We've certainly provided extensive coverage on the new licensed operators emerging in the region.Ontario online casino market since it opened last April 4.
However, we have some disappointing news: one of these operators is ceasing its operations.
This was announced by Coolbet through a statement on their website which said:
We regret to share that after a year of service in Ontario, we will be discontinuing our offerings for all the wonderful residents of Ontario following April 3.
Coolbet is proceeding with processes to finalize its exit from Ontario.
They have listed a series of actions impacting customers in light of this closure. Beginning March 21, Coolbet will disable all deposit features, advising users to withdraw their funds promptly.
The company will close itsOntario sportsbook app On March 22, they will also shut down their online casino, while providing an email support option for those who may have remaining balances post-April 3.
The landscape of which operators will endure in Ontario’s competitive betting market is becoming clearer, as there’s only a limited share available.
Still 43 Ontario Online Casino Apps
Despite Coolbet's exit, there are still 43 licensed companies actively operating online.Ontario casino apps .
It was certainly surprising to see Coolbet's decision to leave Ontario; however, it's understandable that some operators might opt out, according to Aly Lalani from BetRegal, who is yet to secure AGCO approval.
The overwhelming number of licensed operators has generated heightened competition. With so many competitors vying for the same partnerships and sponsorships, marketing expenses have soared beyond initial expectations. This pressure likely affects others who might not have predicted the intense competition during the market's first year.
The online gaming offerings available, or iGaming, encompass a range of popular slots apps as well as various card games, roulette, and others.
Some Whittling Down Anticipated
Lalani expressed that he expects market consolidation will occur mainly through acquisitions, rather than operators voluntarily withdrawing from the market.
I suspect that Coolbet conducted a thorough analysis and concluded strategically that competing with the larger operators, who seem less focused on profitability, was an unwinnable fight, he noted. Observing the evolution of the Ontario market and the substantial marketing costs involved (as opposed to gross gaming revenue), I believe there will be some advantage for newer entrants, as the dominant players invest heavily to establish a presence in this emerging market.
Entering the scene later could offer benefits to operators, allowing them to leverage the audience education already created. While I would like to claim that BetRegal's delay in entering the market was a strategic decision while we waited for things to stabilize, it was not planned. However, it increasingly appears that allowing the larger marketing budgets to contend for artificial market share might be a wise approach.
Compare the bestOntario sports betting options atOntarioBets Here, you'll uncover a compiled list of features, benefits, and reviews for each operator.
