CoolBet Sportsbook Ontario Review - Withdrawal And Betting Review

Last Updated: January 18, 2024 Overall Rating: 2.5/5

CoolBet is one of the many private operators that has fully utilized the iGaming and sports betting market in Ontario. It is a legal betting site founded by Jan Svendsen in 2016. Did you know the name was chosen for two reasons? Firstly, it is short and unforgettable; secondly, it is a classic adoption of the operator’s motto – “Stay Cool and Bet Responsibly.”

CoolBet Casino website CoolBet Casino website
Pros and Cons for CoolBet Casino:
  • Cool live betting options
  • A mobile-friendly website
  • Covers local and international matches and events
  • No live-streaming feature for matches
  • Limited banking options
Rating Summary: Games and Software Rating: 2.5/5 Usability & Compatibility Rating: -/5 Banking Rating: 2.5/5 Fair Play and Safety Rating: 2.5/5 Responsibility Rating: -/5 Customer Support Rating: 2.5/5
Casino Info: Available in Ontario Yes Since: 2022 Live Chat: Yes Payout Speed: Credit Cards: 1-3 Business Days Ewallets: Instant Wire Transfer: 1-7 Business Days Pending Time: 1-3 Business Days Live Dealers: Yes Ongoing Promotions: Yes

Coolbet Sportsbook no longer operates in Ontario, please visit this page for a complete list of active sportsbooks in Ontario

When CoolBet started, it was launched in Europe as an Estonia-based network and solely targeted the Scandinavian and European markets. In 2022, this betting operator entered the Canadian online betting market. It has a license to operate in Ontario and in all the years of operation, this site has been nothing short of innovative, transparent, and responsible. Its biggest achievements include being a three-time winner of the International Gaming Awards’ Mobile Sports Product of the Year which was held in London.

CoolBet Sportsbook in Ontario, managed by CoolBear Ontario Limited, maintains its place as one of the biggest sports betting sites in the region. The bookmaker has a license under the Alcohol and Gaming Commission of Ontario (AGCO). Currently, CoolBet is an RNG-certified operator and has been striving to deliver over 90 years of online gaming and betting in a better way.

The supported languages are English, Norwegian, Swedish, Finnish, Estonian, and Russian.

A few sports items and CoolBet Sportsbook site on a mobile phone for the sportsbook highlights

What Makes CoolBet Ontario Sportsbook Stand Out?

CoolBet is one of the biggest betting platforms in the region and beats the competition with different fantastic features. Below, you will find the main features of this sportsbook that make it unique.

The Best Live Betting Experience at CoolBet

One of the best things about this platform is the ability to wager in real time. This live in-play betting feature covers all major sports events. The lobby is filled with different markets and betting lines for an enjoyable experience. However, it doesn’t have a live-streaming video to follow through this feature’s interface but the “Live Bet” option makes up for it.

Enjoy Top League Games

Another interesting feature on the CoolBet Sports site is the League Games. It simply involves players predicting match scores and winning free money. It is available to all members of the platform – new or existing.

HD Virtual Sports Experience

While CoolBet doesn’t have a live-streaming feature, it offers an HD Virtual Sports experience. It allows players to enjoy precious moments in football. These TV clips from various matches are historical while providing a live-action experience.

Ontario Gambling Laws: Is Online Sports Betting Legal?

In 2020, a bill decriminalizing online sports betting was introduced by the Minister of Justice and the Attorney General of Canada. This gave provinces and regions the ability to choose specific sports betting products or types, allowing a completely new licensing regime for online gambling operators in a regulated environment. In essence, the Canadian Criminal Code prohibits all forms of gambling except in approved regions like Ontario that support betting and lottery schemes between private individuals.

Ontario became the first Canadian province to regulate online gambling on April 4th, 2022. Before then, gambling and betting were grey areas. Following this legal status were five vital components of Ontario gambling.

  1. A betting operator must go through a dual-track process, i.e., meet the requirements of different independent regulatory bodies. They include the Alcohol and Gaming Commission of Ontario (AGCO), and the iGaming Ontario (iGO) commission. The former is a regulator of Ontario’s online sports betting sites, while the latter conducts and manages iGaming when they are provided through private operators.
  2. A betting operator must follow all regulations called “Standards” set by the Registrar under the 1992 Gaming Control Act, which include – entity level, responsible gaming, game integrity, gaming access (i.e., responsible gaming), security, and sanctions on unlawful activities. The legal gambling age is 19 years.
  3. The regulations do not apply only to the operators but also to game providers.
  4. Foreign operators can apply to become licensed in the region, which means no language or residency requirements.
  5. The protection of Ontario user assets and information.

Is the Sportsbook Licensed to Operate in Ontario?

CoolBet Sportsbook is licensed to operate in Ontario by the Alcohol and Gaming Commission. It is also regulated by iGaming Ontario. With this license, it proves that the operator is a legit platform for betting in the country.

Other Great Online bookies Licensed to Operate In the Province

Other online sportsbooks licensed to operate apart from CoolBet Ontario include:

Different sports items with a CoolBet logo for CoolBet Sportsbook sports coverage

CoolBet Ontario Sports Coverage

This CA operator has a wide range of sports markets, particularly soccer live betting, NBA live betting, online baseball betting, boxing bet, tennis, CS go live betting, and horse racing betting types. It also has featured selections such as Combo Generator, BetBuilder, Cool Events, Esports, and Parlay Insurance. Notwithstanding, the popular markets on this sportsbook are:

Football

This Ontario sports market is the most popular as it involves predicting the first, last, anytime, or next goal scorer. It also allows players to predict a player scoring a hat trick or more in the game. However, there are certain rules that apply – for instance, odds are set to 1.00, and bets are marked as void if the match ends in a draw after extra time.

Hockey

Hockey is another popular sports market on this Ontario betting site. It is one of the easiest markets considering how it has a variety of wager types for regular time, regular and overtime, and overtime and shootouts.

Tennis

Tennis is also a considered sports market at this Ontario sportsbook site. It has a series of bets that are only determined and settled based on the full match’s official score – including overtime.

CoolBet Sportsbook Ontario Betting Options and Odds

CoolBet Sportsbook in Ontario has impressive betting options for players in the region.

Spread Bets

Spread Bets involve having a team win or lose by a number of points to win bets.

Parlays

Parlay Bets are popular as they involve stringing multiple players or teams in the same sport or different sports in a single line bet. They also involve betting on several outcomes from a particular game.

Money Lines

Money Lines are basically the odds in a sports market for a team winning or losing.

Over/Under

It is the total number of points scored in a game or event. For instance, if a game is set at 4.5 goals and 5 goals are scored, that is an over. However, if 3.5 goals are scored, that is an under.

Future Bets

These are placed at the moment but can only be converted in the future.

Player/Team Props

These are bets placed on a specific outcome from a team in a sports event or game.

Alternate Lines

The Alternate Lines are the opposite of a Money Line or Spread. It involves betting the opposite in a game.

Coolbet Ontario also claims to have the best competitive odds in Canada. The operator says this is because of the tight margins in sports betting which are important in getting good lines for bets. And ideally, sportsbooks often need competitive odds to retain customers to their platform.

Comparing CoolBet Ontario with its competitors, it is no doubt that it has great odds for people interested in wagering on sports markets.

Does this iGaming platform Offer Live Betting?

Yes, it does.

CoolBet Ontario offers several live betting options for several sports such as football, basketball, baseball, soccer, and golf. And players can wager on these games live. Indeed, CoolBet Ontario delivers an immersive experience as players follow games in real time on a re-created court, pitch, or field.

How Do You Use Betting Odds Calculators?

Betting Odds Calculators are designed to get the expected profit on a wagered Sportsbet. It simply involves multiplying the stake by the odds to get this value. To calculate the betting odds from a live bet, you need to enter the wager amount and type to get American odds and decimal odds. By multiplying these parameters, you can determine the expected outcome.

The best betting odds calculators online include Pickwise, Time Form, Odds Shark, Ace Odds, Action Network, Sports Geek, and FreeBet Calculator.

Sportsbook Rating: 3.8

We give CoolBet Sportsbook a rating of 3.8/5. It has live betting, virtual sports, esports, and horse racing, but not fantasy sports. It also offers tips and betting guides in the terms and conditions section. More importantly, it has a casino section.

CoolBet Sportsbook site is loaded perfectly on a tablet and a mobile device

Mobile Compatibility: Is There a CoolBet Sports App in Ontario?

In 2020, CoolBet Ontario won its third International Gaming Awards’ Mobile Sports Product of the Year. It was able to achieve this due to its mobile compatibility irrespective of how it doesn’t have a native sports betting app available for download on iOS and Android. However, with this operator’s well-built website with several features and betting options, bettors have had nothing short of an interesting experience as it runs on these devices.

Top-Ranked Mobile Sports Betting Sites in Ontario

Below is a list of the most rated sports betting sites within this jurisdiction.

Usability & Compatibility Rating: 3

CoolBet isn't one of the platforms with sports betting apps in Ontario. However, it has an outstanding mobile-friendly website. For that, it has a 3 out of 5 rating.

A credit card on a mobile phone for Banking options in CoolBet Sportsbook

CoolBet Sportsbook Ontario Banking Methods

CoolBet has common banking methods convenient and easy to use by Canadian and international players. These payment options include Visa, MasterCard, Interac, and MuchBetter. The supported currency here is the Canadian Dollar (CAD).

Deposit Options

CoolBet Ontario has different payment modes for deposits. They include Visa, MasterCard, MuchBetter, and Interac. All deposits made by Canadian players are instant and with zero commission fees. The minimum deposit is 10 CAD for all payment methods.

Withdrawal Options

This Canadian sportsbook has one of the fastest payouts. It offers methods such as Visa, Mastercard, Interac, and MuchBetter for withdrawals. All withdrawals take between 1 to 3 banking days except for Muchbetter and the minimum withdrawal is 20 CAD. MuchBetter offers you to withdraw funds instantly. There is zero commission fee for withdrawals on this sports betting site. An interesting fact is that requests made by verified users are processed within six hours.

What Is the Best Payment Option to Use in the Province?

The best payment option for Canadian players is MuchBetter. Even though the minimum deposit is 10 CAD, it offers the fastest withdrawal – within 24 hours. More so, there is zero commission on every transaction with this banking method.

Banking Rating: 4

For banking options, I rate CoolBet 4 out of 5. It has multiple banking options with zero transaction fees. The payouts are fast - between six hours to three business days. However, it doesn't accept cryptocurrencies.

A security logo on a mobile phone for FairPlay and security of CoolBet Sportsbook

Is the CoolBet Sports App Fair and Safe?

CoolBet sports mobile betting site is integrated with high-level security to protect user data and monitor transactions. This sports betting platform is protected using 128-bit SSL encryption technology. And since it is operated and managed by CoolBear Ontario Limited and regulated by the Alcohol and Gaming Commission of Ontario, there is much investment into personal security. It is also an RNG-based platform ensuring fairness and transparency. Additionally, CoolBet Ontario allows players to see their statistics, incoming bets, and game winners.

Fair Play and Safety Rating: 5

When it comes to fair play and safety, we would rate this platform 5 out of 5. It has a KYC process for customers and provides clear terms and conditions to guide its usage. More importantly, it has a regulated license from the Alcohol and Gaming Commission.

Sports items, gold coins and an 18+ sign on a security logo for responsible gambling tools in CoolBet Sportsbook

Responsible Gaming at CoolBet Sportsbook Ontario

Coolbet Sports wants players to have an extraordinary betting experience but it does so by making sure they wager responsibly – “Stay Cool. Bet Responsibly.” Players must be over 19 years old to use the platform. It also utilizes tools to control the gaming experience. These are recommended standards set by the Alcohol and Gaming Commission of Ontario for effective betting.

These responsible gambling tools to prevent gambling problems include:

Responsibility Rating: 4

Coolbet Ontario is a responsible betting site. It scores 4 out of 5 for integrating measures to control problem gambling. It doesn't get a full score because there's no self-exclusion program.

A headphone with a big question mark for customer support in CoolBet Sportsbook

Available Customer Support at CoolBet Sportsbook Ontario

Coolbet Sportsbook has customer support channels open from 2 am to 7 pm every day, represented by a live chat feature and an email address: [email protected]. Players can also make a phone call between 2 am and 5 pm on this number: +372675162. These methods are effective and the average time of response is 15 seconds to two hours. It also has an FAQ section to effectively attend to customers’ needs.

Customer Support Rating: 3

Regarding customer support, Coolbet Sportsbook gets a 3 out of 5 rating for providing the necessary channels. Unfortunately, there are working hours for these channels.

Does CoolBet Sportsbook Ontario Cater to Casino Players?

Coolbet isn’t only a sports betting center; it is also one of the top-rated iGaming Ontario casinos. It caters to casino players by providing them with over 1,200 games across different selections, particularly, slots, table games, and live dealers. The casino can be accessed using the same registered account. Likewise, there is no CoolBet Sportsbook app in Ontario to enjoy this feature.

FAQ

Is CoolBet Ontario Sports App or Site Worth Checking Out?

CoolBet Sportsbook is a highly recommended sports betting site in Ontario. It is the perfect platform to get the best odds, transparent services, excellent security, and the quickest and easiest deposits and withdrawals. It beats the competition by offering live betting games with reduced margins as it covers international and local events. The only limitations of CoolBet Ontario are the limited customer support channels, no Coolbet sportsbook Ontario app, and live-streaming unavailability. Overall, CoolBet is a betting site for all sports markets in Canada as shown in this guide and other online betting site reviews.

Overall Rating: 3.7

CoolBet Ontario Sports betting site has an overall rating of 3.7 out of 5. It has an incredible customer support department, practices responsible gaming, provides excellent mobile compatibility, offers numerous banking options, and guarantees fair and safe gaming. The only demerit is in its customer support section as they don't offer 24/7 support.

Review details Reviewer: Meri Zimic Date Reviewed: November 13, 2022 Reviewed Casino: CoolBet Casino Editor's Rating: 2.5/5
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Meri Zimic - Author
Meri Zimic - Author

With more than half a decade of experience, Meri Zimic has been planning, writing, and publishing content for OntarioGambling.ca and the GambleSites Network since the inception. With her Bosnian heritage, she loves the multi-cultural aspect of Ontario and it's varied players.

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