Coolbet Sportsbook Review & Promo Code

Coolbet Sportsbook has made its way to the bustling Ontario legal sports betting market, looking to provide something unique and innovative to bettors inundated by the rash of sportsbooks competing in the Ontario scene. As a somewhat unrecognizable name to those that follow the legal sports betting industry, Coolbet will have some work to do in order to gain market share from the huge brands also looking to make names for themselves in Ontario.

Coolbet is just one of 16 licensees to get the nod from the Alcohol and Gaming Commission of Ontario to go live April 4, 2022, along with heavy hitters FanDuel, BetMGM, theScore Bet and PointsBet, among others. Coolbet is on the ground level of a transformational single-bet, mobile sports betting platform that was legalized not only in Ontario, but across Canada on August 27, 2021.

Below is a peek at what may set Coolbet apart from the competition. Included in the review is a brief history of the Coolbet brand, where it is available, the promotions you can expect to see from Coolbet, the strengths and weaknesses of the site, a review of the company’s software, its sign-up procedure, their pricing, menu of sports, betting markets and customer service options.

A bit about Coolbet’s history

Coolbet may not be the biggest name in the global sports betting market, but a deep dive into what the product offers certainly makes it an intriguing one. Created in 2016, Coolbet aims for the Ontario market with a slightly different angle, something that sets them apart from the rash of competition they face in the extremely competitive Ontario scene.

Originally licensed in Estonia, known as one of the world’s strictest gambling jurisdictions, Coolbet is attempting to seize on their ability as an innovator in the legal gambling space. Coolbet currently has additional gaming licenses in Sweden, and Malta and operates in a few key countries overseas. Included on that list are Estonia, Norway, Finland, Sweden, Iceland, Netherlands, Austria, New Zealand, Czech Republic, Switzerland, and Germany.

The company’s site has promised a “fair, personal and transparent” platform and a strong focus on product development. While not exactly a mainstream name with a recognizable management team, the “About US” section on the company’s site boasts 200+ employees and a management team with over 90 years experience.

The company gained a fair amount of industry attention with their “Mobile Sports Product of the Year” award in both 2018 and 2020 at the International Gaming Awards (IGA) in London. This was shortly after winning the “Start Up of the Year” award that the company garnered at the same ceremony in 2017.

Coolbet has been active in European and Scandinavian markets since 2016, offering high level casino offerings as well as sportsbooks in various jurisdictions there. The company is no stranger to the Canadian market either. It has been a somewhat successful “Grey Market” provider in Canada, and now gets a crack as a regulated and legal option which fits the brand’s “fair, personal and transparent” goals.

Is Coolbet safe and secure for Ontario bettors?

Inevitable questions arise about safety and security of mobile betting sites in new markets especially. Coolbet, a largely unrecognizable name, has a little extra work to do in order to assure potential new users of their commitment to keeping personal and banking information completely safe.

A number of factors should ease any concerns about Coolbet’s ability to keep users’ private information just that – private. First are their overseas licenses in Estonia and Sweden. Both are tough markets to crack, with some of the most stringent regulatory hurdles in the world. Another is their acceptance by the Alcohol and Gaming Commission of Ontario, another tough regulatory body that the Coolbet brand had to satisfy.

The evolution of elite encryption software, which is a critical part of Coolbet’s offerings, is another reason to trust the gambling provider as it moves into the Ontario market. A search of any nefarious activities with Coolbet’s overseas operations didn’t turn up any concerns whatsoever, which speaks to the seriousness of Coolbet’s security focus.

What are some positives and some negatives of the Coolbet brand in Ontario?

Let’s start with some of the positive aspects of the Coolbet sportsbook. We were impressed by their overall product, from the appearance to the ease of which customers can navigate their site to what we saw as a rather quick withdrawal process. We were also drawn to their incredibly competitive pricing model in which their margins create very good value for their customers.

Appearance and value are appreciated attributes for any sportsbook in any market. Reviews like this are spreading the word about the modern touches of the Coolbet brand and the competitive pricing bettors can have with their Canadian offerings.

On the downside, Coolbet does not offer the same impressive promotions as some of the competition they face in the Ontario market, particularly from the companies that have been operating in the United States market. Simply put, the company doesn’t have the backing, nor revenues to go toe-to-toe with the offerings and promotions of the DraftKings and FanDuels of the world.

The company’s customer support options have gained a little scrutiny in the jurisdictions they currently have a presence in, but we found little issue with the options they have listed on their Ontario website. The lack of live streaming options may bother some as well, but we are confident that Coolbet will address the increasing need to incorporate live streaming options in the not-too-distant future.

Coolbet Promotional structure

Coolbet Ontario is offering all new, first-time users a 100% deposit match on each of their first three deposits with the sportsbook. After creating a brand new account with Coolbet, all users who are at least 19 years of age or older and deposit a minimum of $10 will be deemed eligible for this offer. 

The promotion is broken down into three separate parts. The first deposit match will reward new users with a 100% match worth up to $200 CAD. While your original $200 will not be restricted by any wagering requirements, the matched $200 from Coolbet will need to be wagered at least six (6) times with minimum odds of -200 before any winnings can be extracted.

Following the same requirements mentioned above, the second deposit match will reward users with a 100% match up to $300 CAD. The second match can only be claimed after the first match is fully completed and all requirements are met, and the same will go for the third deposit match.

After clearing the second deposit match, the third and final sportsbook match will be worth up to a whopping $500 CAD, totaling $1,000 in extra funds from Coolbet if fully taken advantage of. With just a 6x rollover requirement on each of the three deposit matches, this offer is a no-brainer and should put the majority of new Coolbet users in a strong position to make some money right out of the gate.

New players will also have access to a 100% casino deposit match worth up to $150, along with 50 free spins on a select slot game. Coolbet’s website also offers an alternative casino promotion where players can deposit just $10 and start playing games with a bankroll of $60. The $150 match requires a minimum deposit of $20 and funds must be wagered on slots within 30 days, with a rollover of 35x. The $10 for $60 offering requires a minimum deposit of $10 and must be wagered at least 45x before funds are unlocked. Any winnings from free spins will not be subject to any wagering requirements. Both offers are extremely lucrative and either one can be claimed on top of Coolbet’s new user sportsbook promotion. 

Aside from any sign-up deals, Coolbet does offer a strong selection of sports-related promotions for its active users. Most of the time it’ll be a bet-and-get of sorts, where players must wager on a specific game or event in order to receive a free bet in return. Another example of an ongoing offer at Coolbet Ontario would be their weekly esports promo, where players can grab a risk-free bet each week by simply placing a $45+ wager on any esports event!

Coolbet will be competitive with regard to their promotions, making it incumbent upon users to check frequently with the site for any new incentives. From what we have seen so far, their offerings won’t necessarily blow anyone away, but they won’t scare anyone off either. Being competitive with regard to their cash incentives is paramount, and we are satisfied that Coolbet is just that.

Registering for the Coolbet experience

As a longtime provider of sports betting in a host of European jurisdictions, Coolbet brings with it to Ontario a streamlined and fairly generic sign-up procedure for their sports betting platform. Like most sportsbooks operating around the world, Coolbet isn’t interested in bogging you down in the registration process for their sports betting experience. Instead, the company has managed to create a sign-up that will take bettors a typical 3-5 minutes to complete. 

To get started, simply click on any of the links at the top of this page or the “Register” button located at the top of the Coolbet homepage.

Coolbet will then require an email address, password, and mobile phone number to start the registration process. Following that, it is expected you provide personal information which includes your full name, home address, date of birth, and the last four digits of you Social Insurance Number, a requirement for sportsbooks to verify who you are and that you are 19 years or older – legal age to place a bet in Ontario.

After filling out the information listed above, hit ‘Create Account’ and Coolbet will send over a verification SMS to the phone number you entered during the first step of the registration process. Simply enter the pin number from Coolbet and your account should be ready for use!

The Coolbet software

In winning the Mobile Sports Product of the year twice at the IGA, a lot was expected from the Coolbet software, and we are happy to report that the accolades were well deserved. The mobile product, available on iOS and Android, is as good as any we have seen in the industry. Their desktop experience mirrors the mobile one.

The online casino is blessed with products from such high-end developers as Microgaming, NETENT, Evolution Gaming, Play’n GO and Yggdrasil and the sportsbook itself is able to piggyback off of the high bar that the casino offerings set.

We found the Coolbet product to be as visually pleasing and as easy to use as any we have evaluated. While not exactly a household name, it was obvious to us that the company has used every bit of their advertised 90 years of experience to deliver a sleek and sexy design, while at the same time providing users a straightforward experience, void of the unnecessary flash and business trap that sportsbooks often fall into.

In our experience, we found the software to be quick, responsive, and glitch-free, which speaks to the seriousness of the product’s offerings and the focus the company has on bringing users the best possible experience in both their online casino and sportsbook. A search for any past complaints about the software revealed just a few expected and understandable glitches that customers have experienced since the company was born in 2016.

Coolbet has a cool, modern, and streamlined interface that will appeal to bettors of all ages and all experience levels. While not as flashy as some, Coolbet’s balance of glitz and usability makes it a sports betting destination worthy of a look from Ontario bettors.

Coolbet’s Ontario sports betting menu

Coolbet’s presence throughout the European markets gives the company an immediate boost in their overseas menu of sports wagering opportunities. But Coolbet is aware of what Ontario bettors are concentrating on. A full menu of North American sports is heavily featured with… you guessed it… a large focus on hockey. The NHL’s Toronto Maple Leafs and Ottawa Senators, the NBA’s Toronto Raptors, MLB’s Toronto Blue Jays and the MLS’s Toronto FC will receive the most attention, now and into the future.

 The Coolbet menu of sports includes but is not limited to the following options:

• Hockey
• Basketball
• Baseball
• American football
• Canadian Football
• Curling
• Soccer
• Golf
• Tennis
• Volleyball
• MMA
• Boxing
• Rugby
• esports

As an active sportsbook in European markets, Coolbet’s overseas betting options are as good, or better than some of the smaller fish in the Ontario legal sports betting market.

That said, Ontario bettors will be more than satisfied with the menu of sports betting options offered by the Coolbet brand. The company is catering to the Ontario market for now, with a decent sprinkle of international content for those that follow and wish to bet on other major sporting events around the world.

Could this menu be bigger? Yes, but we are confident that Coolbet will expand their sports offerings quickly, as they get comfortable operating in the regulated Ontario market.

Coolbet betting markets

For those familiar with sportsbooks operating in the U.S. and other global markets, the betting markets for Coolbet Ontario won’t be mind-blowing. In fact, there are others operating in the Ontario market that offer more wagering options. But what we found is that Coolbet offers all that Ontarians will want in a sportsbook destination. Some of the more obscure betting opportunities will come, but for now, the basics are satisfactory.

Included are:

• Moneyline – Simply picking the winner of a sporting event. Oddsmakers determine a winner and loser, and bettors place a wager based on those odds. Payouts will vary based on oddsmakers’ determinations. A bet on an underdog will always pay more than one on a favorite.
• Points Spreads – Oddsmakers determine the “Spread,” or what they believe a winner will win by or a loser will lose by. If the Argonauts are favored by 3 points, they will appear as a -3. A bet on the Argos means the team has to win by 3 points or more. If they lose outright or win by less than 3, your bet loses. If the Argos were 3-point underdogs, as determined by oddsmakers (+3), the team would have to win outright or lose by less than 3 (known as covering the spread) for the bet to pay out.
• Totals – otherwise known as the Over/Under, oddsmakers determine what they feel will be the “Total” number of points/goals scored in a game or match. Bettors wager on whether or not the players/teams go “Over” that “Total” or stay “Under” the number of points the oddsmakers set out.
• Parlays – Ontario bettors should be familiar with this form of betting. It has actually been legal in the province for decades and is a big part of all sportsbook offerings around the world. It is simply combining 2 or more wagers into one. You can bet on two or more games in the same sport, different sports, or even 2 or more wagering opportunities in the same game. Parlays are often more difficult to cash but are extremely popular among casual bettors. Losing one “leg” of a Parlay means the whole bet loses.
• Live/In-Game Betting – Live betting is another increasingly popular bet type that allows bettors to place a bet on a match already in progress. It allows bettors to have a stake in every minute of a match, based on the ebbs and flows of a contest. Odds fluctuate frequently, almost by the second with this bet type. A good example of a shift in live odds would be an MMA fight in which a heavy favorite struggles at the beginning of a fight, waning in the first round while the live odds move in the underdog’s favor. It is real-time betting based on actual action taking place on a court, field, on the ice, or in the octagon.

Coolbet banking options

Coolbet sportsbook prides itself on being an industry leader with regard to getting your money in and out of your account. The company’s claim of having some of the fastest withdrawals in the business is certainly backed up by our firsthand experience in using the site. While a huge menu of deposit and withdrawal options won’t be presented to Ontario players right off the bat, the banking opportunities presented should be more than satisfactory to the average bettor.

Deposit Options

• Credit Cards – Visa and Mastercard are both welcome on the Coolbet site. Transactions are free and they are instant.
• Interac/Online Banking/Bank Transfers – popular means of depositing funds in Canada. Everybody has a bank account and most institutions, if not all banks, allow for transfers into regulated sportsbooks.
• E-wallets – A popular method of funding accounts throughout the world. While some brands may be slow to roll out in Canada, MuchBetter, ecoPayz, and Jeton are currently available on Coolbet’s site.
• Mail – Yup -people still send checks through the mail and Coolbet will accommodate those bettors in the Ontario market.

Each deposit method requires a minimum transaction of $10.

Withdrawal Options

Withdrawal options, as mentioned, should be considered a strength for the Coolbet brand in Ontario. Accessing winnings quickly (within 6 hours in some cases) is something global sportsbooks strive for and something that Coolbet has somehow gotten a handle on in its active markets.

Withdrawals with Coolbet are basically a reversal of the deposit methods, other than credit cards which do not allow for withdrawals in any market. Online banking and Interac options will be the quickest and most convenient methods for withdrawal. All options are free but will require a minimum $20 withdrawal.

Customer Service

As a veteran sports betting provider and one that has been operating in Canada’s “grey market” for many years, we were expecting big things from the Coolbet customer service department. What we found is just an OK set of options. There is 24/7 Live Chat, 24/7 Email support with [email protected] and a slightly underwhelming FAQ section on the site. The company is also active on social media – Twitter: @CoolbetCanada is a decent destination to have any queries answered.

The biggest disappointment here was the complete lack of a phone number to contact. We are hopeful that Coolbet will follow some of their competition in the Ontario market and expand their customer service offerings soon. The market may dictate that they do so.