Estonian Online Gambling Operator Coolbet Might Lay Off Over 130 Employees

Estonian online gambling operator Coolbet has notified the country’s Unemployment Insurance Fund (Töötukassa) that it might lay off over 130 employees at its Tallinn headquarters. Over 130 Jobs at Coolbet HQ at Risk The news comes as the company announced restructuring at VG Estonia OÜ, which is part of the Coolbet group. The company has initiated the official collective redundancy consultation process, with the final number of redundancies and the positions affected to be determined once the process has concluded. Coolbet COO Tomas Graham explained that the restructuring is necessary to respond to evolving business needs and market conditions. The decision follows a combination of factors, including business challenges, weaker-than-expected performance in the B2B segment, and increasing regulatory and tax pressures across several markets. The COO also explained that the restructuring is intended to secure Coolbet’s long-term sustainability and competitiveness. He also acknowledged the potential impact on employees, stressing the company’s commitment to handling the process responsibly and respectfully. According to sources familiar with the restructuring, the majority of affected positions are in development, IT, and B2B. However, some other service functions, such as customer support, are also expected to be impacted. In an interview for NEXT.io, Graham was asked whether the restructuring was connected to the change in ownership. The company has been part of Japanese group Sega Sammy since it completed its acquisition of Coolbet’s parent company, GAN, last year. However, he explained that Coolbet’s strategic direction was aligned with the broader group’s long-term priorities. He further said that the restructuring reflected the company’s need to adapt its operations to current business realities and evolving market conditions. About VG Estonia OÜ VG Estonia OÜ has more than 300 employees on its payroll at the end of the third quarter. This means that nearly half of its workforce could be made redundant. The company states on its website that its international workforce exceeds 1,100 employees, including the approximately 300 based at its Tallinn headquarters. VG Estonia has yet to submit its 2025 annual financial report. In 2024, the company recorded a turnover of EUR 23 million ($25.67 million) and a net profit of EUR 311,000 (about $347,000). Quarterly reports filed with the Estonian Tax and Customs Board (MTA) show that turnover has reached nearly EUR 60 million (about $67 million) so far in 2026. Coolbet also operates another Estonian entity, Staycool OÜ, which provides online gambling and sports betting services in the domestic market. However, there’s currently no information on whether that company would be impacted by the restructuring. In other news from Estonia, MagicPoro, an Estonian operator, was hit with a ban and a fine from Finland for unlawful targeting of players in the country.