The chief executive officer of Coolbet-owner GAN Ltd. says they decided to shutter the bookmaker’s operations in Ontario because it was competing with a swarm of promo-happy and familiar-looking online sports betting sites in what some call “the most competitive market in the world.”
Irvine, Calif.-based GAN reported its financial results for the three months that ended December 31 on Thursday, which came in the wake of the company’s decision to withdraw its online sportsbook and casino, Coolbet, from Ontario.
The fourth quarter was tough on GAN. The technology provider recorded a $147.7-million loss that was chiefly due to a non-cash impairment charge triggered by lower expected cash flows from its business-to-business (B2B) division.
