Estonian online gambling operator Coolbet has announced plans to implement sweeping redundancies that will affect over 130 positions at its headquarters in Tallinn. The major workforce reduction marks a turbulent period for the company, which has officially notified the Estonian Unemployment Insurance Fund (Töötukassa) regarding its restructuring initiatives.
The planned layoffs represent a significant contraction for the firm’s local operations. According to business daily Äripäev, the total number of jobs slated for potential elimination stands at 134. VG Estonia OÜ, the registered corporate entity representing Coolbet in Estonia, had more than 300 employees on its payroll as of the end of the third quarter of this year. This means that nearly half of the entire Tallinn-based workforce faces the prospect of losing employment as the company navigates a challenging economic and regulatory landscape.
Tomas Graham, CEO of Coolbet, confirmed the development to ERR, explaining that the restructuring planned at VG Estonia encompasses approximately 130 positions distributed across various departments within the organization. Emphasizing that the process is still in its preliminary stages, Graham noted that the company has officially initiated the mandatory collective redundancy consultation process.
"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," Graham stated, highlighting that employee representatives and management will engage in formal dialogues before any permanent measures are finalized.
The sweeping organizational shake-up is driven by a complex mix of external pressures and internal hurdles. Graham pointed out that the necessity for restructuring stems from a combination of changing business needs, evolving market conditions, and specific operational hurdles encountered across multiple sectors of the enterprise. Among the primary drivers are broader business challenges, weaker-than-expected financial performance within the company’s business-to-business (B2B) operations, and an intensifying wave of regulatory and tax pressures across several of the key international markets where Coolbet maintains a commercial presence.
The global online gambling industry has faced mounting compliance costs, stricter consumer protection laws, and higher taxation in recent years, squeezing profit margins for operators attempting to scale international operations from Baltic hubs. For Coolbet, these industry-wide headwinds have necessitated a defensive pivot aimed at securing financial viability.
"The aim of the restructuring is to ensure Coolbet’s long-term sustainability and competitiveness," Graham added, addressing the strategic intent behind the painful personnel cuts. "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."
Coolbet maintains a substantial international footprint alongside its Baltic hub. According to corporate information published on the company’s official website, its broader international team comprises more than 1,100 people. This total global headcount includes the approximately 300 professionals stationed at the Tallinn head office, underscoring just how vital the Estonian operational center has been to the firm’s overarching administrative, technical, and commercial strategy.
Financial records illustrate the company’s operational scale in Estonia leading up to the current restructuring phase. While Coolbet has not yet filed its official annual financial report for the 2025 financial year, figures from the preceding year highlight steady, if modest, commercial activity. In 2024, VG Estonia reported a turnover of €23 million, accompanied by a net profit of €311,000.
Recent financial disclosures submitted through quarterly reports to the Estonian Tax and Customs Board (MTA) indicate a notable acceleration in top-line figures for the current year. Turnover reported for this year has approached nearly €60 million, reflecting robust transactional volumes. Furthermore, the firm has historically maintained high compensation standards within the local market, with the average gross wage reported at approximately €4,100 per month per employee—a figure well above the national average, reflecting the highly skilled nature of tech and gambling sector jobs in Tallinn.
Coolbet operates within Estonia through more than one corporate entity. In addition to VG Estonia OÜ, which acts as a primary operational hub, the group also operates Staycool OÜ, a separate entity responsible for providing online gambling and sports betting services directly to consumers inside the Estonian market. The current restructuring measures and collective redundancy consultations are specifically concentrated within VG Estonia and its headquarters operations rather than the consumer-facing Staycool framework, though the broader corporate climate reflects the mounting pressures facing digital entertainment providers in the region.
