Coolbet Puts 131 Tallinn Roles at Risk, Citing Weak B2B Results

Coolbet has notified Estonia's Unemployment Insurance Fund of collective redundancies at its Tallinn headquarters, covering close to half of the staff at its Estonian company. The reason it gives points at the B2B platform business that Sega Sammy bought with GAN, not at the Coolbet sportsbook.

• Coolbet has started a collective redundancy consultation at VG Estonia OÜ, its Tallinn-based group company, and notified Estonia's Unemployment Insurance Fund, Töötukassa
• The company puts the number of roles affected at about 130, and told NEXT.io that 131 positions had been identified, while Äripäev reports a notice covering up to 134
• Coolbet cites weaker than expected B2B results and growing regulatory and tax pressure in several markets, and says nothing has been finally decided
• Coolbet has belonged to Sega Sammy since its subsidiary Sega Sammy Creation completed the acquisition of GAN Limited on 27 May 2025
• The cuts follow Flutter's plan to put up to 1,400 UK and Ireland jobs at risk, and Coolbet says its headquarters stays in Estonia

Coolbet Opens Redundancy Talks Covering Close to Half of Its Estonian Company

Coolbet's Estonian headquarters has notified Töötukassa of planned collective redundancies, ERR reported on 29 October, citing Äripäev, which put the notice at up to 134 employees. Tomas Graham, whom ERR News and NEXT.io identify as chief operating officer, told ERR that the restructuring at VG Estonia OÜ affects about 130 positions across the organisation. He told NEXT.io that 131 positions had been identified as potentially affected. Graham said the formal consultation has started and that nothing has been finally decided.

NEXT.io reports that the consultation is expected to run through November, without a confirmed end date, and that staff were told at an all-hands meeting on Monday, 26 October. According to people familiar with the restructuring cited by NEXT.io, most of the roles at risk are in development, IT and B2B, with some service functions, including customer support, also affected.

Headcount figures vary by source. ERR, citing Äripäev, says VG Estonia had more than 300 employees on its payroll at the end of the third quarter, while Postimees puts the figure at 347 on the business register, up from 280 in 2024. Coolbet says its international team numbers more than 1,100 people, about 300 of them at the Tallinn head office.

Graham Blames B2B Results and Tax Pressure, Not Estonia

Graham told ERR and NEXT.io the changes reflect business challenges, "weaker than expected results in the B2B side" and growing regulatory and tax pressure in several markets. He told NEXT.io the cuts are unrelated to Estonia as a market or location. NEXT.io's sources say the B2B business, particularly in the US, has underperformed over the past 12 to 18 months, while the consumer business has done better.

According to ERR, VG Estonia reported turnover of about €23 million and net profit of €311,000 in 2024, has not yet filed its 2025 annual report, and has declared turnover of nearly €60 million so far this year in quarterly tax filings. A second Estonian company, Staycool OÜ, runs Coolbet's local online gambling and sports betting offer.

The B2B Platform Is the Weak Link Sega Sammy Already Flagged

GAN Limited completed its purchase of Coolbet's parent, Vincent Group, on 1 January 2021, according to GAN's filings, and Sega Sammy Creation completed its acquisition of GAN on 27 May 2025. In its May 2026 results presentation, Sega Sammy said GAN's B2B business was in "a transitional phase involving the replacement of its core platform", with customers moving from V1 to a next-generation V2 platform. The same document said Coolbet's B2C business was performing well, particularly in Northern Europe and South America, and forecast a wider Gaming segment loss in the year to March 2027 because of upfront investment in B2B. Coolbet's stated reason matches the parent's account.

The Consumer Brand Carries Its Own Regulatory Exposure

The B2C business is not risk-free. Coolbet was among 11 operators named by Chile's state lottery in a criminal complaint in August, and it left Ontario in April 2023 after about a year. At home, Estonia cut its online casino tax from 6% to 4% to attract operators, but the prime minister has ordered an early review after no new ones arrived. Graham's reference to tax pressure in "several markets" was not tied to any one jurisdiction.

The cuts are framed as a B2B correction, and Sega Sammy's own disclosures support that reading. How many of the 131 roles survive consultation, and whether the V2 migration justifies the investment, will decide whether Tallinn's losses buy the platform business time.