Estonian online gambling operator Coolbet has announced plans to restructure its operations, resulting in collective redundancies that will impact over 130 employees. The company’s Estonian headquarters formally notified the Unemployment Insurance Fund (Töötukassa) of the impending workforce reductions.
Tomas Graham, Chief Operating Officer at Coolbet, confirmed to local media that the restructuring initiative at VG Estonia, operating as part of the broader Coolbet group, encompasses approximately 130 positions across the organization.
Graham stated:
“We have started the official collective redundancy consultation process, and the final scope of the redundancies and the positions affected will become clear after it ends. Nothing has been finally decided today.”
Adapting to regulatory and market pressures
According to company leadership, the restructuring has become necessary to adapt to shifting business demands and challenging macroeconomic conditions. Graham pointed to a combination of factors driving the decision, including general commercial headwinds, softer than anticipated performance within the B2B division, and mounting regulatory and tax burdens across several key international markets.
Graham added:
“The aim of the restructuring is to ensure Coolbet’s long-term sustainability and competitiveness. We understand that the planned changes affect our employees and we are committed to ensuring the whole process is carried out responsibly and with respect.”
Business daily Äripäev reported that the total number of targeted layoffs stands at 134. VG Estonia OÜ maintained a payroll exceeding 300 employees at the close of the third quarter, meaning the proposed cuts will affect nearly half of the workforce stationed at the Tallinn headquarters. Across its wider international structure, Coolbet employs more than 1,100 personnel.
Financial standing and domestic operations
While annual financial reports for 2025 remain pending, public filings for 2024 showed VG Estonia generating a turnover of 23 million euros alongside a net profit of 311,000 euros. Furthermore, quarterly reports submitted to the Tax and Customs Board (MTA) indicate that turnover for the current year has approached 60 million euros, supported by an average gross monthly wage of 4,100 euros.
Despite the extensive restructuring at its primary headquarters entity, Coolbet continues to operate Staycool OÜ, a secondary Estonian company responsible for delivering localized online casino and sports betting services within the regulated Estonian market.
