As of early April, Coolbet will no longer operate in Ontario.

A few weeks from now, Gan, the owner of Coolbet, will be leaving the Ontario sports betting market.

After 21 March, the operator will no longer be able to accept deposits and will shut down its gaming activities on 22 March. On April 3rd, the site and app will be taken down entirely.

"Withdraw your funds as soon as possible," Coolbet advised. Every wager that remains unresolved as of [end of day 22 March] due to an undetermined outcome will be nullified and repaid.

"In addition to futures, in parlays, if the result of any of the outcomes is unknown, then that portion of the parlay will be nullified and the odds will be set to 1.00."

On April 4, 2022, Coolbet was one of the first companies to debut in Ontario, a state that legalised single-game sports betting. Online sportsbooks in Ontario are subject to a 20% tax rate and a yearly licencing charge of $100,000 (US$72,671).

Nevertheless, Gan CEO Dermot Smurfit stated in August 2022: "However, financial results were below our expectations due largely to factors outside of our control, including foreign currency fluctuations against the US".

"A slower-than-anticipated start in Ontario, Canada also had an influence on the results, but to a lesser extent."

Not including the platforms offered by the Ontario Lottery and Gaming Corp., which is owned by the government, there are a total of 70 iGaming sites operating in Ontario.

The result is a very cutthroat industry for those who run sports betting sites.