators.
It transitioned to the regulated market in Ontario when that province became the first in Canada to license online gambling outside of the government operator in April 2022.
However, it pulled out of the Ontario market after just one year. Parent company GAN Ltd. subsequently stated that intense competition and heavy promotional spending from dozens of other operators blocked its path to profitability in the province.
Coolbet was one of the first licensed operators in Ontario to reevaluate their presence in the market and ultimately withdraw, but numerous others have also decided to quit the province since it went live four years ago, including:
- Betiton
- Casumo
- Conquestador
- Fitzdares
- Rivalry
- Unibet
- Wildz Group
Some of those operators cited similar reasons to Coolbet for opting out of the saturated Ontario market.
While operators queue up for Alberta, others opt out
Alberta’s iGaming regulations state that every operator that applies for a license for the province’s market must end any and all unregulated play by July 13 (or by October 13, in some limited exceptions) as part of their registration process. Once the market is open, the Alberta government and regulators may make a proactive effort to forcibly shut down any grey-market brands that do not apply for registration and continue operating without a license.
Canadian Gaming Business reached out to Coolbet staff to get more information about the reasoning behind its Alberta shutdown, as well as whether it applied for registration with Alberta Gaming, Liquor and Cannabis (AGLC).
Coolbet’s confirmation comes days after MGM Resorts International-owned LeoVegas, which has been operational in Ontario’s regulated market for years, told Canadian Gaming Business that it decided not to proceed with Alberta licensure.
LeoVegas offers both its eponymous online casino and sportsbook and the Royal Panda casino brand in Ontario, but will not operate either platform in Alberta.
“We continuously conduct strategic reviews of our business to ensure we stay competitive, that our strategy supports a clear long-term direction, and that we meet our sustainable growth ambitions,” said LeoVegas Communications Manager Daniel de Morais. “In line with this, we have decided to stop access to our services from Alberta to fully focus on growing our existing business in Ontario.”
More than 50 licensed sites in Alberta
So far, more than 30 operators have registered with AGLC to offer more than 50 licensed online casino and sports betting sites in Alberta ahead of the July 13 launch date, including:
- Bally’s
- bet365
- BetMGM
- BetRivers
- Betway
- Caesars
- DraftKings
- FanDuel
- PointsBet
- theScore Bet
Here’s the full list of approved Alberta iGaming sites as of July 3.
