Coolbet Leaves Alberta as Province Launches Regulated Online Gambling

On Monday, July 13, Alberta will officially open its long-awaited regulated commercial online gambling market, ending Play Alberta's monopoly and allowing dozens of private sports betting sites and online casinos to compete legally for customers. The move is widely viewed as Canada's biggest gaming expansion since Ontario opened its regulated market in 2022, with more than 50 operator sites expected to launch under the new framework.

But now that we’re here, one operator has unexpectedly decided it won't be making the jump. Three years after abandoning Ontario's regulated market, Coolbet is now preparing to leave Alberta altogether after failing to secure a place in the province's new licensing system. The operator announced that it will stop offering sportsbook and casino services in Alberta "due to changes in Alberta's iGaming regulations," ending its years of operating as a grey-market sportsbook in the province. The planned withdrawal was first reported by industry expert Geoff Zochodne.

According to the notice posted on Coolbet's website, the company has already stopped accepting new customer registrations and additional deposits from Albertans. Access to its sportsbook and casino ends on Sunday, July 12, one day before Alberta's regulated market officially launches, while customers have until Aug. 31 to withdraw any remaining account balances.

Who is Coolbet?

Founded in 2016, Coolbet built a reputation as a European sportsbook with a strong international presence before expanding into Canada. The company operates across numerous global markets and became one of the first operators to obtain an Ontario licence when Canada's first regulated commercial iGaming market launched in April 2022.

That experiment, however, lasted just one year. In 2023, parent company GAN announced Coolbet would leave Ontario, citing fierce competition and enormous promotional spending by larger rivals that made profitability difficult. At the time, there were dozens of Ontario sportsbooks and online casino operators battling aggressively for market share through welcome bonuses, advertising campaigns and expensive customer acquisition strategies.

Coolbet ultimately became the first major regulated operator to conclude that Ontario's economics simply didn't work for its business model. Now, Alberta appears to be following a different path, but with a similar outcome for the operator.

Not the only notable absentee

Coolbet isn't alone in deciding Alberta isn't the right fit. Earlier this month, LeoVegas confirmed it would also skip Alberta's launch despite already operating regulated brands in Ontario. That decision means neither LeoVegas nor Royal Panda, two of the top-rated betting apps in the industry will be available when Alberta's market opens. The company described the move as part of a broader strategic review designed to focus resources on growing its Ontario business.

Those departures stand in stark contrast to the dozens of major international operators that have spent months preparing to enter Alberta.

The province has attracted virtually every heavyweight in online betting, including bet365, FanDuel, DraftKings, BetMGM, Caesars, Bally's, BetRivers, Betway, PointsBet and theScore Bet, among many others. More than 50 sites are expected to be available through licensed operators, giving Alberta consumers significantly more choice than they've ever had before.

What this means for Albertans

From a consumer perspective, Coolbet's exit is unlikely to dramatically alter the marketplace. Players won't lose access to online sports betting or casino gaming. In fact, they'll gain access to dozens of newly regulated competitors offering similar products under Alberta's licensing framework.

The larger takeaway is what Coolbet's departure says about Alberta's regulatory approach. Unlike the grey market that previously existed, Alberta is making participation in the regulated system essentially an all-or-nothing proposition. Operators seeking a licence must cease their unregulated operations before joining the new market, with regulators also signaling they may pursue enforcement against companies that continue operating without authorization after launch.

Coolbet's decision highlights an important reality about Alberta's launch that has received relatively little attention. Although headlines have focused on the dozens of operators entering the province, not every company believes Alberta's opportunity justifies the investment required to compete.

Launching in a regulated market requires licensing fees, compliance costs, responsible gambling programs, local operational infrastructure and significant marketing budgets. For smaller or mid-sized brands, competing against global giants with virtually unlimited advertising resources can become an uphill battle almost immediately, precisely the lesson Coolbet learned in Ontario.

That doesn't diminish Alberta's prospects. If anything, it suggests the province has succeeded in creating a highly competitive marketplace capable of attracting the industry's largest players while forcing operators to make difficult strategic choices about where they can realistically compete.