Coolbet Signals Exit From Alberta When Regulated iGaming Market Launches

^{In 2023, Coolbet's parent company, GAN Limited, was acquired by Sega Sammy Holdings, the same Japanese entertainment company that created Sonic the Hedgehog. (Pictorial Press Ltd / Alamy)}

While many grey market operators are choosing to apply for licenses to operate in Alberta’s coming regulated iGaming market, some are instead leaving the province altogether. Coolbet is now the latest major online gambling firm to announce it will stop operating in Alberta.

Coolbet made the announcement on its website, saying that it will cease operations in Alberta starting July 13, 2026 – the exact launch date for Alberta’s regulated iGaming market.

Coolbet Ends Deposits Ahead of Alberta Closure

In its announcement, Coolbet made it clear that the licensing scheme was the reason for its departure from the market.

“Due to changes in Alberta’s iGaming regulations, we’ll no longer be able to offer our services in the province without a local license,” the statement read. “We’d like to thank everyone in Alberta who has chosen to play with us over the years. It’s been a pleasure having you as part of the Coolbet community, and we’re grateful for the trust you’ve placed in us.”

In its announcement, Coolbet outlined several key dates for the transition out of Alberta, some of which have already passed. Those include:

• July 1: End of account registration and promotional offers in Alberta
• July 6: Closure of all deposit options in Alberta, with remaining bonus funds fully unlocked from wagering requirements
• July 12: Coolbet casino and sportsbook closes for Alberta users at 23:59 (11:59 pm). All bets unsettled – with the exception of bets on the World Cup – will be voided and refunded
• August 31: Deadline for Alberta users to log in and withdraw any remaining balance.

Coolbet advises users to withdraw funds as soon as possible rather than waiting for the August 31 deadline.

Sonic the Hedgehog Creator Speeds Out of Alberta’s Casino Night Zone

While operating only in grey-market jurisdictions, Coolbet has established itself as a fairly popular option for users in Canada. When Ontario first launched a regulated commercial iGaming market, Coolbet obtained a license to operate there. However, it backed out of the province in 2023, saying it was unable to effectively compete with the many major operators offering aggressive promotions there.

Also in 2023, Coolbet’s parent company, GAN Limited, was acquired by Sega Sammy Holdings. Sega Sammy is a Japanese conglomerate formed when video game company Sega merged with pachinko machine manufacturer Sammy Corporation in 2004. 

Sega is perhaps best known for creating Sonic the Hedgehog, its rival to Nintendo’s Mario, which helped popularize the Sega Genesis console and remains an iconic character to this day. Coolbet operates as a subsidiary under that corporate umbrella.

Even though Coolbet may be out, plenty of major operators have committed to operating in the Alberta iGaming market. As of July 3, 49 iGaming operators were registered with Alberta Gaming, Liquor & Cannabis (AGLC). That includes well-known names such as Tooniebet, 888, Caesars Palace, Bally’s, BetMGM, DraftKings, FanDuel, bet365, and many more.