Coolbet
Acquired1 known investors
Estonian online gambling operator offering sportsbook, casino and poker to European and Latin American players.
Also known as Coolbet.com · StayCool OU
Investors · 1
Company profile
researched Aug 2026Coolbet is an online gambling operator founded by Jan Svendsen, providing sports betting, casino and poker products to consumers. The business is described as an Estonian B2C and B2B sportsbook specialist, and its proprietary sportsbook software later formed the technical basis for GAN Sports, a B2B solution developed by its acquirer.
Coolbet's poker offering is delivered through the Coolbet.com Poker desktop client for macOS, published under the provider name StayCool OU with a Polar Limited copyright notice. The app supports cash games and tournaments including Texas Hold'em, Omaha, Twister Sit & Gos, Six Plus Hold'em, mixed games and operator-specific special events across a range of stake levels, and is rated 18+. Product updates released through 2021-2026 have covered client resizing and customisation, loyalty/VIP programme opt-outs, Twister bonus features and general performance work.
The company serves markets in Europe and Latin America. Coolbet announced that from 28 November 2025 it would cease offering services to customers in Mexico, directing account holders with remaining balances to its Mexican support address.
Founding story
The company was founded by Jan Svendsen, a serial operator in the betting industry whose earlier ventures included NordicBet and Triobet; his ventures are reported to have reached a cumulative exit value of €240m.
Business model
Business-to-consumer online gambling operator, with sportsbook, casino and poker products; the group's sportsbook technology has also been applied in a business-to-business context through GAN Sports after the acquisition.
Traction
The poker platform is described as hosting several thousand concurrently logged-in players with games running continuously and multiple stake levels. The sports betting business was sold for €150m in 2021 and contributed to GAN's revenue increase to $125.4m in 2021.
Latest developments
Coolbet stopped serving customers in Mexico from 28 November 2025. In March 2026, president Endre Nesset announced he would step down after six years with the company, in the wake of a Sega Sammy acquisition. The Coolbet.com Poker macOS client received a version 26.1 update in May introducing a fold-with-right-click option, manual opt-out from VIP/loyalty programmes, Twister Bonus Zone improvements and mixed games.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Following its acquisition, Coolbet accounted for a substantial share of GAN's business: GAN's full-year revenue rose to $125.4m in 2021 from $35.2m in 2020, with the increase attributed to the newly acquired Coolbet business, which the founder characterised as the only profitable part of GAN at that time, while also noting that Coolbet's growth was slowing.
Technology
Coolbet operates proprietary sportsbook software, which GAN subsequently used as the basis for its GAN Sports B2B offering. Its poker product is delivered via a downloadable desktop client for macOS 12.0 or later, with customisable lobby, table themes, avatars and HUD.
Go-to-market
Adult (18+) online gambling consumers in European and Latin American markets, including recreational and higher-stakes poker players.
Geography
Headquartered in Estonia, with operations described as Europe- and Latin America-facing. Coolbet withdrew from the Mexican market effective 28 November 2025.
History
Coolbet was created by Jan Svendsen, who also founded the earlier betting ventures NordicBet and Triobet. GAN acquired Coolbet in a transaction that completed in January 2021 for €150m. Svendsen stated he was pushed out of the business after the acquisition and resigned in mid-2021, later becoming a public critic of GAN's board and CEO as a GAN shareholder holding 840,000 shares. Former Coolbet executives went on to found Sisu Group in Tallinn, and in 2026 Coolbet was reported in connection with a Sega Sammy acquisition, after which president Endre Nesset announced his departure following six years with the business.
Risks & controversies
In May 2022, founder Jan Svendsen publicly criticised acquirer GAN's board and CEO Dermot Smurfit in a letter to shareholders published on Reddit and LinkedIn, alleging weak governance, an ineffective leadership team, excessive executive salaries, bonuses and a poorly designed share option programme, and calling for the board and CEO to be replaced. He also said he was pushed out of the business after the acquisition. Separately, the company exited the Mexican market in November 2025.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 6
launches, deals, and filingsUpdate added fold-with-right-click, manual opt-out from VIP/loyalty programmes, Twister Bonus Zone improvements, award points balance display and mixed games.
Endre Nesset announced he would step down as president of the Latam- and Europe-facing operator after six years with the business, in the wake of a Sega Sammy acquisition.
From 28 November 2025 Coolbet no longer offers its services to customers in Mexico, directing players with remaining balances to its Mexican support email.
In a letter to GAN shareholders published on Reddit and LinkedIn, Coolbet founder and GAN shareholder Jan Svendsen criticised GAN's board and CEO Dermot Smurfit and called for their replacement.
GAN's acquisition of Estonian B2C and B2B sportsbook specialist Coolbet completed in January 2021; the sports betting business was sold for €150m.
Svendsen said he was pushed out following the GAN acquisition and resigned in mid-2021 after being offered a role as an office manager in Spain.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- Coolbetcoolbet.com · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Coolbet do?
- Estonian online gambling operator offering sportsbook, casino and poker to European and Latin American players.
- Who are Coolbet's investors?
- Coolbet's investors include Yolo Investments.