**Images: Arttu Karvonen (headshots) and Terje Ugandi (office)**
In the bustling city of Tallinn, Coolbet, founded in 2015 by igaming pioneer and NordicBet creator Jan Svendsen, is on the brink of a notable transformation with new ownership on the horizon. While specific details about the buyers are yet to be disclosed, another chapter is set to unfold for the operator.
This acquisition will mark the operator’s second sale, following the acquisition by US supplier GAN, which took over Coolbet’s parent company, Vincent Group, for $175.9 million in January 2021.
Guiding Coolbet through this new acquisition is President Endre Nesset, who has been steering the company’s course for over four years. Nesset, with a decade of experience in the igaming world, began his career as a professional sports bettor and ventured into a seven-year role in Gaming Innovation Group (GiG), where he led trading and sports sectors.
Joining Coolbet as director of sports in August 2020, Nesset ascended to senior vice-president of global sports by April 2022, before becoming president in August 2022.
With more than 400 employees based in Estonia’s capital, Coolbet operates across 10 markets, concentrating on Northern Europe and Latin America. Though once present in Ontario, the company exited the Canadian province in April 2023. The presence of numerous unlicensed operators created an uneven playing field, prompting this withdrawal.
During GAN’s acquisition, Coolbet experienced growth in its Latin American segment, particularly in Chile, bolstered by brand visibility through sports sponsorships and effective localization strategies.
Proudly branding itself as a gaming site committed to fairness, personalization, and transparency, Coolbet encourages responsible betting and prioritizes engagement in regulated markets.
**EGR: How have your past experiences as a professional sports bettor, supplier, and operator shaped your vision for Coolbet?**
**Endre Nesset (EN):** My unique background has been invaluable. Professional sports betting taught me precision and accountability—key elements in managing a business. Transitioning into a broader role through an acquisition experience early in my career with Gaming Innovation Group enhanced my understanding of larger organizational goals and dynamics. When I shifted to Coolbet, it aligned perfectly with my professional betting philosophy—offering sharp odds and fair practices.
At Coolbet, despite challenging market conditions and limited resources, our performance has been commendable. Being part of GAN has brought its own set of challenges, but we’ve navigated them successfully. The upcoming acquisition signals promising growth opportunities.
**EGR: What underpins Coolbet’s identity and its current division between sportsbook and casino activities?**
**EN:** Coolbet’s unique edge is its dedicated sportsbook focus, diverging from competitors’ casino-centric business models. Historically a sportsbook-first operation, our evolving US B2B ventures have shifted revenue balances to a near-equal split between casino and sportsbook. Yet, our commitment to enhancing the sportsbook experience remains robust, aiming to achieve equal prominence with the casino sector.
Poker remains critical to our strategy, driving high retention rates, particularly in the Nordic regions. Our annual poker tournaments in Tallinn underscore our longstanding engagement with the poker community.
**EGR: How has Coolbet fared post-GAN acquisition, and what geographical focuses drive your growth strategy?**
**EN:** Our acquisition by GAN coincided with a substantial surge in the Latin American sector, primarily in Chile, which remains our pivotal market. In Northern Europe, growth is consistent, albeit mature. Our strategic approach avoids Brazil’s competitive landscape, favoring more established presence in Chile, Peru, Ecuador, and Mexico.
**EGR: What accounts for Coolbet’s successful standing in the Chilean market?**
**EN:** Chile was an adventurous entry, given the market’s nascent state when we launched in 2018. By prioritizing localized and exclusive sportsbook offerings, we defined new standards. Despite DNS challenges and increased market competition, our early adoption has fortified our position.
**EGR: In January 2023, you expanded into Mexico. How has that evolved?**
**EN:** Entering Mexico’s market involved partnering due to licensing complexities. We faced unexpected localization challenges amid strong local brand competition. Subsequently adopting an affiliate marketing-led strategy, we’re committed to long-term growth, albeit at a moderated pace.
**EGR: Will Finland’s regulatory shifts influence Coolbet?**
**EN:** While Finnish regulatory amendments initiating a multi-licensed framework do not impose immediate obligations, Coolbet plans to secure a local license, reinforcing our commitment to regulatory alignment across all markets.
**EGR: What is the impact of Sweden’s tax increase on Coolbet’s establishment there?**
**EN:** Our presence in Sweden, while marginal, is pragmatic given the competitive environment dominated by larger operators. Thus, the tax rise bears minimal fiscal impact on our operations.
**EGR: How does Coolbet ensure a fair and transparent gaming experience?**
**EN:** Transparency is intrinsic to our operations, evident in our visible positioning and liability metrics. This openness cements our reputation as a site ensuring long-term retention through responsible gaming and clear communication.
**EGR: Can you elaborate on Coolbet’s technological advances and AI integration?**
**EN:** Our all-encompassing in-house tech infrastructure facilitates exceptional flexibility and rapid adaptation to market demands. AI adoption, while nascent, enhances back-office efficiencies, promising future innovation without losing the indispensable human touch.
**EGR: How do partnerships, such as with Colo Colo, integrate with your marketing strategies?**
**EN:** Collaborations like that with Colo Colo reiterate our position as an odds-centric sportsbook. We favor partnerships that resonate with our core values—eschewing fleeting influences for sustained athletic achievements, aligning with record-holding sports personalities and dedicated sports entities.
**EGR: What horizons are next for Coolbet?**
**EN:** As we transition into new ownership, Coolbet remains vigilant of emerging markets, seeking growth avenues while fostering strong alliances with our soon-to-be partners, guiding our trajectory in the years ahead.
**Coolbet Overview:**
– **Acquisition Cost by GAN:** $175.9 million (January 2021)
– **Staff Strength in Tallinn HQ:** 400
– **Market Operations:** 10
– **Revenue Q3 2024:** $20.7 million
– **Active Customers Q3 2024:** 226,000
For more details on Coolbet’s strategic ventures, explore [Playing it cool: Coolbet president on Latam gains and preparing for a new era](https://www.egr.global/intel/insight/playing-it-cool-coolbet-president-on-latam-gains-and-preparing-for-a-new-era/) at [EGR Intel](https://www.egr.global/intel).
